CalPERS
VA
Conventional
/FHA
CHFA
Two Float Down Opportunities No Float Down Available No Float Down Available No Float Down Available
100% Financing Available VA Funding Fee, Generally 2% 100% Financing Available
No Unauthorized Discount Points/Max. 1.25% Origination Fee* Can Be Charged Unlimited Discount Points/Origination Fee Can Be Charged Unlimited Discount Points/Origination Fee Maximum 1.00% Origination Fee
Controlled Document Preparation Fee** Approx. $250-$500 Document Preparation Fee*** Approx. $250-$500 Document Preparation Fee***
$200 Processing Fee*** Approx. $250 - $500 Processing Fee*** $250 - $500 Processing Fee***
Third Party Reviews/Underwrites All Loans****
Participation Strengthens Retirement System
Min. 2.25% Equity In Property When Loan Closes***** Debt May Exceed Home Value When Loan Closes
No Recapture Tax Recapture Tax Possible
Can Rent If Occupied Residence For 1 Year Can Not Rent Residence without CHFA Approval
Funds Always Available Funds Always Available

 
* Maximum of 1 percent origination fee for CalPERS government purchase money loan.  Also, an additional 0.25 percent discount fee for government CalPERS refinances may be charged to the borrower.
** If a third party vendor to your lender is providing the documents, there may be a document preparation fee.
*** FHA/VA does not allow these fees to be charged to the borrower. However, these fees are typically passed indirectly to the borrower in other program transactions.
**** A $340 Review/Underwriting Fee is collected on a CalPERS conventional loan. A $300 Commitment Fee is charged on a CalPERS government loan. There is a $125 Underwriting Fee on a CalPERS government loan (must be charged to the seller).
***** 1.25 percent, if property value  $50,000 (government only). Five percent if conventional CalPERS financing.
This chart is a general comparison only. 
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