How long do I have to be a CalPERS member in order to qualify for a CalPERM mortgage loan?
There is no time requirement. If you are a CalPERS member, you are eligible even if it's your first day on the job.
Is 100% financing or down payment and closing cost assistance available through the Program?
Yes, the Program offers various financing options that may help you secure funds for a down payment or help you pay for closing costs. Vitek's 3% Grant Program may be used towards your down payment or closing costs on an FHA or VA Loan Program. Some loans require none of your own funds toward the purchase of a home.
Are there any special programs for first-time homebuyers?
The CalPERM Program has several loan products specific to first-time homebuyers. Our Flexible Mortgage products may be appropriate if you need help with down payment or closing costs.
What if I'm not a first-time homebuyer? How can the CalPERM Home Loan Program help me?
We offer you reduced lender fees, reduced escrow fees, Grants for down payment and/or closing costs and real estate assistance with Rebates, whether or not you are a first-time homebuyer. In addition, we have some loan options with reduced down payment requirements and liberal qualifying guidelines that don't require you to be a first-time homebuyer.
What is the difference between FHA and Conventional financing?
FHA financing includes many features to help homebuyers qualify for a home loan, including more liberal qualifying guidelines. In addition, FHA allows up to 100% gift funds from a relative for your down payment and closing costs.
Can I get a CalPERM Mortgage Loan from any lender?
No. This is an Exclusive Program available only through VITEK Mortgage Group. Vitek was a Direct Lender for the CalPERS Home Loan Program and has created this program upon CalPERS exit from the member home loan program. Contact Doug at (800) 636-8910 or email him at doug@LenderSolutions.com for additional information.
What is the difference between a mortgage broker and a direct lender?
A mortgage broker has to process and submit your loan to a mortgage bank for approval. A direct lender is more efficient as they process and approve your loan, prepare loan documents and fund your loan, all in house, creating a more streamline approval and closing than the average broker. VITEK Mortgage Group is a Direct Lender and can provide you with a guaranteed on-time closing.
Is the float down feature still available under the CalPERM Home Loan Program?
No, the float down feature is NOT available. Teachers and school employees that are eligible for the CalSTRS Home Loan Program still have the float down feature as part of the CalSTRS program but no other loan program offers one at this time.
Are jumbo loans still offered under the CalPERM Home Loan Program?
No, non-conforming loans (which include loans with jumbo loan amounts) are not currently offered by the CalPERM Loan Program. CalPERM does offer loan amounts under the "Temporary High Limit" available with county limits throughout California.
Can I use the CalPERM Program for a second or vacation home?
No. The property financed under the CalPERM Member Home Loan Program must be your principal residence. Call Doug Bullwinkel to check as this restriction may change.
I previously had a CalPERS home loan. Can I obtain another one from CalPERM?
Yes you may be eligible for a CalPERM loan provided it is for your primary residence. Having a previous CalPERS loan or any other type loan does not disqualify you from the program. You will be subject to qualifying requirements including credit, income, asset and appraisal guidelines, the same as other loan programs.
Can I use the Program for a home in another state?
No. Vitek Mortgage Group in only licensed for home mortgages in California.
Can I use the Vitek 3% Grant Program for purchasing other things?
You can use the Program only for down payment or closing cost assistance when you purchase a home as your primary residence. It is not available for any other purpose.
Do you offer home equity loans?
No, but we offer various cash-out refinance options through the Program, which may serve your needs. Call Doug Bullwinkel at (800) 636-8910 for more information.