The CalPERS Member Home Loan Program offers members security, protection, and choice when purchasing or refinancing a home.
All active, inactive, and retired members of CalPERS, the Legislators' Retirement System, the Judges' Retirement System, and the Judges' Retirement System II are eligible to participate.
The program offers both fixed and adjustable rate loans, 100% loan financing, special loan programs, rate lock options, and more.
The 100% Financing Option was created to help members who qualify secure a down payment who would otherwise not be able to purchase a home.
The guidelines require a CalPERS Conventional Mortgage Loan, or a CalPERS Government Mortgage Loan in conjunction with a CalPERS Personal Loan.
The 100% Financing Option consists of two loans, a CalPERS Fixed Rate Loan and up to a 5% CalPERS Personal Loan for the down payment.
- The total of both loans cannot exceed 100% of the home value.
- The CalPERS Personal Loan cannot be used to pay closing costs.
- The CalPERS Personal Loan is secured by the member's retirement account.
- Qualified borrowers will have two separate loans and two separate payments.
- The 100% financing option may only be used with single family dwellings, condominiums and PUDs.
The advantages are endless with the CalPERS Home Loan Program.
Qualified borrowers receive:
- Free 60 day rate lock
- Competitive interest rates
- 60 day rate protection, which mean you have two chances to get a lower rate during the process if the rates have gone down from the original lock in date.
- Controlled costs
- Reduced mortgage insurance rates
- Reduced escrow and title fees
To get pre-approved give me a call:
Julie Chroust
Prospect Mortgage
Direct: 925-516-5809
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Good Post. CalPERS Loan Program really is a great opportunity that retirees should take advantage of. Theres a lot of options and the agents guide you through the process. That means everything is safe and sound because you know everything thats happening the entire process. This post is really helpful.