Well you may be asking your self what is going on with CalPERS Loans these days? I seem to be asking myself this same question almost daily.... Rates are up, rates are down. CalPERS rates are better than anyone, CalPERS rates are way off.
Although rates may change daily, the fact is that CalPERS loans are still the option of choice for many CalPERS members. Lets face it, you can not find a lender that is willing to lend 100% financing can you? Well there is the Veterans administration or VA but you have to be a VET. All the "seller gifted" programs like Nehemiah have been eliminated by HUD. The state programs like CalHFA or California housing finance authority have been suspended. What do you do? CalPERS to the rescue.....
As a CalPERS member you can still actually structure a purchase transaction with no down payment as well as no closing costs. Lets look at how this is structured today:
1. CalPERS FHA 1st mortgage at 96.5% loan to value LTV
2. CalPERS PRASL Personal loan at 3.5%
3. Seller paid closing costs up to 6% of the purchase price
As you can see this is one of the last programs available to get 100% financing for you home purchase. Add this the the extremely low interest rates that are available and the significant reduction in real estate prices and this is a winner!
Are you ready to get approved?
Get approved for a CalPERS FHA Loan
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