Loan Program For School Emplyees

Whether you are thinking about buying a new home, lowering your existing payments, or taking cash out, the CalSTRS Home Loan Program can help by offering competitive rates with a variety of mortgage loan programs:

• Conventional 15 or 30 year Fixed Rate Program — Competitive rates in the mid 5 to mid 6 ranges are available for buying a new home or refinancing to meet your individual needs. Mortgage loan amounts are available up to $834,000. This loan requires a down payment of 10 to 20% depending on lender requirements.
• 80/17 Program — Qualifying for a larger home mortgage is now available because there is no payment required on the second loan for 5 years.  Mortgage loan amounts are available up to $650,000.
• Reverse Mortgages — A Reverse mortgage allows homeowners 62 years or older to stop making monthly mortgage payments for as long as they or someone over 62 years old lives in the home as there primary residence. They will only be responsible for property taxes, insurance and home repairs. And through your homes equity you can receive your reverse mortgage funds in monthly payments, lump sum, or as a line of credit.

This loan is available to any employee of a Unified School District.

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