CalSTRS Home Loan Program

Eligible Properties	Owner-occupied 1- to 4-units; attached and detached single family residences; coops (conforming only); condos; and planned unit developments	Owner-occupied single family residences; approved condos; approved attached and detached planned unit developments	Owner-occupied single family residences; approved condos; approved attached and detached planned unit developments
Term	15 or 30 Year	30 Year (1^st and 2^nd Mortgages)	30 Year (1^st and 2^nd Mortgages)
Conforming Loan Amount	Up to $417,000	Up to $438,947 (1st and 2nd mortgages combined)	Up to $505,612 (1st and 2nd mortgages combined))
Non-Conforming Loan Amount	$417,001 to $834,000	$438,948 to $650,000 (1st and 2nd mortgages combined)	$505,613 to $650,000 (1st and 2nd mortgages combined)
Loan-to-Value (LTV) of 1^st Mortgage	95%	95%	80%
Loan-to-Value (LTV) of 2^nd Mortgage	Contact lender for details	5%	17%
Maximum Combined Loan-to-Value (CLTV) of 1^st and 2^nd Mortgages	95%	100%	97%
Down Payment	Min 5%	0%	3%
Sources of Closing Costs	Contact lender for details	Borrowers own funds, seller contributions up to 3%, gift from relative, or unsecured grant from approved government agency	Borrowers own funds, seller contributions up to 3%, gift from relative, or unsecured grant from approved government agency
2^nd Mortgage	Not offered through CalSTRS; contact lender for available options for 2^nd mortgages	Deferred payments on the 5% 2^nd mortgage for the first 5 years; Contact lender for details	Deferred payments on the 17% 2^nd mortgage for the first 5 years; Contact lender for details

* The Zero Down and 80/17 programs are for home purchases only (no refinance transactions) and use a 2^nd mortgage to finance all or part of the down payment requirement.
** All mortgage loans made under the CalSTRS Home Loan Program will have fixed interest rates and terms of 30 or 15 years.

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