Member:
CalPERS
(California Public Employees Retirement System )
We are an Approved CalPERS lender. If you are a member of the California Public Retirement System (CalPERS), Legislators' Retirement System (LRS) or the Judges' Retirement System (JRS) you qualify for the CalPERS loan program.
Program Features
Competitive Interest Rates
CalPERS offer competitive rates on a variety of loan options to meet your individual
needs. Rates are updated daily, Monday through Friday.
60- or 90-Day Rate
Protection
Members may lock in their interest rate for 60 or 90 days, and receive
protection against market increases. Other loan programs, offering shorter lock
periods, expose borrowers to the mercy of the market.
Two FREE Float Down
Opportunities
With the 60- or 90-day rate locks, members receive the lowest CalPERS interest
rate on three key dates: 1) Date of Loan lock-in; 2) Date of loan approval; and
3) Date the loan documents are drawn.
Controlled Closing Costs
CalPERS minimizes some of the fees involved with a home loan, making the CalPERS
loan very affordable. Many other loan programs have much higher closing costs.
Our Processing and Underwriting fees total $350.
100% Financing Option
We offer various options for your borrowers to purchase a home with no
out-of-pocket costs for the down payment. We even offer down payment
assistance on jumbo loans.
Reduced Mortgage Insurance
Rates
The CalPERS Member Home Loan Program offers greatly reduced mortgage insurance
rates.
Genworth,
MGIC,
PMI,
RMIC,
Radian,
Triad and
UGIC mortgage insurance companies have reduced their rates by as much as 1/8
percent (.125 percent).
Reduced Escrow & Title
Fees
Member can receive substantial savings on their escrow and title fees, offered
by both
Old Republic Title and
Stewart Title.
Closing Cost Assistance
CalPERS Members can use premium pricing interest rates, a gift from a relative,
and/or seller contributions to pay for closing costs (Some of our financing
options have CLTV limits over 100%, helping your borrower cover closing costs.)
Premium Pricing
Premium pricing allows the member to accept a slightly higher interest rate and
receive funds to help pay for closing costs and/or mortgage insurance.
This option helps members who have enough income to qualify for a home loan but
lack some of the funds needed to close escrow.
*Subject to certain restrictions.