Sonoma County Home Loans offers specialized loan programs available for public employees, teachers, first time home buyers, new doctors, and low income Santa Rosa home buyers. Call for a consultation to see what loan program would be best for you.
Doctor's Loans
- Newly graduated medical students in residency
- Deferred student loans can be excluded from qualification
- Based on residency committment
- 3.5% minimum down payment can come from family gift
California Public Employees Retirement System (CalPERS)
- Active or retired member of CalPERS, Legislators' Retirement System, or Judges' Retirement System are eligible
- For owner occupied properties
- Purchase or refinance
- Cannot own other properties
- Condos, manufactured homes, 1-4 family homes
- Minimum 620 FICO score
- Can use personal loan against retirement (up to $18,421 or 50% of retirement funds)
- Rate float down
- Reduced transaction fees
California Teachers Retirement System (CalSTERS)
- For members of the California State Teachers' retirement System and employees of California district schools and Community Colleges
- Owner occupied purchase
- May own another non-CalSTERS property
- 3% down payment required
- Two loans (80/17) avoiding mortgage insurance
- Second loan is payment deferred for 5 years, making qualification easier
- Rate float down opportunity
- Reduced transaction fees
Santa Rosa American Dream Downpayment Initiative
- Low to moderate income
- Up $10,000 silent second loan (payments deferred)
- First time home buyers
- Can be used for down payment or closing costs
California Housing Finance Agency (CalHFA)
- 3% borrower down payment required
- Payment-deferred CHDAP loan of 3% for down payment or closing costs (rate at 3.25%)
- First lien will be CalFHA rate
- Maximum seller contributions for closing costs is 3% of sale price
- Loan process takes 50 days
