Home Loan Program Advantages

Low Cost Loans with Many Options

Whether you are dreaming of buying a new home, lowering your existing payments, or taking cash out, the CalSTRS Home Loan Program can help by offering competitive rates on a variety of mortgage loan programs:

• Conventional 15 or 30 year Fixed Rate Program — Competitive rates are available for buying a new home or refinancing to meet your individual needs. Mortgage loan amounts are available up to $834,000.
• Zero Down (95/5) — You can buy a new home without any money down (you must pay closing costs). Mortgage loan amounts are available up to $650,000. Program temporarily suspended due to market conditions.
• 80/17 Program — Qualifying for a larger home mortgage is now available because of the low payment during the 5-year second mortgage deferral period. Mortgage loan amounts are available up to $650,000.
• Reverse Mortgages — Reverse mortgages can be a great way for homeowners who are 62 years of age or older to access equity in their homes.
  • No income or health requirements
  • No monthly mortgage payments
  • Loan proceeds are yours to use any way you want. Receive them as
    • A lump sum
    • A monthly payment
    • A line of credit
  
  Two programs designed for homeowners, on an individual basis, are available to meet varying home values include: The Home Equity Conversion Mortgage (HECM) and SimpleEquitySM programs. Contact us at 866-384-4457 for more information on available discounts.

Work with Mortgage Experts

Highly experienced lenders are available to assist you with the CalSTRS Home Loan Program.

We’re on Your Side

• All program interest rates are set daily and are very competitive in the industry.
• Your Lender receives a FREE 45-day interest rate lock upon submission of your application, to protect you from rising rates.
• In the event interest rates fall after you have applied for your loan, CalSTRS offers you a one time interest rate reduction (float down option) - saving you money.

Your Money Works for You

Income derived from mortgage payments goes directly into the Teachers' Retirement Fund.

Real Estate Assistance

Receive a cash rebate each time you buy or sell a home through SMARTMOVE®.

Receive Discounts

CalSTRS has negotiated discounts on escrow fees, and mortgage insurance rates. So you save money when buying or refinancing your home. Contact one of the approved CalSTRS lenders for details.