Home Loan Program Summary
Loan options may vary for properties in areas of the
state that are considered to be declining in value.
state that are considered to be declining in value.
| Conventional Standard | Zero Down (95/5) | 80/17 | |
|---|---|---|---|
| Eligible Properties | Owner-occupied 1- to 4-units; attached and detached single family residences; coops (conforming only); condos; and planned unit developments | Owner-occupied single family residences; approved condos; approved attached and detached planned unit developments | Owner-occupied single family residences; approved condos; approved attached and detached planned unit developments |
| Term | 15 or 30 Year | 30 Year (1st and 2nd Mortgages) | 30 Year (1st and 2nd Mortgages) |
| Conforming Loan Amount | Up to $417,000 | Up to $438,947 (1st and 2nd mortgages combined) | Up to $505,612 (1st and 2nd mortgages combined) |
| Non-Conforming Loan Amount | $417,001 to $834,000 | $438,948 to $650,000 (1st and 2nd mortgages combined) | $505,613 to $650,000 (1st and 2nd mortgages combined) |
| Loan-to-Value (LTV) of 1st Mortgage | 95% | 95% | 80% |
| Loan-to-Value (LTV) of 2nd Mortgage | Contact lender for details | 5% | 17% |
| Maximum Combined Loan-to-Value (CLTV) of 1st and 2nd Mortgages | 95% | 100% | 97% |
| Down Payment | Min 5% | 0% | 3% |
| Sources of Closing Costs | Contact lender for details | Borrowers own funds, seller contributions up to 3%, gift from relative, or unsecured grant from approved government agency | Borrowers own funds, seller contributions up to 3%, gift from relative, or unsecured grant from approved government agency |
| 2nd Mortgage | Not offered through CalSTRS; contact lender for available options for 2nd mortgages | Deferred payments on the 5% 2nd mortgage for the first 5 years; Contact lender for details | Deferred payments on the 17% 2nd mortgage for the first 5 years; Contact lender for details |
Note: The Zero Down and 80/17 programs are for home purchases only (no refinance transactions) and use a 2nd mortgage to finance all or part of the down payment requirement. All mortgage loans made under the CalSTRS Home Loan Program will have fixed interest rates and terms of 30 or 15 years.