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CALPERS or Bridge Loan $729,000

 
My Husband and I are considering purchasing a home in San Diego $1.3m.
It needs ALOT of cosmo type work but once fixed up would be a great investment.
I have heard of Calpers loans. Would this be an option for us at this level? Or would a Bridge Loan
work to get the home purchased and work done?
What kind of rates should we expect for Calpers and Bridge Loan?
We have cash to put down but would rather leave it in savings.
Credit is 800 and we have good income to qualify. Thank you
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March 03 2010 - San Diego
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Answers (3)

You can finance 80% up to $1,500,000 with one loan for the purchase of the property, keep the cash in the bank and fix the property as you go, as long as the "fix" is not structural and the property is not falling down.  Rates on that are 4.875% (5 year arm) with higher rates for a 30 year fixed.  I do have bridge financing as well if you are trying to finance the fix up, just depends on how much is needed and what the work consists of.
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April 19 2010

What are you bridging exactly?

For that price range in San Diego you would need 20% down payment.   A common approach for that level would be a primary loan for county maximum which is 697,500 and second position HELOC or Equity Loan for the remainder.   Larger down payment would allow you to do everything in one loan.

PERS doesn't really offer anything helpful for your situation.

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March 04 2010
I don't think a Bridge Loan is applicable. CalPers Limit is $625,500. ... Happy funding, Rudi
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March 04 2010
 
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