If you're a CalPERS member, this is your lucky day. The CalPERS Home Loan Program is one of the few left that will help you get up to 100% financing. It makes purchases and refinances available to members who may not have qualified for any other mortgage loan.
This is how it works...CalPERS allows members to borrow 50% of their account balance up to $18,421 in the form of a personal loan to use as down payment assistance. Funds are not withdrawn from the member's account but used as collateral for the CalPERS personal loan. This personal loan will be due in up to 15 years depending on the amount taken. When combined to a conventional or FHA loan, CalPERS members can purchase a home at 100% financing. It's that simple.
The property has to be owner occupied and only single family residencies, condominiums, PUDs and manufactured homes (that meet Fannie Mae guidelines) are eligible.
The CalPERS Home Loan Program offers several other advantages included competitive interest rates and reduced fees and the qualification process is the same as if you're qualifying to another home loan. Buyers can use a gift from a relative and/or up to 6% seller contributions to pay for closing costs.
If you'd like to get pre-approved for a CalPERS loan, please call me. I'd be glad to help.
On Your Team ~
Maria
www.MortgageMinutesAndMore.com
www.HomeBuying101Now.com for our upcoming First Time Home Buyer Class
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