How long do I have to be a CalPERS member in order to qualify for a CalPERS 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. Some loans require as little as $500 from your own funds toward the purchase of a home.
Are there any special programs for first-time homebuyers?
The CalPERS Member Home Loan Program does not have any programs specific to first-time homebuyers but we do offer several special loan programs to make homeownership easy and affordable. 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 Member Home Loan Program help me?
We offer you controlled-lender fees, reduced title and escrow fees, and real estate assistance, 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.
Can I get a CalPERS Mortgage Loan from any lender?
Not all lenders specialize in CalPERS mortgage loans nor are they approved to process them. Doug Bullwinkel is a CalPERS certified loan officer who is experienced in processing CalPERS Mortgage Loans and participates in annual training sessions to stay current on the Program's benefits. VITEK Mortgage Group is a Direct Lender for the CalPERS Home Loan Program. Contact Doug at (800) 636-8910 or email him at doug@LenderSolutions.com .
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.
Can a mortgage broker provide me with a lower interest rate and closing costs vs a Direct Lender?
No, CalPERS sets the interest rates daily and the closing costs are regulated by CalPERS. Your underwriting, processing and document fees at VITEK Mortgage Group will total $350.
Is the float down feature still available under the Member Home Loan Program?
No, the float down feature has been eliminated from the program.
Why was the float down feature eliminated?
There is a cost associated with offering the float down feature, which in the current market environment, was difficult to price. When loan costs are mispriced, some financial loss may be borne by the investor. In our case, that's CalPERS and its membership.
Will CalPERS ever bring back the float down feature back?
Possibly. The CalPERS Investment Committee asked that this feature be re-examined in the year 2010.
Are jumbo loans still offered under the Member Home Loan Program?
No, non-conforming loans (which include loans with jumbo loan amounts) are not currently offered by CalPERS' Member Home Loan Program.
Can I use the CalPERS Program for a second or vacation home?
No. The property financed under the CalPERS Member Home Loan Program must be your principal residence.
I previously had a CalPERS home loan. Can I obtain another one?
Yes you may be eligible for another CalPERS loan provided your previous CalPERS loan was paid off. You can only have one CalPERS home loan at a time.
Can I use the Program for a home in another state?
The Program is available nationwide. We will refer you to a lender who is approved to originate loans in the state where you plan to purchase or refinance. Please remember that the home must be your primary residence.
Can I use the Personal Loan Program for purchasing other things?
You can use the Program only for down payment assistance when you purchase a home. 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 us at (800) 636-8910 for more information.