CalPERS Home Loan Options for California Teachers and Public Employees
CalPERS Home Loans, Purchase Loans August 12th, 2008The following information can be found on the CalPERS member site here and has been summarized and reproduced here for your convenience.
The CalPERS Member Home Loan Program offers a variety of loan options to help you purchase your home. There is no requirement to be a first-time homebuyer, no minimum vesting requirement, and you are eligible for the program on your first day of employment.
If you already own a home, it’s easy to use the Program to refinance too. Whether your goal is to consolidate your debts, make home improvements, shorten your loan term, or just lower your monthly mortgage payment, the program can work for you.
The CalPERS Member Home Loan Program has a variety of loan products and options that can help make the home buying process more convenient than ever. Each feature is designed to help you get the most value out of your loan by providing you with a fit tailor made for your individual mortgage needs.
60-Day and 90-Day Rate Protection
At the time of your loan application, you can lock in your interest rate for 60 or 90 days and get protection against market fluctuations. Other loan programs that offer shorter lock periods can leave you with a higher rate at close of escrow – resulting in higher monthly mortgage payments.
Two FREE CalPERS Float Down Opportunities
With the 60-day and 90-day interest rate locks, you’ll receive the lowest CalPERS interest rate on three key dates - date of loan lock-in, date of loan approval, and date the loan documents are drawn.
30-Day Rate Lock
You can choose to lock your interest rate for 30 days instead 60 days. Although the float down feature is not available with this option, you’ll get the benefit of a competitive 30-day rate.
The Conforming 5/1 LIBOR Adjustable Rate Mortgage
The Conforming 5/1 LIBOR ARM is fixed for the first 60 months, with rate adjustments after that time. Adjustable rate mortgages offer lower initial interest rates and can often help you qualify for a larger loan amount.
Low-to-No Down Payment Programs
CalPERS offers several financing options that have either low or no down payment requirements. The MyCommunityMortgage™ and Flexible 100™ require as little as $500 from your own funds for the down payment.
Interest Only Feature
If you are just starting off, would like greater purchasing power, or like the idea of lower initial monthly payments, the Interest Only Feature could be right for you. With initial interest-only periods of 7- to 10-years, these fixed rate and adjustable rate mortgage loans are available for home purchases or refinancing.
100 Percent Financing
We offer several options to purchase a home with no out-of-pocket costs for the down payment. Our 100 financing options could let you secure up to $500,000 for a down payment. We even offer down payment assistance on jumbo loans.
Program is Available Nationwide
Members interested in purchasing in states other than California are still eligible to use the program.
No Prepayment Penalties - Any CalPERS Mortgage Loan gives you the option to make early principal payments with no penalty. This feature of the program not only gives you the ability to build equity in your home but, because these payments are immediately applied to your loan’s principal balance, it also saves you money.
For more information about this loan programs or others available to California State Employees and Teachers you can choose either of these simple and secure options -
Request additional information - Complete this short form request for more information to help narrow down your options
Get Approved Now! - Get an approval and start making offers on home by completing this application and submitting supporting documentation.
If you would like to speak to a specialist now, give us a call at 866-667-6724
Posts
August 25th, 2008 at 5:50 am
Could I have more info on this type of loan
August 27th, 2008 at 2:00 am
Hi Catherine,
There are several options available depending on what your goals are. Feel free to give me a call anytime and I will be happy to give you the information you are looking for to address your specific goals. My cell phone is 714-336-8286
August 29th, 2008 at 3:32 am
Hi,
I purchased my first home a bit over two yrs. ago through the program. I make payments to CALHFA. I would like to know if there is any program for teachers so I could upgrade from a condo to a single family home?
Patti Koepf
August 29th, 2008 at 3:41 am
Hi Patti,
You could use a CalSTRS 80/17 home purchase program to buy a new home. There is no “first time home buyer” requirement for this loan however, you may not own any other homes at the time of the purchase. You would need to sell the condominium to use this program.
There have been some very strict rule changes in regards to owning one home and purchasing another one so I would probably want to discuss it with you a bit more to see what opportunities and options might be available to you.
You may call us anytime at 866-667-6724. Anyone can help you. Just let them know you left a comment on the teacher site.
September 3rd, 2008 at 6:00 am
Hi
I am a high school teacher in Oakland public school and I am planning to buy my first home San Ramon/Fremont , CA.
I would like to know about the programs that can help me with my purchase.
Thanks
September 3rd, 2008 at 8:25 pm
Hi Sona,
The CalSTRS 80/17 home purchase program is a great option for teachers or employees of California public schools. There is information on the program here on the site or better yet, give us a call at 1-866-667-6724
There are several programs available to teachers in California and we can present you with several options depending on what you qualify for.
September 6th, 2008 at 11:58 pm
Hi, I am a Caifornia Stat eEmployee. I teach at a high school on the grounds of the Califonria Youth Authority.
My former husband and I owned a home in Lake Havasu City, AZ (His name only was on the mortgage loan, both of our names on the deed to the house/property tax) . He died unexpectedly in May 2006. I assumed the ortgage loan briefly.I then sold the home in Decemeber 2006.
As a teaher in the state of Califonria, I sure wished that I could take advantage of some of these loan program for teachers. However, teaching on the grounds of the youth authority is not a public school, although WASC accredited and the circumstances on the house in Arizona, I believe knock sme out of running for first time home buyer.
An offer I pklaced on a home in Bakersfield has been acepted. Needless to say, I am shopping for the best loan possible.
WOudl anyone have any suggestions and/or information for me as to how to qualify for one of these loans for California teachers.
Thanks.
September 6th, 2008 at 11:59 pm
Please excuse all the typos in my blog.
September 7th, 2008 at 4:46 am
Hi Yvette,
There may be a couple of these programs that you would qualify for. If you had an offer accepted then your contingency period and close of escrow clocks are ticking.
Give me a call on my cell phone at 714-336-8286 and let’s talk about it.
December 5th, 2008 at 1:50 pm
[...] there are still many down payment assistance programs available if you are a member of CalSTRS, CalPERS, or if you are a first time home buyer you can look to CalHFA for down payment [...]