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Home Loan Program FAQ

Due to current market conditions, CalSTRS has indefinitely suspended origination activities. There has been no origination activity since June 30, 2012.

General questions

Can I refinance my existing CalSTRS mortgage? 

Refinances are allowed with the CalSTRS Conventional Standard Program.

Borrowers with conforming CalSTRS 80/17 or 95/5 mortgages may be eligible to refinance using the Home Affordable Refinancing Program (HARP), part of the federal government’s Making Homes Affordable (MHA) initiative. This program applies to qualifying first mortgages only, not second liens. The previously offered non-conforming mortgages under the 80/17 or 95/5 program are not eligible. For more information on HARP refinancing and eligibility, contact your servicer.*

*DU Refi plus is not eligible. HARP must be through your existing loan servicer.

I've heard of "Keep your Home California" for borrowers struggling to make their mortgage payments. Where can I learn more? 

CalSTRS borrowers may be eligible for the following "Keep Your Home California" programs:

  • Unemployment Mortgage Assistance
  • Mortgage Reinstatement Assistance Program

For more information, visit Keep Your Home California or call 888-954-KEEP(5337).

Second loans

I have an 80/17 loan with a “deferred” second mortgage. How does that work? 

The CalSTRS 80/17 Program has two Notes and two Deeds of Trust. The 17% second mortgage has a 30-year term that is deferred for a five-year period. During this five-year period, no payments are required on the second mortgage. At the beginning of the sixth year, monthly payments on the second mortgage will begin. The payment amount is based on the principal balance plus the simple interest that accrued on the second mortgage during the first five years.

Can my CalSTRS second loan be assumed? 

No, CalSTRS does not allow assumption of their loans.

Do I have to pay back my second loan? 

Yes. If you have a second loan, it is secured by a recorded lien on the property. These loans are not forgivable and require payback.

With the 80/17 and 95/5 Programs, the second loan becomes due and payable at the same time you pay off the first loan by:

  • Selling the property
  • Refinancing the mortgage
  • At the maturity of the first mortgage, transfer title to the property

Payoff demands

How do I obtain payoff information? 

It is recommended that you call the Payoff Demand Request IVR phone number at 800-669-5833. This system will automatically notify you of a change in the payoff amount.

Or, if you prefer, you may:

  • Call the Customer Service Department at 800-669-6607
  • Fax the demand request to 805-577-3897
  • Submit a payoff payment to Bank of America Home Loans.

If submitting a payment to Bank of America Home Loans, please mail overnight to:

Bank of America Home Loans
Payoff Department, TX2-977-01-17
5401 North Beach Street
Fort Worth, TX 76137-2733


I have a deferred second loan. Can I make payments during deferral period? 

Yes. Payments can be made by sending a check or money order to:

Deferred Second Loans (loans reserved after 7/26/2004)
Bank of America Home Loans
P. O. Box 515503
Los Angeles, CA 90051-6803

Overnight Address:
Bank of America
Retail Payment Services
Mail Code: CA9-705-09-31
1000 W Temple Street
Los Angeles, CA 90012-1514

Make sure your name, property address and loan number are on the check or money order so that it will be applied to the correct loan(s).

Can I get payment coupons or a monthly statement for my deferred second loan? 

We do not issue coupons for second loans which are in the deferral period. Since these loans are "Silent" or "Deferred" (no payments required), we do not issue coupons. You can call Bank of America Home Loans to request an Activity Statement and it will be mailed out to you. In addition, you will be mailed an Annual Statement each year.