$1.3 Million For California State Employees To Buy Real Estate

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Matthew Lesko

$1.3 Million For California State Employees To Buy Real Estate

All active, inactive, and retired members of the California Public Employees Retirement System, the Legislators' Retirement System, the Judges' Retirement System, and the Judges' Retirement System II are eligible to participate in the CalPERS Conventional Home Loan program, one of several loan programs offered by the system. The conventional program offers 10 to 30-year conventional fixed-rate mortgage loans up to a maximum of 97% loan to value, or $1,334,800 (with certain restrictions). A CalPERS conventional or government home loan may be used for one to four-unit owner-occupied residences, condominiums, and Planned Unit Developments (PUD). Applicants can lock in an interest rate for 60 days. The program can also be used to refinance an existing mortgage, with certain restrictions.

www.calpers.ca.gov/index.jsp?bc=/member/homeloan/approved-lenders/home.xml

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