CalSTRS (California State Teachers' Retirement System) and Provident Home Loans Inc. welcome you to the CalSTRS Home loan Program. The CalSTRS Home Loan Program was established in 1984 as a result of legislation that provided CalSTRS with a mortgage-backed investment opportunity, along with a source of home financing for its members and retirees. As of 2003, CalSTRS has purchased 32,139 loans- amounting to $3.9 billion. Now, 20 years after the CalSTRS Home Loan Program was launched, CalSTRS and Provident Home Loans Inc. are partnering together to offer CalSTRS members a great choice of mortgage loans with competitive rates, along with first-class service.
Whether you have a borrower who is dreaming of buying a new home, would like to lower his/her existing payments, or needs to take cash out, the CalSTRS Home Loan Program offers competitive rates on a variety of mortgage loan programs.
Standard Conventional
Competitive rates are available for borrowers purchasing a home or refinancing their existing mortgage. Loan amounts up to $650,000 are available.
Zero Down (95/5)
Homebuyers can purchase a home without any money down! Loan amounts up to $450,000 are available (in designated high-cost counties).
80/17
Because of the five-year second mortgage deferral period, borrowers can qualify for a larger first mortgage. Under this program, loan amounts up to $550,000 are available (in designated high- cost counties).
The CalSTRS Home Loan Program offers many benefits to lenders, as well as borrowers. All program interest rates are set daily and are very competitive. Lenders receive a FREE 45-day interest rate lock, protecting them from rising interest rates. And, in the event that rates fall after applying for a loan, CalSTRS offers a one-time interest rate reduction (float down option) at NO CHARGE!
Borrowers can obtain a great loan with a competitive rate- and their money works for them, since income derived from mortgage payments goes directly into the Teachers' Retirement Fund. Lenders can benefit from providing a program with proven success, serviced by Provident Home Loans Inc.- one of the industry's top mortgage financial companies, who is committed to excellence and first class customer service.
The following page features a CalSTRS Home Loan Program summary, highlighting the differences between the available loan programs: Standard Conventional, Zero Down (95/5), and 80/17.
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