There are less specialized loan programs than there ever used to be, but here is what is available as of October 2011. 

Here, 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.

California Housing Finance Agency (CalHFA)

• 1% borrower down payment required
• Payment-deferred CHDAP loan of 2.5% for down payment and .5% for closing costs (rate at 3.25%)
• First lien will be an FHA mortgage 
• Maximum seller contributions for closing costs is 3% of sale price
• Loan process takes 30 days

HomePath 3% Down Payment

• 3% down payment 
• Owner occupied or investor (10% down)
• No appraisal or inspections required
• No mortgage insurance
• See website for available properties www.HomePath.com 

USDA 100% Financing

• Sonoma County income limit $92,000 for household
• 103% financing, no mortgage insurance necessary
• Cannot own another home
• Primary residence only
• Cleared pest inspection required
• Eligible areas: Larkfield-Wikiup, Windsor, Healdsburg, Cloverdale, Russian River area, Sebastopol, Forestville, Cloverdale.

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)

The CalPERS home financing program has been discontinued by CalPERS and is no longer available.

California Teachers Retirement System (CalSTERS)

  The CalSTERS home financing program has been discotinued by CalSTERS and may be re-instated in the future.

Santa Rosa American Dream Downpayment Initiative

This program has exhausted its funds as of 10/15/10 and is not available.