Program Cost Savings
The CalPERS Member Home Loan Program has many features that can save you money during the home buying process. Each feature is designed to help you get the most value out of your loan and provide you with a sense of financial freedom. Choose from one of the options below to find out more.
- 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.
- Low-to-No Down Payment Programs - CalPERS Special Loan Programs
CalPERS offers several financing options that have either low or no down payment requirements. The MyCommunityMortgageTM and Flexible 100TM require as little as $500 from your own funds for the down payment.
- InterestFirst Mortgages
If you are just starting off, would like greater purchasing power, or like the idea of lower initial monthly payments, the InterestFirst Program 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 Options
We offer 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.
- Affiliate Service Providers
To provide you with more comprehensive service during your home buying process, a number of affiliate relationships have been established. Check out additional savings on services related to purchasing or refinancing a home here.
- 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.