Frequently Asked Question
Are there other state agencies offering mortgage programs geared toward teachers?
The California Housing Finance Agency offers a variety of home purchase programs, one of which is the Extra Credit Teacher Home Purchase Program. CalSTRS does not specifically endorse mortgage programs offered by other parties; however, information about CalHFA programs can be found at http://www.calhfa.ca.gov/.
At the September 10, 2013 Investment Committee meeting, the Chief Investment Officer announced the indefinite suspension of origination activities related to resuming mortgage originations due to current market conditions. The announcement of the suspension has been posted on the CalSTRS website under the Home Loan Program section and printed in the latest member newsletter.
With originations suspended, activity has focused on the servicing of the existing portfolio of whole loans and payoffs. Home appreciation and low mortgage interest rates continue to drive the refinance activity and has had the effect of reducing the number of loans held by the portfolio by approximately 22 percent during the period from December 2012 (5,330 loans) to December 2013 (4,134 loans).