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CalSTRS Home Purchase Mortgage
1) Who is CalSTRS? The formal name is the, "California State Teachers Retirement System."
2) Who is eligible? Public School Teachers (K-12), California Community College Teachers, Public School District Employees and CalSTRS Employees.
3) What is the Program? The buyers program allows for a down payment of only 3%. The balance of the purchase price is split into two loans: A 1st mortgage of 80% loan to value and a 2nd mortgage of 17% loan to value.
4) What's so special about this program?
A) Only 3% Down Payment is required (only 1% needs to come from the borrower)
B) No mortgae insurance (upfront or monthly)
C) 1st and 2nd loans have the same interest rate
D) 1st and 2nd loans are fixed rate mortgages
E) 2nd loan payment is deferred for 5 years
F) Borrower does NOT qualify for 2nd mortgage payments
G) 45 day lock protection with a free rate float down
H) Jumbo loan programs to $650,000
I) Income derived from CalSTRS mortgages goes directly into the the retirement fund
4) Where can I can buy a home? State of California
5) Who sets the interest rate? CalSTRS
6) Who sets the loan limits? CalSTRS
6) What type of property can I purchase? Single Family, PUD or Condo (1 unit) as your primary residence
Please contact me for additional qualifying information. If you are an eligible borrower, please consider the CalSTRS purchase home loan program. You will be pleasantly surprised!
CalPERS Home Purchase Mortgage
1) Who is CalPERS? The formal name is the, "California Public Employees Retirement System."
2) Who is eligible? Must be active, inaactive, retired, or annuitant members of the California Public Employees' Retirement System,(CalPERS), the Legislators Retirement System (LRS) or the Judges Retirement System (JRS).
3) What is the Program?
4) What's so special about this program?
A)
B)
C)
D)
E)
F)
G)
H)
I)
4) Where can I can buy a home? State of California
5) Who sets the interest rate? CalPERS
6) Who sets the loan limits? CalPERS
6) What type of property can I purchase? Single Family, PUD or Condo (1 unit) as your primary residence
Please contact me for additional qualifying information. If you are an eligible borrower, please consider the CalSTRS purchase home loan program. You will be pleasantly surprised!
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