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No Down and Low Down Payment home purchase programs for teachers, public employees, first time home buyers
No Down and Low Down Payment home purchase programs for teachers, public employees, first time home buyers
No Down and Low Down Payment home purchase programs for teachers, public employees, first time home buyers
No Down and Low Down Payment home purchase programs for teachers, public employees, first time home buyers
No Down and Low Down Payment home purchase programs for teachers, public employees, first time home buyers
No Down and Low Down Payment home purchase programs for teachers, public employees, first time home buyers
No Down and Low Down Payment home purchase programs for teachers, public employees, first time home buyers
No Down and Low Down Payment home purchase programs for teachers, public employees, first time home buyers
No Down and Low Down Payment home purchase programs for teachers, public employees, first time home buyers
No Down and Low Down Payment home purchase programs for teachers, public employees, first time home buyers
No Down and Low Down Payment home purchase programs for teachers, public employees, first time home buyers
No Down and Low Down Payment home purchase programs for teachers, public employees, first time home buyers
No Down and Low Down Payment home purchase programs for teachers, public employees, first time home buyers
No Down and Low Down Payment home purchase programs for teachers, public employees, first time home buyers
No Down and Low Down Payment home purchase programs for teachers, public employees, first time home buyers
No Down and Low Down Payment home purchase programs for teachers, public employees, first time home buyers
No Down and Low Down Payment home purchase programs for teachers, public employees, first time home buyers
No Down and Low Down Payment home purchase programs for teachers, public employees, first time home buyers
No Down and Low Down Payment home purchase programs for teachers, public employees, first time home buyers
No Down and Low Down Payment home purchase programs for teachers, public employees, first time home buyers
No Down and Low Down Payment home purchase programs for teachers, public employees, first time home buyers
No Down and Low Down Payment home purchase programs for teachers, public employees, first time home buyers
No Down and Low Down Payment home purchase programs for teachers, public employees, first time home buyers
No Down and Low Down Payment home purchase programs for teachers, public employees, first time home buyers
No Down and Low Down Payment home purchase programs for teachers, public employees, first time home buyers
No Down and Low Down Payment home purchase programs for teachers, public employees, first time home buyers
No Down and Low Down Payment home purchase programs for teachers, public employees, first time home buyers
No Down and Low Down Payment home purchase programs for teachers, public employees, first time home buyers
No Down and Low Down Payment home purchase programs for teachers, public employees, first time home buyers
No Down and Low Down Payment home purchase programs for teachers, public employees, first time home buyers
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No Down and Low Down Payment home purchase programs for teachers, public employees, first time home buyers

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Home loans for California Teachers, Public Employees and First Time Home Buyers

Home loans for California Teachers, Public Employees and First Time Home Buyers

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  • 1. Low Down and No Down Payment Home Purchase Programs Phone Number to Join Web Class Call - (616) 883-8055 Access Code 595-484-912 Presented By: PorchLight Real Estate Services Presenter: Scott Schang, Broker / President Contact Information: Phone: 866-667-6724 [email_address]
  • 2. Low Down and No Down Payment Home Purchase Programs
    • What To Expect From This Web Class
    • Overview of California Real Estate Market
      • Being in the right place at the right time
    • Low Down and No Down Payment Specialty Home Purchase Programs
      • CalHFA, CalSTRS, CalPERS, FHA, VA
    • Everything you need to know about the $7,500 Federal Tax Credit
      • How much you qualify for
      • How to get your check
  • 3. Low Down and No Down Payment Home Purchase Programs
    • What To Expect From This Web Class
    • What you need to know about Short Sales and Bank Owned Foreclosures
      • A new opportunity for buying short sales
      • What to offer on bank owned foreclosures
    • Tips to Find the Best Deals and make Strong Offers
      • How to have an edge in this market
    • Wrap Up and Take Aways
      • Review of most important points to take away
  • 4. Low Down and No Down Payment Home Purchase Programs
    • What To Expect From This Web Class
    • Questions and Answers
      • You may type questions in at any time during the presentation – Questions and Answers Box
      • Loan specialists are standing by to answer your questions during the presentation
      • I will answer questions live at end of webinar
      • The only dumb question the one you don’t ask
      • Ready? Let’s get Started!
  • 5. Overview of the California Real Estate Market
    • Being At The Right Place / Right Time
    • What it means to be in a Buyer’s Market
        • Supply and demand
        • Many homes for sale
        • Few home buyers in market
        • Credit market offers few options
    • Why CA Market is a “Perfect Storm”
      • Affordability Factor up
      • Median Home Prices Down
      • Specialty Programs for Home Buyers
  • 6. Overview of the California Real Estate Market
    • California Housing Affordability Index
      • Index used to determine the percentage of families that could afford a home
    • Method Used to Determine Affordability
      • Median Home Prices
      • Interest Rates
      • Down Payment – 10% used for index
      • Statistical Data for area incomes
    • Value as a Comparative Analysis
      • Affordability approaching 2003 numbers
      • 2003 home sales and affordability 30 year highs
  • 7. Overview of the California Real Estate Market
  • 8. Overview of the California Real Estate Market
  • 9. Overview of the California Real Estate Market
  • 10. Overview of the California Real Estate Market
  • 11. Overview of the California Real Estate Market
  • 12. Overview of the California Real Estate Market
  • 13. Overview of the California Real Estate Market
    • Most California home prices have dropped more than 20% since July of 2007
  • 14. Overview of the California Real Estate Market
    • Many California home prices have dropped more than 30% since July of 2007
  • 15. Common Low and No Down Payment Programs
    • FHA Loans – Oct. 1 st Guidelines
      • 3.5% Down Payment Required
      • No Seller paid down payment assistance
        • Nehemiah, HART, AmeriDream
      • 1.75% Upfront MIP premium
        • Can be financed into loan
      • .55% Monthly MIP premium
        • $300,000 = $135.00 monthly premium
      • 6% seller contribution allowed for closing costs, buy down interest rate.
      • 580 credit score for min down payment
      • No income or first time home buyer requirement
  • 16. Common Low and No Down Payment Programs
    • VA Loans
      • No Down Payment Required
      • No Mortgage Insurance Required
      • Temporary loan limits until 12/31/08
      • Closing costs can be financed in loan up to 102%
      • Active or Inactive Military – Honorable Discharge
      • No income or first time home buyer limits
      • Up to 3% seller concessions for closing costs
      • Rates set by lenders
  • 17. Specialty Home Loan Programs for Californians
    • CalSTRS 80/17 Home Purchase Program
      • 3% down payment required
      • No upfront mortgage insurance premium
      • No monthly mortgage insurance premium
      • Qualify for 80% first mortgage only
      • 17% second mortgage deferred for 5 years
      • No income or first time home buyer limits
      • Up to 3% seller concessions for closing costs
      • Work or Teach in California Public school or Community College
      • Rates set by CalSTRS
  • 18. Specialty Home Loan Programs for Californians
    • CalPERS Home Purchase Program
      • 90% First Mortgage
      • 5% Second Loan from NHF
        • Must meet LMI requirements – 140% AMI
      • Can take personal loan against CalPERS
        • Up to $18,421 or 50% of contributed balance
        • Can be used for down payment or closing costs
      • Up to 100% financing allowed
      • 30 Year, 40 Year, Interest Only available
      • Up to 3% seller concessions for closing costs
      • Must contribute minimum of $2,000
      • Rates set by CalPERS
  • 19. Specialty Home Loan Programs for Californians
    • CalHFA First Time Home Buyer Loans
      • 95% first mortgage
      • Down payment assistance programs
        • CHAP 2%, CHDAP 3%, HiCAP 4%
        • No payments for life of first loan
      • Up to 102% financing available
      • No upfront mortgage insurance premium
      • Monthly mortgage insurance premium
      • Income and purchase price limits apply
      • 30 year fixed, 40 year fixed, interest only available
      • Rates set by CalHFA
  • 20. Specialty Home Loan Programs for Californians
    • CalHFA Community Stabilization Home Loan Program - CSHLC
      • No Down Payment Required
        • 100% financing
        • 103% maximum financing
      • 5.5% - 30 year fixed interest rate
      • Special discounted mortgage insurance
        • .59% monthly mortgage insurance premium
          • $300,000 loan = $147.50 monthly premium
        • No upfront mortgage insurance premium
      • Up to 3% seller concessions for closing costs
  • 21. Specialty Home Loan Programs for Californians
    • CalHFA Community Stabilization Home Loan Program - CSHLC
      • Discounted prices on bank owned homes
        • Wells Fargo, Homeq, Fannie Mae, Citi, Premier Asset Services
      • All zip codes eligible in following counties
        • Contra Costa, Merced, Monterey, Riverside, Sacramento, San Benito, San Bernardino, San Joaquin, Stanislaus
      • Limited zip codes eligible in following counties
        • Alameda, Los Angeles, San Bernardino
      • Rates set by CalHFA
  • 22. Specialty Home Loan Programs for Californians
    • CalHFA Extra Credit Teacher Program
      • 95% first mortgage at discounted rates
      • 3% ECTP down payment at reduced rates
        • Interest waived after 3 years
      • Can use HiCAP or CHAP to eliminate DP
      • Qualified Schools API ranking of 1-5
      • Teachers, Administrators, Staff Members eligible
      • Rates set by CalHFA
  • 23. Comparison of All Low and No Down Payment Loans
  • 24. Everything you need to know about the $7,500 Federal Tax Credit
    • Purchase home between April 1 st 2008 and July 31 st 2009
    • Must be first time home buyer
      • Can not have owned in past 3 years
    • $7,500 tax credit for married filing joint
    • $3,750 tax credit for filing single
    • Income can not exceed $150,000 for married couple
    • Income can not exceed $75,000 for single
    • Credit paid back over 15 years
    • May be able to claim credit before purchase
  • 25. What you need to know about Short Sales and Foreclosures
    • New short sale opportunity to watch for
    • Approved short sales
      • Approval process complete
      • Original buyer long gone
      • Want to close FAST
      • BPO complete
      • Negotiators are accessible and ready to deal
    • How much you should offer on a Short Sale
      • Have your agent complete a market analysis
      • Offer approved short sale price for quick sale
      • Costs $60,000 to $70,000 to foreclose - liability
  • 26. What you need to know about Short Sales and Foreclosures
    • What you need to know if you want to buy a bank owned foreclosure
    • Highly desirable areas create bidding wars
      • Banks listing homes very low to stimulate activity
      • Multiple offers – 25 to 30 offers in first week
      • Some banks requiring homes on market for 7 days before looking at offers
      • Make your highest and best offer regardless of “listing price”.
      • Banks ARE paying closing costs
      • Be aware of your “Net” offer
  • 27. Tips to Find the Best Deals and Make Strong Offers
      • Work with a buyer’s agent – Fiduciary duties require that your best interests are represented
      • Work with a Real Estate Agent that is familiar with these special home purchase programs
      • Get pre-approved for the maximum you can qualify for – Be prepared for competition
      • Actively search the MLS supplied to you by your Agent – not syndicated sites
      • Move quickly on approved short sales and REOs
      • Submit an offer stating the terms and source of the financing you are using – ie..Teacher
      • Have your agent do a comparative market analysis on homes you make offers on
      • Make your highest and best offer on REOs
  • 28. Wrap up and Take Aways
      • Home prices have dropped 20-50% and homes are twice as affordable as they were 2 or 3 years ago
      • California Teachers, Public Employees and First Time Home Buyers have more purchasing power than many other buyers in the market
      • Get pre-approved for the maximum you can qualify for – Be prepared for competition
      • Work with an experienced and qualified buyer’s agent – Someone on your side!
      • Opportunities like this happen once in a lifetime
      • As soon as you hear in the media that it’s the “bottom of the market” – it’s already too late!
  • 29. Wrap up and Take Aways
      • You will receive a “Thank You” email that will include all of our contact information for questions
      • You will receive links to websites that will keep you on the cutting edge of all the topics covered
        • Government loans and real estate news
        • California down payment assistance programs
        • California teachers and employees loans
        • California real estate market insight
      • Valuable links to get you started and in this market, fully prepared with a good team
        • Secure online application for loan approval
        • Qualified Real Estate Agent referral request
  • 30. Questions and Answers Special Loan Programs for California’s Teachers, Public Employees and First Time Home Buyers Presented By: PorchLight Real Estate Services Presenter: Scott Schang, Broker / President Contact Information: Phone: 866-667-6724 [email_address]

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