CalPlus MyHome Zip Combined Loans by CalHFA

Hello I'm Molly Ellis with CalHFA and for the next few minutes I'm gonna show you how to use our Cal Plus loans to increase your business and help first-time homebuyers If you're considering a Cal PLUS loan you probably have a borrower who is looking for a dependable loan that requires little or no money down However, if your borrower has a little money in the bank and they're looking for a lower interest rate and monthly payment then check out our companion video getting the lowest rate with CalHFA

Okay, let's get started I'm going to walk you through how to structure both a CalPlus Conventional and a CalPlus FHA Let's say your borrowers are in the market for their first home in the $250,000 range Here's what you do First, we'll estimate their closing costs at about 4% or $10,000 That means They'll need a total of $260,000 to close

Our CalPlus Conventional first mortgage can go all the way up to a 97% loan to value That takes care of a big chunk but you've still got a ways to go to hit $260,000 Now, let's add in some down payment assistance We'll use the maximum loan amount to take advantage of the lower interest rates This will ensure that the borrower is getting the least expensive financing available Okay, first up CalHFA's MyHome provides your borrower with 5% of the sales price in down payment or closing cost assistance MyHome has a 3% interest rate with a deferred payment then we can finish things off with the Zero interest program or as you might know it

ZIP ZIP can provide up to 3% of the first mortgage loan amount at a 0% interest rate This is another deferred payment loan That's right

With a CalHFA loan package you can cover the entire cost of purchasing a home for your borrower Now let's look at your FHA borrowers We have a CalPlus loan for them too It's our CalPlus FHA Once again, We'll look at a $250,000 sales price with 4% in closing costs after we add in the $4,182 Upfront FHA MI premium your borrower will need $264,182 to close sounds like a lot but just wait since CalHFA has a 105% maximum CLTV and once again we want to use all of the least expensive financing available our base loan amount will now be just under 96% Now add in the finance upfront MI premium then we'll add on MyHome next comes ZIP and as you can see your borrower can still purchase their first home with no money down

Don't worry we have tools to help use our handy loan scenario calculator It does all the calculations for you and you can print the results CalPlus can help your borrowers purchase an affordable place to call home whether they're using a CalPlus Conventional or a CalPlus FHA Also we allow our lenders to charge up to 3% in origination fees so you can do well by doing good Give us a call at 916-326-8033 or check out our website at www

calhfacagov and you can be on your way to helping Californians with a dependable mortgage they can afford I'm Molly Ellis with CalHFA we hope to hear from you soon you

Source: Youtube

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