The California State Teachers' Retirement System Mortgage Home Loan Program was established in 1984 as a result of legislation that provided CalSTRS with a mortgage-backed investment opportunity, as well as additional source of home financing for its members and retirees.

Later legislation enabled the Teachers' Retirement Board to enter into agreements with private lending institutions to implement the Home Loan Program. In 1986, CalSTRS began purchasing 30-year and 15-year fixed interest rate conventional home loans to members for single-family dwellings, single-family cooperative apartments, and single-family condominiums.

The most recent legislation allows the Teachers' Retirement Board to offer a Home Loan Program for Loan-To-Value ratios of up to 100%.

Over the past 18 years, CalSTRS has purchased 32,300 loans in the amount of $4 billion.