California State Teachers Retirement System (CalSTRS) offers a unique home loan program for eligible teachers who carry the dreams of buying a new home in a part of California.
Under CalSTRS home loan program is a variety of mortgage programs for borrowers are available. These are listed below:
Conventional Fixed Rate Program:
In this approved lenders offer 30-year-old and 15-year fixed-rate loans for the purchase andRefinancing of houses and apartment buildings at favorable interest rates. Total mortgage loans under this program to $ 834,000.
Zero Down Payment mode (95 / 5 program):
From this you can buy a house, without the payment of a deposit. However, the buyer must contribute to the closing costs. Mortgage loans under this program will be up to $ 650,000.
80/17 Program:
In this program, 17 percent of the deposit is financed bythe second mortgage, while the rest financed by the first mortgage. The remaining 3 percent will be paid as a deposit for the borrower in the form of cash. This is a 30-year fixed rate program.
Reverse Mortgage:
From this can, homeowners build equity in their primary residence and use to obtain loans. The loan can be obtained either as a lump sum or as a bottom of a monthly payment or even as a credit line. This program has notno income or health and hygiene regulations nor does it require the monthly installments.
However, there are some restrictions in the interest of CalSTRS home loan program to get approved. The applicant must be a U.S. citizen and should be the main residence of the acquired property. The loan amount should be used to buy property only in the state. Unique advantage CalSTRS home loan program is that the revenues from the mortgage paymentswill be directly diverted to retire the Teachers' Fund. For the convenience of the borrowers home loans CalSTRS to offer a free 45-day interest rate lock-in period after the submission of loan application.
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