Corporate Office
Toll Free Phone:800-834-6088

Email: service@providenthomeloans.com

The Provident CalPERS Program

 
Welcome CalPERS Members!
We hope this information will help you understand the CalPERS loan process. The CalPERS Member Home Loan Program offers eligible members a variety of benefits in purchasing or refinancing a home.

Who is Eligible?
All active, inactive, and retired members of CalPERS, the Legislators’ Retirement System, the Judges’ Retirement System I, and the Judges’ Retirement System II are eligible to participate in this program.

So what makes the CalPERS Member Home Loan Program different from the others? We offer special cost protections and a variety of loan choices. This ensures you realize the best options for home ownership for you!

• Security, Protection & Choice - Look at the benefits of your home loan program and rest easy when obtaining a home loan.

• Competitive Interest Rates on Purchases and Refinances - Set daily.

• Conventional and Government Fixed Financing

• Personal Loan Program & 100% Financing Option - Call for Details
  
  For conventional fixed-rate CalPERS financing, you can purchase a home with up to a 97% loan-to-value (LTV) CalPERS Mortgage Loan and up to a 5 percent Personal Retirement Account Secured Loan. (The total of the Mortgage Loan and the Personal Loan cannot exceed 100% of the home value.)
  
  For CalPERS government financing, you can purchase a home with up to a 97.65% LTV* CalPERS Mortgage Loan in accordance with standard FHA guidelines, and secure all or a portion of the difference (up to 100% of the home value) with a CalPERS Personal Loan. Only CalPERS offers this option.

• FREE 60-Day Rate Protection - Lock in your interest rate and eliminate concerns about interest rate increases. During the 60-day rate lock, CalPERS takes the rate increase risk for you. Other loan programs charge extra for a 60-day rate lock, or you take the interest rate risk by floating until loan approval.

• Two FREE CalPERS Float Downs - Receive the lowest CalPERS interest rate on three applicable dates: date of application;** date of loan approval; and date the loan documents are drawn. Most other loan programs don't offer float downs or they charge extra for this benefit.

• Controlled Closing Fees - CalPERS has set maximums on some of the fees involved with a home loan, making the CalPERS loan very affordable. Most other loan programs have higher closing fees. .

• Closing Cost Assistance - Premium pricing, a gift from a relative, and/or seller contributions*** may be used to pay for closing costs.

• Reduced Mortgage Insurance Rates - As a CalPERS member, you may be eligible to receive up to a 1/8 (.125%) lower mortgage insurance rate. That's a savings of approximately $260 per year for a $200,000 30-year mortgage loan.***

• Reduced Escrow & Title Fees - Receive a 25% discount on your escrow and title fees. For a $140,000 loan, that's a savings of $416!

The program is available nationwide. This is a great opportunity for retirees who have moved out of California!

Your participation strengthens your own retirement system. Perhaps the most important benefit of all!

* Up to a 98.75% LTV for property values less than or equal to $50,000.
** May differ in cases of pre-approval, new construction, or extended escrow.
***Subject to certain restrictions.

If you’d like to talk to one of our loan program representatives, just call (800) 834-6088 (Ext. 55).