CalPERS Discontinues Home Loan Program

UPDATE: December 13, 2010

CalPERS announced they have suspended the Home Loan Program to their members. As a result, new loan applications are no longer being accepted by participating lenders. This change does not affect homeowners who already have a CalPERS home loan.


Original Post: 100% Financing for CalPERS Members

CalPERS members have an exclusive benefit when it comes to buying a home. Especially at a time when down payment assistance programs have disappeared.

Members may borrower 50 percent from their member account up to $18,421 and use the money as a down payment on the purchase of a primary residence. These funds are considered a personal loan and feature repayment terms up to 15 years depending on the amount borrowed. Combine the personal loan with a CalPERS FHA or Conventional mortgage and members get 100% financing up to $350,000. But wait ... it gets even better. CalPERS loan programs feature significantly reduced closing costs compared to other loan programs! One more thing, you don't have to be a first time home buyer to take advantage of this member benefit.

If you're ready to buy a home and you would like 100% financing ... the solution is here! I am an approved CalPERS mortgage professional and look forward to helping you make your dream of homeownership a reality. Contact us to learn more.