Home Loan Program Summary |
Home Loan Program Summary |
Standard Conventional |
Zero Down (95/5) |
80/17 |
Eligible Properties |
Owner- occupied 1 to 4 units; attached and detached SFRs; co-ops (conforming only); condos; and PUDs |
Owner-occupied SFRs; approved condos; approved attached and detached PUDs |
Owner- occupied SFRs; approved condos; approved attached and detached PUDs |
Term |
15 or 30 years |
30 years (1st and 2nd mortgages) |
30 years (1st and 2nd mortgages) |
Conforming Loan Amount |
Up to $359,650 |
Up to $359,650 |
Up to $359,650 |
Non-Conforming Loan Amount |
$333,701 to $650,000 |
$333,701 to $ 350,000 ($450,000 in designated high-cost counties) |
$333,701 to $ 450,000 ($550,000 in designated high-cost counties) |
Loan-to-Value (LTV) of 1st Mortgage |
95% |
95% |
80% |
Loan-to Value (LTV) of 2nd Mortgage |
Refer to investor guidelines of 2nd mortgage (5% minimum 2nd mortgage ) |
100% |
97% |
Maximum Combined Loan-to-Value (CLTV) of 1st & 2nd Mortgages |
95% (If there is a 2nd mortgage, LTV on the 1st mortgage cannot exceed 80%) |
100% |
97% |
Down Payment |
Minimum of 5% |
0% |
3% |
Sources of Closing Costs |
Refer to Provident Home Loans Inc. guidlines |
Borrower’s own funds, seller contributions up to 3%, gift from relative, or unsecured grant from approved government agency |
Borrower’s own funds, seller contributions up to 3%, gift from relative, or unsecured grant from approved government agency |
2nd Mortgage |
Allowed, but not offered through CalSTRS |
Deferred payments on the 5% 2nd mortgage for the first 5 years |
Deferred payments on the 17% 2nd mortgage for the first 5 years |
The Zero Down (95/5) and the 80/17 programs are for home purchases only (no refinance transactions) and use a 2nd 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.