CALSTRS
CLS Financial Services Offers CalSTRS
Are you or someone you know a member of CalSTRS and dreaming of buying a new home, lowering your existing payments, or taking cash out? The CalSTRS Home Loan Program can help by offering competitive rates on a variety of mortgage loan programs.
Conventional 15 or 30 year Fixed Rate Program
1. Purchase or Refinance loans up to 95% maximum Loan-To-Value (LTV)
2. Cash Out Refinance loans up to 90% maximum Loan-To-Value (LTV)
3. Mortgage Loan Amounts up to $834,000
80/17 Program: 30 year Fixed Rate Program
1. Purchase Loan Program
2. 80% First Mortgage with 17% second mortgage
a. Interest rate on the first and second mortgage are the same
3. Benefits of 17% second mortgage
a. Helps avoid mortgage insurance payments
b. Second Mortgage payment is deferred for five years
c. Not included in qualifying debt to income ratios
d. Helps you qualify for more a higher purchase price
4. Low Down payment of 3% with high loan to values
a. 1% of down payment must come from buyers own funds
5. Two months Reserves Required
Who is Eligible?
Member of CalSTRS and is currently receiving a paycheck from a California Public School District or California Community College.
Membership in the CalSTRS DB Program is generally available to employees of the California public school system, kindergarten through community college, in positions that require a credential, certificate or permit or require the employee to meet minimum standards adopted by the Board of Governors of the California Community Colleges.
If you have questions about this loan program Please Click Here
If you would like to know if you qualify Please Click Here
Membership in the CalSTRS DB Program is generally available to employees of the California public school system, kindergarten through community college, in positions that require a credential, certificate or permit or require the employee to meet minimum standards adopted by the Board of Governors of the California Community Colleges.
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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