What is the CalPath Home Loan Program and How do I Qualify for it to Buy or Refinance a property in California?


 


CalPath Program Summary: 
- The 15 or 30 year term CalPath home loan products can be originated either as a Standard, High Balance or Super Conforming Conventional 1STTrust Deed 
- The FHA CalPath products can also be originated as a Standard or High Balance FHA insured 1st Trust Deed, however FHA Streamline CalPath loans can only be originated as a Standard FHA insured 1st Trust Deed (High Balance and Super Conforming are not available).The FHA transaction is fully amortized for a 30 year term
- The CalPath Program can be combined with local affordable housing programs
- The definition of a Public Employee is a person employed in the public sector. Public employees are found at all levels of government, from the federal, state and local levels including school district employees. 


CalPath Conventional Loan Type & Terms: 
- Traditional Conventional guideline
- 15, 20, 25 or 30 Year fixed term
- Traditional Conventional loan with full amortization

- Minimum at least 3% down payment when buying a property
No Pre-Penalty, can pay off the loan at anytime

CalPath FHA Loan Type & Terms: 
- Traditional FHA guidelines up to 96.50% Loan to value on a purchase loan program
- 30 year fix rate term
- No Pre-Penalty, can pay off the loan at anytime


Program Guideline Highlights for the CalPath Conventional or FHA Loan Products: 
- The Program is not limited to first-time homebuyers
- The borrower(s) are not required to obtain a homebuyer education certificate
- Gift Funds allowed from family members
- Debt to Income to Follow standard agency guidelines
- Credit Scores will follow standard agency/MWF guidelines 
- Minimum Reserves that follow standard agency/MWF guidelines

CalPath Borrower Eligibility:
- Must pay or paid into the California State Teachers Retirement System (CalStrs) and the 
California Public Employees Retirement System to be Eligibility for the CalPath home loan program. Active and Retired members are eligibility as long as all underwriting guidelines are meet.


CalPath Loan Transaction Types: 

- Purchase 
- Rate/Term Refinance
- Cash-Out not allowed 


Occupancy Type for All Programs: 

- Owner Occupied/Primary Residence Only 


Eligible Property Types: 

- SFR (1-4 Units) 
- Detached PUD
- Approved Condos that meet eligibility criteria
- Homes may not be used for investment purposes as rental a property, second home or vacation home


Lock Policy for the CalPath Program: 

- The lock policy are for 30, 45 or 60 day lock, the borrower does have one time free float down option


Float Down Option
- One free interest rate float down will be allowed and must be requested within 30 days of locking and prior to requesting loan docs. At the time of the float down, current market pricing must be the same or better with respect to the lower interest rate. The original pricing will remain the same

To Discuss the CalPath Home Loan in further detail to buy or refinance a property, please call me Direct at 909-503-5600 or complete the short inquiry form below to get started today!

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