Introducing the CalPATH Combo Loan (80-10-10)


80% LTV 1st Mortgage | 10% Down Payment | 10% 2nd Mortgage

California home prices are at an ALL-TIME-HIGH and Interest Rates are near an ALL-TIME-LOW! Don’t fool yourself into thinking that home prices will come down anytime soon because chance are they won’t. With that said, you need more buying power to compete in today’s seller market.

Our "NEW" CalPATH Combo Loan will help you purchase a single-family residence, condominium, or townhome in most *High-Cost California counties up to $1,200,000 with only 10% down and a 10% line of credit in the form of a 2nd mortgage. Other combo loan finance options are available below up to a home purchase price of $1,600,000!

Our combo loan is also available for Rate & Term and Cash-Out Refinance loans. Loan limits in other counties may vary, click here to view California loan limits in your County.

*High-Cost California counties include Alameda, Contra Costa, Los Angeles, Marin, Napa, Orange, San Benito, San Francisco, San Mateo, Santa Clara and Santa Cruz.

Here is how our Combo Loan works!

Max Purchase Price

Your Down Payment %

Your Down Payment $

1st Mortgage

LTV

2nd Mortgage %

2nd Mortgage

CLTV

$1,200,000

10%

$120,000

$960,000

80%

10%

$120,000

90%

$1,300,000

10%

$130,000

$970,800

75%

15%

$199,200

90%

$1,400,000

10%

$140,000

$970,800

69%

21%

$289,200

90%

$1,500,000

10%

$150,000

$970,800

65%

25%

$379,200

90%

$1,600,000

10%

$160,000

$970,800

61%

29%

$469,200

90%



CalPATH Combo Loan Benefits

  1. An 80-10-10 mortgage is structured with two mortgages: the first being a fixed-rate loan at 80% of the home's cost; the second being 10% as a home equity loan; and the remaining 10% as a cash down payment. A higher purchase prices may require a larger 2nd mortgage (or) down payment
  2. This type of mortgage structure reduces the down payment of a home without having to pay private mortgage insurance (PMI), helping borrowers obtain a home more easily with the up-front costs.
  3. Expand your buying power above county loan limits without obtaining a Jumbo loan which requires a minimum 20% down payment and 6 months mortgage payment reserves with most lenders.

If you have any questions about the CalPATH home loan program, please contact our CalPATH Hotline @ 800-310-7577, 8:30 AM to 8:00 PM., or apply online to begin the loan process.

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*CalPATH eligible FHA loans only with a minimum loan balance of $450,000 and a qualifying credit score above 680.

CalPATH Press Releases – learn more about the history of the CalPATH home mortgage loan for CalSTRS & CalPERS retirement fund members and active employees of a California public agency.

CalPATH Q&A – get answers to frequently asked questions about our California Public Employee and Teacher Home Loan Program for CalSTRS, CalPERS, LRS and JRS retirement fund members.

CalPATH Testimonials – find out what CalSTRS & CalPERS retirement fund members have to say about Mountain West Financial and the CalPATH Home Loan Program.

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