Do you work for, or have worked in the past, the California Public School System? If so you are most likely eligible for the CalSTRS 80/17 Loan.
Some of the highlights of this program are:
- 3% down payment
- It is a 30 year fixed interest loan broken into two loans:
- 1st is for 80%
- 2nd is for 17%
- 2nd loan is at same interest rate as first – with no payments for 5 years
- No PMI (Private Mortgage Insurance)
- Conforming 1st loan amount up to $417,000
- Non-conforming 1st loan amount up to $536,082
Eligible Properties are:
- Owner-occupied single family homes
- Approved condos
- Approved attached and detached PUD’s
Eligible Borrowers are:
- Member of the California State Teacher’ Retirement System
- Employees of a California public school district
- Employees of a California Community College
- CalSTRS employees
It is a wonderful program which gives back to those employees that make our schools systems one of the best around! Ask your lender if this loan program is for you, or let me know if you would like any recommendations.
On another and seperate note…the Federal 1st time homebuyer IRS tax credit is running out. Escrow must be opened by April 30th and closed by June 30th. Call me if you want to take advantage of a possible $8,000 tax credit.