CALPERS
CLS Financial Services Offers CALPERS
Conventional Loans
Conforming Fixed Rate Mortgage
Conventional mortgage loans are not insured by State or federal agencies as FHA mortgage loans are. They also offer different qualifying and underwriting guidelines than FHA mortgage loans.
- Purchase or refinance
- Loan amount up to $625,500
- A down payment of 5 percent is required.
- This is a 10- to 30-year, fully amortizing fixed rate mortgage loan.
- Eligible properties include 1- to 4-unit owner-occupied residences, condominiums, planned unit developments and manufactured homes. Some restrictions may apply. For more information contact CLS Financial Services.
Conforming Adjustable Rate Mortgage
LIBOR are available with initial fixed periods of 3, 5, 7, or 10 years and annual rate adjustments thereafter.
- Purchase or refinance
- Loan amount up to $625,500
- A down payment of 5 percent is required.
- These are 30-year conforming adjustable rate mortgages.
- Eligible properties include 1- to 4-unit owner-occupied residences, condominiums, and planned unit developments.
FHA loans are government insured. They reflect the federal government’s commitment to expanding homeownership and home buying opportunities through reduced down payment requirements, mortgage insurance premiums, and relaxed underwriting standards when compared to conventional mortgage loans.
- A down payment of 3.5 percent is required.
- This is a 30-year, fully amortizing fixed rate mortgage loan.
- Eligible properties include 1- to 4-unit owner-occupied residences, condominiums, and planned unit developments.
- Loan limits vary depending on what county they are located in.
- You can find more information on loan limits by county on the FHA Web site.
Interest Only Feature
Conventional Conforming Fixed Rate Mortgage with Interest Only Feature
The Conforming Fixed Rate Mortgage with interest only feature has a fixed interest rate for the duration of the loan term. During the initial 10-year period, the mortgage payment consists of an interest-only payment (plus any applicable escrows for taxes and insurance). After the interest-only period the monthly payments increase, fully amortizing the loan balance over the remaining term at the same fixed rate of interest.
Conventional Conforming LIBOR Adjustable Rate Mortgage with Interest Only Feature
The Conforming LIBOR ARM with interest only feature has a fixed interest rate of 10-years. During the initial fixed-rate period, the mortgage payment consists of an interest-only payment (plus any applicable escrows for taxes and insurance). After the fixed rate period, payments will consist of principal and interest and will adjust on an annual basis.
Interest Only Program Feature Highlights
- Lower monthly payments than more traditional financing options
- Available for use with Purchase, Limited Cash Out, and Cash Out Refinance
- No income limitations apply
- No negative amortization, balloon payment or prepayment penalty
- Loan amount up to $625,500
- Fixed rate stability and adjustable rate flexibility. Both options available!
- For more information, contact the CLS Team
Personal Loan (100%) Option
In this option, you get a personal loan secured by the retirement contributions you have on account with CalPERS. Those member contributions will continue to earn interest since they are not really taken from your account to make the personal loan. You will not lose any accrued interest or service credit.
- The Personal Loan Option is only available to active or inactive CalPERS members. It is not available to retired members and those with State Second Tier service only.
- The Personal Loan Option is for down payment assistance only, in conjunction with a CalPERS mortgage loan and cannot be used to pay any recurring or non-recurring closing costs.
- You must have at least $2,000 in member contributions in your CalPERS member account. To find out what your current member contributions are, contact CALPERSat 888 CalPERS (or 888-225-7377).
- The Personal Loan Option can only be used with single-family dwellings, condominiums, and planned unit developments.
- Personal loans range from 1- to 15-years (depending on the loan amount).
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Loan Amount
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Maximum Loan Terms
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$1,000 - $1,499.99
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3 years
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$1,500 - $2,999.99
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4 years
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$3,000 - $4,999.99
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5 years
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$5,000 - $9,999.99
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10 years
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$10,000 - $18,421.00
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15 years
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- The personal loan cannot exceed the lesser of 5 percent of the home value or purchase price, 50 percent of the available amount of your current retirement contributions account, or the maximum personal loan amount of $18,421.
- Different loan limits apply for Conventional or Government financing. Contact us at CLS Financial Services for more information.
- Interest rate float downs are available on the Personal Loan Option.
Who is eligible?
All active, inactive, and retired members of CalPERS, the Legislators’ Retirement System, the Judges’ Retirement System I, and the Judges’ Retirement System II are eligible to participate in this program.
If you have questions about this loan program Please Click Here
If you would like to know if you qualify Please Click Here
If you have questions about this loan program Please Click Here
If you would like to know if you qualify Please Click Here
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