Home Loan Program Summary

Standard Conventional

Zero Down (95/5)

80/17

Eligible Properties

Owner- occupied 1 to 4 units; attached and detached SFRs; co-ops (conforming only); condos; and PUDs

Owner-occupied SFRs; approved condos; approved attached and detached PUDs

Owner- occupied SFRs; approved condos; approved attached and detached PUDs

Term

15 or 30 years

30 years

 (1^st and 2^nd mortgages)

30 years

(1^st and 2^nd mortgages)

Conforming Loan Amount

Up to $359,650

Up to $359,650

Up to $359,650

Non-Conforming Loan Amount

$333,701 to $650,000

$333,701 to $ 350,000 ($450,000 in designated high-cost counties)

$333,701 to $ 450,000 ($550,000 in designated high-cost counties)

Loan-to-Value

(LTV) of 1^st Mortgage

95%

95%

80%

Loan-to Value

(LTV) of 2^nd Mortgage

Refer to investor guidelines of 2^nd mortgage

(5% minimum 2^nd mortgage )

100%

97%

Maximum Combined Loan-to-Value (CLTV) of 1^st & 2^nd Mortgages

95%

(If there is a 2^nd mortgage, LTV on the 1^st mortgage cannot exceed 80%)

100%

97%

Down Payment

Minimum of 5%

0%

3%

Sources of Closing Costs

Refer to Provident Home Loans Inc. guidlines

Borrower’s own funds, seller contributions up to 3%, gift from relative, or unsecured grant from approved government agency

Borrower’s own funds, seller contributions up to 3%, gift from relative, or unsecured grant from approved government agency

2^nd Mortgage

Allowed, but not offered through CalSTRS

Deferred payments on the 5% 2^nd mortgage for the first 5 years

Deferred payments on the 17% 2^nd mortgage for the first 5 years