Al Luna @ Keller Williams in Arcadia has over 20 yrs. of experience. Please give him a call: (213) 709-4993
Khalif Majied, CMI
A Plus Mold, Inc.
Deena D. Willis, Broker
Re/Max Property Concierge
Bonnie, the loan program below sounds nice. At first, we were looking at the "0% down doctor's mortgage loan program" from Bank of America but they apparently suspended the program early last year because of the economy... Thus, we were about to look into the FHA loans because of the 3.5% down.
*Do you know if there is an income limit to the loan from the San Diego lender?
*Would an Attending Physician/Associate Professor with six figure salary qualify for the mortgage?
I'm licensed in WA, but have some good contacts in Pasadena through another site called Active Rain. Take a look here http://activerain.com/states/CA/cities/Pasadena and read a few blogs to see who appeals to you. Bonnie who answered below is on A/R too.
Best of luck.
My understanding of the USC package is that the Short-term Loan Program is designed to assist the participant in obtaining favorable primary financing. The loan may be for $100,000 or 10% of the purchase price, whichever is less. The loan is due in 7 years and may be amortizing (over 15 years at 7%, currently) or interest only at 8%. A life insurance policy in the amount of the loan is required naming USC as the beneficiary. The following criteria also apply. Housing expenses including mortgage payments, insurance, property taxes and homeownersâ€™ association dues (HOA) cannot exceed 35% of gross income. As well, monthly debt obligations cannot exceed 40% of gross income. Finally, all income must be verified. These loans are must be approved by the Treasurerâ€™s Office.
I am not sure if this is the very best loan available for professionals working in the teaching environment. I work with a direct lender in San Diego who is the no. 1 lender for teachers in California. Their program includes
â€¢ Best Home Loan program for teachers in CA!
â€¢ Only 3% Down-Payment Required!
â€¢ Allows teachers to write offers on property as a Conventional loan product!
â€¢ Avoid Mortgage Insurance!
â€¢ 17% Down-Payment is a Silent 2nd for five years!
â€¢ Available to teachers, administrators, school psychologists, etcâ€¦
â€¢ Can close and fund loan in 30 days!
If you would like me to discuss this with you or find out any further information, please do not hesitate to call or email me.
Bonnie Scribner, REALTOR, QSC
Century 21 Discovery