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Slide 4:�Interest Rate Schedule Regions/Counties

Slide 5:CalHFA 35 Year (Interest Only PLUS)

Slide 7:CalHFA30 Year Fixed Mortgage

Slide 9:CalHFA30 Year FixedGovernment Insured/Guaranteed Mortgage

Slide 10:�30 Year Fixed - Government Insured/Guaranteed Mortgage

Slide 11:CalHFAExtra Credit Teacher Program

Slide 15:NOTES One Month�s reserves are required if the DTI is 45% or less; two months reserves are required if the DTI is over 45% A minimum of three years since Chapter 7 or 13 Bankruptcy discharge date and/or foreclosure and evidence of re-established credit is required. If an account balance is less than $250, or the total of all such accounts is $1,000 or less, CalHFA does not require that such accounts be paid off at or prior to closing. Higher balances will need to be paid off at or prior to closing.

Slide 16:CalHFAConventional Mortgage Insured Loans

Slide 17:CalHFARecapture Tax CalHFA loans are subject to a Federal recapture tax. Recapture is a Federal income tax that borrowers may have to pay if they sell or transfer their CalHFA-financed home within 9 years.

Slide 18:Questions & Answers about Recapture Tax:

Slide 20:Allowable Fees on CalHFA Loans 1.500% origination fee (broker keeps) Processing Fee $350 (Broker Keeps) Document Fee $200 (Guild Keeps) When Utilizing silent seconds Guild will keep $250 for each program 3rd Party actual fees

Slide 21:CalHFA Income Calculations(Income documentation can NOT be more than 60 days old at the time the investor reviews it) Family Income: means anyone that lives in the home and is going to be on the title and on note. Hourly: borrower works 40 hours per week - no overtime/bonus income use hourly pay x 40 x 52 = annual income / 12 = MONTHLY INCOME BI-Weekly: Use Salary reflected on the pay stub x 26/12 = annual income / 12 = MONTHLY INCOME BI-Monthly: Use salary reflected on the pay stub x 24=annual income / 12 = MONTHLY INCOME Variable Income: overtime/commission/ bonus (OT and bonus-employer to state will continue). Income will be averaged previous year and ytd earnings (up to but not exceed 24 months) If 1040�s reflect any unreimbursed business expenses we will deduct those out of the income. (if using FHA or VA with CalHFA must follow their guidelines and average over past 2 years) Self Employed: Average over past 2 years - add back in depreciation. (Please note that a loss from schedule C or rental properties cannot offset income generated from other sources) Nontaxable Income can be grossed up to 25% For CalHFA Income Limitations: When income is being determined if borrowers have unreimbursed business expenses they will not deduct this out. It could put them over the income limits. Self Employed Borrowers: will use last years income and ytd (P&L) and average over # of months reviewed. Overtime and bonus etc - last year and ytd earnings.

Slide 23:Important Websites for CalHFA & ECTP www.calhfa.ca.gov The CalHFA web site will provide you information on programs, guidelines, free marketing material, forms, confirmation of targeted properties etc. http://www.treasurerer.ca.gov/cdlac/extracredit/citysort.asp . To verify if a borrower�s employer is an eligible school under the ECTP program, go to At this page, click on the link �California Department of Education API Ranking Search� and select Country. Next, select �API Base Report� to search for the schools ranking.