Home Loan Program Summary
| Conventional Standard | 80/17 | |
|---|---|---|
| Eligible Properties* | Owner-occupied 1- to 4-units; attached and detached single family residences; approved condos and planned unit developments. | Owner-occupied single family residences (1 unit only); approved condos and planned unit developments. |
| Term | 15 or 30 Year | 30 Year (1st and 2nd Mortgages) |
| Conforming Loan Amount | Up to $417,000 | Up to $505,612 (1st and 2nd mortgages combined) |
| Non-Conforming Loan Amount | $417,001 to $834,000 | $505,613 to $650,000 (1st and 2nd mortgages combined) |
| Loan-to-Value (LTV) of 1st Mortgage | 95% (subject to MI availability) | 80% |
| Loan-to-Value (LTV) of 2nd Mortgage | Contact lender for details | 17% |
| Maximum Combined Loan-to-Value (CLTV) of 1st and 2nd Mortgages | 80% | 97% |
| Down Payment | Min 5% | 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 |
| 2nd Mortgage | Not offered through CalSTRS; contact lender for available options for 2nd mortgages | Deferred payments on the 17% 2nd mortgage for the first 5 years; Contact lender for details |
Note: The 80/17 program is for home purchases only (no refinance transactions). All mortgages made under the CalSTRS Home Loan Program have fixed interest rates.
*Eligible property types must meet Fannie Mae eligibility criteria