CalSTRS

• For first-time buyers and repeat buyers alike
   
• Available to any employee of any K-12 school in California
   
• 100% financing is available
   
• The program consists of a 1st mortgage and a 2nd mortgage with payments deferred for 5 years.
   
• One program provides financing for up to 100% of the purchase price. The 2nd program provides financing for up to 97% of the purchase price.
   
• The 100% program has a 1st mortgage to 95% of the property value. The 2nd mortgage covers the remaining 5%. The rate on the 30 year mortgage matches the market rate. The 2nd mortgage has the same rate as the first mortgage as the first mortgage. The 1st mortgage will have mortgage insurance attached to the payment if the loan amount exceeds 80% of the property value. This is standard in mortgage lending.
   
• The 97% program has a 1st mortgage that goes up to 80% of the property value. The 2nd mortgage covers 17% of the purchase price. The buyer needs to provide 3% down payment. The interest rate on the 2nd mortgage is the same as interest rate on the 1st mortgage.

I am able to provide CalSTRS loans to you.

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