Robert Chomentowski

Hi,

I haven't found Calpers to have lower rates than market rates. One main benefit is that Calpers will let you borrow up to 50% of the value against your Calpers retirement plan for the down payment, without factoring that payment into your debt-to-income. When you borrower against your Calpers retirement, you pay yourself back into your retirement program with no interest. Also, you can get reduced monthly mortgage insruance with a Calpers loan. - Tue Sep 23 2008, 05:58

Looks like my answer got cut off...

The FHA 203k streamline renovation is where you require $35k in repairs.

Also with the streamline, the items your fixing need to be cosmetic and not structural. Items such as re-doing the floors, kitchen, roof, painting, etc... all fit under the streamline. Structual items such as moving around walls or foundation work would fall under the full 203k. - Mon Sep 22 2008, 16:47

Hi,

I'm an experienced FHA 203k renovation loan lender. I'm located in San Diego, but it doesn't really matter where I'm physically located, I can arrange these loans anywhere in California.

The streamline 203k is where you require - Mon Sep 22 2008, 16:37

Hi,

There are some programs with 10% down for investors on conforming loan sizes (even a few with 5%, but I would have to double check on the current availability) . Of course these are full doc and require solid credit. They will carry higher interest rates. - Sun Sep 21 2008, 19:44

You have about 1.25% X your property purchase price in property taxes annually. If a single-family home you also will have hazard insurance which also varies, but you can estimate $50-$60/mo. And then you will also most likely have a water and garbage bill which will vary depending on where you live. And then finally you have maintenance on a your property. Maintenance is an area many who have never owned a home before overlook and can be substantial if the house is older (plumbing, electrical, landscaping, roof, painting, etc...).

If a condo, in addition to property taxes you also have the HOA dues. If a condo the HOA fee will take care of the maintenance of the exterior, but you also may have special assesments from time-to-time. You would also have to investigate what the HOA covers in terms of insurance and other costs. - Sun Sep 21 2008, 17:15

The #1 first thing everyone needs to do before buying their first home is to get pre-approved for financing. It's a mistake to start spending a lot of your time and your realtors time searching before you know IF you can qualify, how much you can qualify for, and what the TOTAL payment will be. The total payment is not just the mortgage payment, it includes property taxes, mortgage insurance, hazard insruance and HOA dues if a condo.

Generally for a FULL pre-approval, a loan officer will need to take a full loan application, check your credit (alternatively you can go to http://www.annualcreditreport.com), and then have you send them your last 30 days paystubs, last 2 years w-2's (if self-employed last 2 years tax returns) and last 2 mos bank statements.

If you want a faster answer, you can also just verbally disucss your particulars with an expericed loan offcer and they can tell you the maximum amount you can qualify for and what your total housing payment will be. But a full pre-approval is recommended if you are serious.

Make sure you understand what yout total housing payment will be and make sure you feel 100% comfortable making that payment month after month for years to come.

There are also many grants and down payment assitance programs throughout the state for 1st time home buyers to ask about. I specialize in these grants and progams. - Sat Sep 20 2008, 15:18