Home Loan Program Summary

	Conventional Standard	Zero Down (95/5) (Temporarily Suspended)	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	80%	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

 

The Zero Down (95/5) and the 80/17 programs are for home purchases only (no refinance transactions) and use a 2^nd mortgage to finance all or part of down payment requirements.

All mortgage loans made under the CalSTRS Home loan Program will have fixed interest rates and terms of 30 or 15 years.