CALSTRS (Teachers) San Diego Home Loan Purchase Program offers 97% financing to $650k!
Did you know that members of CALSTRS and CALPERS are able to get 80%/17% home loan financing up to $650k to purchase a home in San Diego, that their payments on the 2nd mortgage are DEFERRED for 5 years so they do not have to make a payment on the 2nd mortgage, and they only need 1% of their own funds for the down payment? I think this is a home loan product that not a lot of people in San Diego are aware of, but it is a program that offers tremendous opportunity to more potential home buyers, as almost everyone knows a teacher or someone in the California public employee system. Often times many of the people within CALPERS and CALSTRS do not know these programs are available either, so this is a home loan program here in San Diego that not a lot of people are taking advantage of.
Who Qualifies?
The following people are able to qualify for the CALSTRS and CALPERS home loan programs.
• Employees of a California public school district and/or a member of the California State Teachers Retirement System ( CALSTRS)
• Employees of a CA Community College
• CA Public Employees Retirement System (CALPERS) i.e Firefighters, police men etc
• Judges retirement system
No payments due on the 2nd mortgage for 5 years!
Another great benefit of this loan program is that the payments on the 2nd mortgage are deferred for 5 years. This is a great opportunity for the borrower to save extra money each month without this additional payment. Another great benefit is that the second mortgage also has the same rate as the first mortgage and both are 30 year fixed loans. However, the second note will have accruing interest that will be added to the principal balance at the end of the 5 year deferred period. The new second mortgage loan balance will then be amortized with regular monthly, principle and interest payments due.
Only 1% of Borrowers funds needed for down payment
Only a 3% down payment is required on all loans. Only a minimum of 1% is required from the borrowers own funds for the down payment as the other 2% can be gifted. The maximum loan to value financing is 97% up to $650k, and this is split up into 80/17 financing. There are also certain rules that apply to this program that you should be aware of, It is for properties in California only, and they must be owner occupied residences.
Great opportunity for buyers
With banks making it more and more difficult to qualify for home loans in San Diego, this loan program presents a tremendous opportunity for buyers who can qualify for this product, especially as second mortgages are almost extinct these days. I am sure if you go through your friends and family list you will find a teacher or a CA public employee in there somewhere, let them know this product exists to help them buy a home. There are only a few lenders that are affiliated with CALSTRS and CALPERS to offer this loan program, and myself and my company are approved and certified with two of these lenders, so if you are interested in getting approved for this program, or you want more information about this program please do not hesitate to ask. You can also visit my blog at www.michaeladeery.com for more information, or you can reach me directly at 858-200-9602. I look forward to hearing from you soon
Sincerely
Your mortgage planner
Michael Deery
Tags: CALSTRS home loan san diego, calstrs san diego, home loans in san diego, mortgage in san diego, san diego home loans, san diego mortgage
This entry was posted on Friday, November 27th, 2009 at 6:52 pm and is filed under CALSTRS (teachers) loans, Home Loan Programs. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.