CalSTRS Home Loan Program Advantages
Low Cost Loans with Many Options
Whether you are dreaming of buying a new home, lowering your
existing payments, or taking cash out, the CalSTRS Home Loan Program can help by
offering competitive rates on a variety of mortgage loan programs:
Conventional 15 or 30 year Fixed
Rate Program –
Competitive rates are available for buying a new home or refinancing to meet
your individual needs.Mortgage loan
amounts are available up to $834,000.
Zero Down (95/5) – You can buy a new home without
any money down. Mortgage loan amounts are available up
to $650,000.
80/17 Program – Qualifying for a larger home
mortgage is now available because of the low payment during the 5-year second
mortgage deferral period.Mortgage loan
amounts are available up to $650,000.
Reverse Mortgages - Reverse mortgages can be a great way
for homeowners who are 62 years of age or older to access equity in their
homes. There are no income or health requirements and no monthly mortgage
payments. Loan proceeds can be used however you wish and may be
received as a lump sum, as a monthly payment or as a line of credit. The
Home Equity Conversion Mortgage (HECM) and SimpleEquitySM programs are
available to meet the individual needs of homeowners with varying home values.
To learn more and hear about the CalSTRS discounts available, please call us at
(866) 384-4HLP (4457).
Work with Mortgage Experts
Highly experienced lenders are available to assist you with
the CalSTRS Home Loan Program. Click here to find a lender near you.
We’re on Your Side
All
program interest rates are set daily and are very competitive in the industry.
You
will receive a FREE 45-day interest rate lock upon submission of your
application, to protect you from rising rates.
In
the event interest rates fall after you have applied for your loan, CalSTRS
offers you a one time interest rate reduction (float down option) - saving you
money.
Your Money Works for You
Income derived from mortgage payments goes directly into the
Teachers' Retirement Fund.
Real Estate Assistance
Receive a cash rebate each time you buy or sell a home through SMARTMOVE®.
Receive Discounts
To save
you money when buying or refinancing your home, CalSTRS has negotiated discounts on escrow & title fees, and on mortgage insurance rates. Please contact one of the approved CalSTRS lenders for details.
Additional
Teacher Mortgage Program
