Broadview Community Access Affordable Mortgage

Thank you for attendingWe will begin in a moment

Class Scheduled to begin at 6:00pm

Homeownership Educator

Scott SchangBranch Manager

Broadview Mortgage Corporation 1-866-667-6724

Topics We Will Cover in Class

• Why we Created the Community Access Affordable Mortgage

• Who Qualifies for the Community Access Mortgage

• Community Access Affordable Mortgage Benefits

• Community Access Affordable Mortgage Guidelines

• Community Access Affordable Mortgage Restrictions

• When a Community Access Mortgage is the Best Option

Follow up and Take Aways

Answering all of your Questions• You may type questions in at any time during the presentation in the

Questions and Answers box on your screen

• Homeownership experts are standing by to answer your questions during the presentation

• This is an interactive learning environment. You will get the most value by having your specific questions answered

• The only dumb question is the one you don’t ask

Write this number down in case of technical difficulty

1-866-667-6724

Why We Created the Program• Broadview Mortgage is a Direct Lender – Expertise in Specialty Lending• Community Based Lending Programs we Currently Offer• CalSTRS 80/17 for Education Professionals• CalPERS for Member of CalPERS• CalHFA for First Time Homebuyers

• Took key benefits from each program to create Community Access• Designed Community Access to offer Greater Benefit to More Buyers• Designed Community Access as a solution to restrictive or recently

eliminated features of the CalPERS and CalSTRS loan programs

Why We Created the Program• Fill the need to offer Affordable Mortgage Programs to more Buyers• The Community Access Mortgage is available to all eligible Buyers

regardless of employment or contribution to retirement• Restrictions and the Elimination of benefits of CalSTRS and CalPERS

programs hurt otherwise eligible buyers• CalPERS eliminated interest rate float downs• CalPERS requires that you be a member of CalPERS to be eligible• CalSTRS reduced qualifying debt to income ratio• CalSTRS loan level price adjustments for under 740 FICO can be costly

Who Qualifies for a Community Access Mortgage

• Expanded Access for Education Professionals• California Public School Employees• California Community College Employees• California University Employees• California Private & Charter School Employees• School District Employees• All W2 Employees working in any capacity

Eligibility: Pay Check Stub and Verification of Employment

Who Qualifies for a Community Access Mortgage

• Expanded Access for Public Employees and First Responders• California State Employees• Federal Employees working in California• Police Department Employees• Fire Department Employees• Correction-Penal System Employees• Coast Guard and National Guard Employees

Eligibility: Pay Check Stub and Verification of Employment

Who Qualifies for a Community Access Mortgage

• Access for Health Care Professionals• Medical Doctors• Nurses – Certified Nursing Assistants• Hospital Employees• Urgent Care / Clinic Employees• Public Health Care Professionals• Dentists, Chiropractors, Physical Therapists

Eligibility: Pay Check Stub and Verification of Employment

Community Access Affordable Mortgage Features

• 30 Year Fixed Rate Mortgage• Low Down Payment• Fixed Costs and Fees• WYSIWYG Interest Rates• Interest Rate Float Down• Low Min Credit Score – No Penalties for Low Credit Score• No First Time Homebuyer Requirement

Fast Approval and Closing Turn Times

Community Access Affordable Mortgage Guidelines

• Low Down Payment – Minimum 3.5% Down Payment• Eligible for FHA Mortgage Insurance• No Maximum Down Payment Restrictions• No Down Payment Restrictions like CalSTRS 80/17

• Fixed Costs and Fees• Maximum Origination Fee is 1% of Loan Amount• Maximum Lender Fees are $350 – 800 Section of GFE

Community Access Affordable Mortgage Guidelines

• WYSIWYG Interest Rates• What You See Is What You Get – Published Daily• Look for community access button on top right of CalPETR site

See Today’s Interest Rate

Community Access Affordable Mortgage Guidelines

• Interest Rate Float Down• If the Interest Rates Drop during Escrow you get Lower Rate• No Cost to Reduce Interest Rate• No Paperwork Required to Reduce Interest Rate• Only One Float Down Allowed per Property• If escrow falls out or address changes – New Lock Required

• Can lock up to the time that Loan Documents are Ordered

Community Access Affordable Mortgage Guidelines

• Lowest Minimum Credit Score Available• Minimum 620 Credit Score Required• No Penalties or Additional Closing Costs for Low Credit Score• CalSTRS 80/17 has increased closing costs below 740 FICO• CalSTRS 80/17 - 620 Credit Score adds 3% to closing costs

• No First Time Homebuyer Requirement• May only be used to purchase a Primary Residence• Unless using CalHFA CHDAP Down Payment Assistance

Community Access Affordable Mortgage Guidelines

• Fast Approval and Closing Turn Times – Available Daily• Loan Pre-Approval in 24 Hours – After all paperwork received • Underwriting Turn Times - Currently 48 hours• Conditions signed off in 48 hours or less• Loan Documents available in 24 hours after final approval• 10 to 17 day Loan Contingencies OK• 30 Days or Less Escrow OK • Mortgage Emergency – Loan Rescue turn times Expedited

Recent Company Record – Start to Finish 16 Days

Community Access Affordable Mortgage Restrictions*

• Can only be used to purchase Primary Residence• Single Family Residence

• Income Limits – Maximum Loan Amount $417,000• Maximum Income Limits• $125,000 for Taxpayer filing Single• $250,000 for Taxpayer filing Joint

• Cannot buy down Interest Rate

*Exceptions are considered on a case by case basis

Community Access as Your Best Option

• If you are CalSTRS Eligible and Credit Score Loan Level Price Adjustments make closing too costly• If you are CalSTRS Eligible and wish to put more than 3%

Down Payment• If you are CalPERS Eligible, and ineligible for CalPERS Down

Payment Assistance or want to have the Float Down option• If you are not eligible for CalPERS or CalSTRS for any other

reason!

The First Step to Homeownership – Get Pre-Approved

• The very first step to beginning the home buying process is to get Pre-Approved• Broadview Mortgage is the ONLY lender that offers the

Community Access Affordable Mortgage• We are more than happy to be your “second opinion” if you

are already working with someone• 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

Follow Up and Take Aways

• Homeownership specialists are on-line to answer all of your questions now – we will stay on-line until all questions are answered

• You will receive a “Thank you” email with links to the information we’ve talked about here today including• Copy of power point presentation• Link to Guidelines and Interest Rate Sheet• Secure on-line loan application

Recording of Class to Follow

Thank You for Attending – Please Tell a Friend

Please tell us how we’re doingFollow up email includes a link to “Praise” page

Your feedback is greatly appreciated

For more information

1-877-823-9250www.CalPETR.com

Homeownership Educator

Scott SchangBranch Manager

Broadview Mortgage Corporation