Calpers Home Loan

By: EconomyWatch Content   Date: 15 December 2009

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The CalPERS home loan program offers a range of options for home purchase and refinance. The program is exclusively meant only for its members across the US and it is made available through several approved lenders.

Calpers Home Loan: Eligibility

The CalPERS home loan program is open to selected individuals, who are active members of:

 

  • California Public Employees' Retirement System - CalPERS
  • Legislators' Retirement System - LRS
  • Judges' Retirement System – JRS 

 

CalPERS provide home loan products for the following types of property investments: 

  • Primary residence or owner occupied homes.
  • Single family homes
  • Condominium units
  • Town homes
  • 1 to 4 unit property purchase

 

CalPERS finance home purchase or property remodeling located in the United States only.

 

The program does not lay down any limits on minimum service period. However, lenders review income details of the potential borrower to determine:

 

  • Ability to repay the debt amount
  • Assess the loan amount one can afford

 

The source of income should be steady and the income should be stable or increase over the last two years. Documentation and income requirements vary among different CalPERS home loan programs.

 

Calpers Home Loan: Programs

A CalPERS home loan offers a range of products to meet individual financial requirements.

 

The most popular home loan products are:

 

Conventional mortgage: These mortgage products are underwritten using Fannie Mae's guidelines. For a single home purchase, it offers up to $417,000 loan amount. It is a fixed interest rate plan which requires 5% of down payment.

 

Jumbo mortgage: It is meant for individuals who require large loan amount for purchase or refinance. This plan offers loan amount between $417,000 and $1,668,000. The amortization term for Jumbo mortgage is from 10 to 30 years. It is also a fixed interest rates plan.

 

FHA program: CalPERS offers FHA (Federal Housing Administration)-approved loans for members who require low down payment option. The loan limit for such loans differs state-wise. Here the borrower can submit 3% or less as the down payment.

 

CalPERS offer 100% financing options as well, either by combining two separate loan programs or by purchasing a second mortgage. The second mortgage amount can be used to pay for actual loan amount difference.

 


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