What Are the Great Advantages and Benefits of a CalPERS Mortgage Home Loan?

If you need a new mortgage and are a public employee, a CalPERS mortgage may be the most beneficial option for you. 15 to 30-year conventional fixed rate mortgages and many other standard loan types are available for eligible members through the CalPERS program. Individuals may also look into refinancing options with up to a 95 percent Loan To Value. The types of homes a CalPERS loan can cover include two, three, four unit properties, condominiums, and many other types of housing.

With a CalPERS mortgage, members interested in a SFR, PUD or Condominiums are eligible for up to 100% financing with a personal loan from their retirement funds, they can borrow up to 5% of the purchase price not to exceed $18,421.00, certain restrictions do apply however. CalPERS mortgages do not offer options for construction or home equity lines, although the program can assist members who want to do a cash out refinance for home improvements or to pay off debt.

In order to secure a CalPERS mortgage the member who is borrowing needs to apply for the home loan just like they would with any other lender, but they would be working with a highly qualified certified loan officer that can provide the best CalPERS loan program at the lowest interest rate. People that have low to moderate income or those buying a home for the first time will have a much easier time qualifying for the CalPERS Home Loan, at the lowest interest rate, with lower fees.