Broadview Community Access Affordable Mortgage Program


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The Broadview Community Access Homebuyer Mortgage Program is an Affordable Lending program created with the specific purpose of helping valued community members buy a primary residence.

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  • Thanks to programs like this one, a lot of people in communities all over the U.S. are still able to buy homes. I know because I own a mortgage company at Home Mortgage Orlando, 42 E. Anderson Street, Orlando, FL 32801 and the website is at

    The most important thing for mortgage brokers is to make sure that we don't fall in the same trap that we did before when we let people over-extend themselves
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Broadview Community Access Affordable Mortgage Program

  1. 1. Broadview Community Access Affordable Mortgage<br />Thank you for attending<br />We will begin in a moment<br />Class Scheduled to begin at 6:00pm<br />Homeownership Educator<br />Scott Schang<br />Branch Manager<br />Broadview Mortgage Corporation<br /> 1-866-667-6724<br />
  2. 2. Topics We Will Cover in Class<br /><ul><li>Why we Created the Community Access Affordable Mortgage
  3. 3. Who Qualifies for the Community Access Mortgage
  4. 4. Community Access Affordable Mortgage Benefits
  5. 5. Community Access Affordable Mortgage Guidelines
  6. 6. Community Access Affordable Mortgage Restrictions
  7. 7. When a Community Access Mortgage is the Best Option</li></ul> Follow up and Take Aways<br />
  8. 8. Answering all of your Questions<br /><ul><li>You may type questions in at any time during the presentation in the Questions and Answers box on your screen
  9. 9. Homeownership experts are standing by to answer your questions during the presentation
  10. 10. This is an interactive learning environment. You will get the most value by having your specific questions answered
  11. 11. The only dumb question is the one you don’t ask</li></ul>Write this number down in case of technical difficulty<br />1-866-667-6724<br />
  12. 12. Why We Created the Program<br /><ul><li>Broadview Mortgage is a Direct Lender – Expertise in Specialty Lending
  13. 13. Community Based Lending Programs we Currently Offer
  14. 14. CalSTRS 80/17 for Education Professionals
  15. 15. CalPERS for Member of CalPERS
  16. 16. CalHFA for First Time Homebuyers
  17. 17. Took key benefits from each program to create Community Access
  18. 18. Designed Community Access to offer Greater Benefit to More Buyers
  19. 19. Designed Community Access as a solution to restrictive or recently eliminated features of the CalPERS and CalSTRS loan programs</li></li></ul><li>Why We Created the Program<br /><ul><li>Fill the need to offer Affordable Mortgage Programs to more Buyers
  20. 20. The Community Access Mortgage is available to all eligible Buyers regardless of employment or contribution to retirement
  21. 21. Restrictions and the Elimination of benefits of CalSTRS and CalPERS programs hurt otherwise eligible buyers
  22. 22. CalPERS eliminated interest rate float downs
  23. 23. CalPERS requires that you be a member of CalPERS to be eligible
  24. 24. CalSTRS reduced qualifying debt to income ratio
  25. 25. CalSTRS loan level price adjustments for under 740 FICO can be costly</li></li></ul><li>Who Qualifies for a Community Access Mortgage<br /><ul><li>Expanded Access for Education Professionals
  26. 26. California Public School Employees
  27. 27. California Community College Employees
  28. 28. California University Employees
  29. 29. California Private & Charter School Employees
  30. 30. School District Employees
  31. 31. All W2 Employees working in any capacity</li></ul>Eligibility: Pay Check Stub and Verification of Employment<br />
  32. 32. Who Qualifies for a Community Access Mortgage<br /><ul><li>Expanded Access for Public Employees and First Responders
  33. 33. California State Employees
  34. 34. Federal Employees working in California
  35. 35. Police Department Employees
  36. 36. Fire Department Employees
  37. 37. Correction-Penal System Employees
  38. 38. Coast Guard and National Guard Employees</li></ul>Eligibility: Pay Check Stub and Verification of Employment<br />
  39. 39. Who Qualifies for a Community Access Mortgage<br /><ul><li>Access for Health Care Professionals
  40. 40. Medical Doctors
  41. 41. Nurses – Certified Nursing Assistants
  42. 42. Hospital Employees
  43. 43. Urgent Care / Clinic Employees
  44. 44. Public Health Care Professionals
  45. 45. Dentists, Chiropractors, Physical Therapists</li></ul>Eligibility: Pay Check Stub and Verification of Employment<br />
  46. 46. Community Access Affordable Mortgage Features<br /><ul><li>30 Year Fixed Rate Mortgage
  47. 47. Low Down Payment
  48. 48. Fixed Costs and Fees
  49. 49. WYSIWYG Interest Rates
  50. 50. Interest Rate Float Down
  51. 51. Low Min Credit Score – No Penalties for Low Credit Score
  52. 52. No First Time Homebuyer Requirement</li></ul>Fast Approval and Closing Turn Times<br />
  53. 53. Community Access Affordable Mortgage Guidelines<br /><ul><li>Low Down Payment – Minimum 3.5% Down Payment
  54. 54. Eligible for FHA Mortgage Insurance
  55. 55. No Maximum Down Payment Restrictions
  56. 56. No Down Payment Restrictions like CalSTRS 80/17
  57. 57. Fixed Costs and Fees
  58. 58. Maximum Origination Fee is 1% of Loan Amount
  59. 59. Maximum Lender Fees are $350 – 800 Section of GFE</li></li></ul><li>Community Access Affordable Mortgage Guidelines<br /><ul><li>WYSIWYG Interest Rates
  60. 60. What You See Is What You Get – Published Daily
  61. 61. Look for community access button on top right of CalPETR site</li></ul>See Today’s Interest Rate<br />
  62. 62. Community Access Affordable Mortgage Guidelines<br /><ul><li>Interest Rate Float Down
  63. 63. If the Interest Rates Drop during Escrow you get Lower Rate
  64. 64. No Cost to Reduce Interest Rate
  65. 65. No Paperwork Required to Reduce Interest Rate
  66. 66. Only One Float Down Allowed per Property
  67. 67. If escrow falls out or address changes – New Lock Required
  68. 68. Can lock up to the time that Loan Documents are Ordered</li></li></ul><li>Community Access Affordable Mortgage Guidelines<br /><ul><li>Lowest Minimum Credit Score Available
  69. 69. Minimum 620 Credit Score Required
  70. 70. No Penalties or Additional Closing Costs for Low Credit Score
  71. 71. CalSTRS 80/17 has increased closing costs below 740 FICO
  72. 72. CalSTRS 80/17 - 620 Credit Score adds 3% to closing costs
  73. 73. No First Time Homebuyer Requirement
  74. 74. May only be used to purchase a Primary Residence
  75. 75. Unless using CalHFA CHDAP Down Payment Assistance </li></li></ul><li>Community Access Affordable Mortgage Guidelines<br /><ul><li>Fast Approval and Closing Turn Times – Available Daily
  76. 76. Loan Pre-Approval in 24 Hours – After all paperwork received
  77. 77. Underwriting Turn Times - Currently 48 hours
  78. 78. Conditions signed off in 48 hours or less
  79. 79. Loan Documents available in 24 hours after final approval
  80. 80. 10 to 17 day Loan Contingencies OK
  81. 81. 30 Days or Less Escrow OK
  82. 82. Mortgage Emergency – Loan Rescue turn times Expedited </li></ul> Recent Company Record – Start to Finish 16 Days<br />
  83. 83. Community Access Affordable Mortgage Restrictions*<br /><ul><li>Can only be used to purchase Primary Residence
  84. 84. Single Family Residence
  85. 85. Income Limits – Maximum Loan Amount $417,000
  86. 86. Maximum Income Limits
  87. 87. $125,000 for Taxpayer filing Single
  88. 88. $250,000 for Taxpayer filing Joint
  89. 89. Cannot buy down Interest Rate</li></ul>*Exceptions are considered on a case by case basis<br />
  90. 90. Community Access as Your Best Option<br /><ul><li>If you are CalSTRS Eligible and Credit Score Loan Level Price Adjustments make closing too costly
  91. 91. If you are CalSTRS Eligible and wish to put more than 3% Down Payment
  92. 92. If you are CalPERS Eligible, and ineligible for CalPERS Down Payment Assistance or want to have the Float Down option
  93. 93. If you are not eligible for CalPERS or CalSTRS for any other reason!</li></li></ul><li>The First Step to Homeownership – Get Pre-Approved<br /><ul><li>The very first step to beginning the home buying process is to get Pre-Approved
  94. 94. Broadview Mortgage is the ONLY lender that offers the Community Access Affordable Mortgage
  95. 95. We are more than happy to be your “second opinion” if you are already working with someone
  96. 96. We are more than happy to recommend you to a qualified Real Estate Agent that shares our values and passion for education – familiar with our community programs</li></li></ul><li>Follow Up and Take Aways<br /><ul><li>Homeownership specialists are on-line to answer all of your questions now – we will stay on-line until all questions are answered
  97. 97. You will receive a “Thank you” email with links to the information we’ve talked about here today including
  98. 98. Copy of power point presentation
  99. 99. Link to Guidelines and Interest Rate Sheet
  100. 100. Secure on-line loan application</li></ul> Recording of Class to Follow<br />
  101. 101. Thank You for Attending – Please Tell a Friend <br />Please tell us how we’re doing<br />Follow up email includes a link to “Praise” page <br />Your feedback is greatly appreciated<br />For more information<br />1-877-823-9250<br /><br />Homeownership Educator<br />Scott Schang<br />Branch Manager<br />Broadview Mortgage Corporation<br />