One of the great features of the CalPERS Home Loan Program is finally eliminated. This is another example of the ever changing Mortgage Market. CalPERS has also discontinued the Non-Conforming or “Jumbo” loan program.
Here is the information directly from the CalPERS Bulletin:
FLOAT DOWN OPTION DISCONTINUED
Effective October 19, 2009 the CalPERS Member Home Loan Program will discontinue the 60- and 90- day float down options. Loans locked prior to October 19, 2009 will be honored, however they must be cleared for purchase by the delivery expiration date; lock extensions may be granted but the float-down option expires with the original expiration date.
CONVENTIONAL NON-CONFORMING FIXED RATE PROGRAM DISCONTINUED
Effective October 19, 2009 the CalPERS Member Home Loan Program will discontinue the Conventional Non-Conforming Fixed Rate Program. Loan amounts above Conventional Conforming Loan Limits (the HERA limits) continue to be available based on the property location (by city/county) and the number of units. Refer to the following link to determine maximum loan amount and county eligibility: https://www.efanniemae.com/sf/refmaterials/loanlimits/
CalPERS has launched the “high Balance” confirming product so if you have a loan higher than $417,000.00 please call us for options and pricing.
Sean
November 13th, 2009 at 7:29 pm
[...] CalPERS has announced that the float down feature will be discontinued. [...]