| Conventional | 80/17 | |
|---|---|---|
| Eligible Properties | Owner-occupied 1- to 4-units; attached and detached single family residences; condos; and planned unit developments | Owner-occupied single family residences; approved condos; and planned unit developments |
| Term | 15 or 30 Year | 30 Year (1st and 2nd Mortgages) |
| Conforming Loan Amount | Up to $417,000 | Up to $505,612 (1st and 2nd mortgages combined) |
| Non-Conforming Loan Amount | $417,001 to $834,000 | $505,613 to $650,000 (1st and 2nd mortgages combined) |
| Loan-to-Value (LTV) of 1st Mortgage | 95% | 80% |
| Loan-to-Value (LTV) of 2nd Mortgage | Contact lender for details | 17% |
| Maximum Combined Loan-to-Value (CLTV) of 1st and 2nd Mortgages | 80% | 97% |
| Down Payment | Min 5% | 3% |
| Sources of Closing Costs | Contact lender for details | Borrowers own funds, seller contributions up to 3%, gift from relative, or unsecured grant from approved government agency |
| 2nd Mortgage | Not applicable | Deferred payments on the 17% 2nd mortgage for the first 5 years; Contact lender for details |
| Restrictions | Mortgage insurance required for all loans over 80% LTV | May not own any other properties |
| Eligibility | To be eligible for the CalSTRS Home Loan Program, the borrower must be an employee of a California public school district or California community college and/or a member of the California State Teachers’ Retirement System, or a CalSTRS employee | To be eligible for the CalSTRS Home Loan Program, the borrower must be an employee of a California public school district or California community college and/or a member of the California State Teachers’ Retirement System, or a CalSTRS employee |
| Reserve Requirement | 2 months PITI reserves required | 2 months PITI reserves required |
Note: The 80/17 program is for home purchases only (no refinance transactions). All mortgage loans made under the CalSTRS Home Loan Program will have fixed interest rates and terms of 30 or 15 years.