Gaining a Better Understanding of CalPERS Loans
August 18, 2009

Gaining a Better Understanding of CalPERS Loans

CalPERS loans have been offered for more than 25 years, providing qualified members of the program great cost-saving assistance and protection, whether purchasing a new home or refinancing an existing home.  Loans under this program are available throughout the country, providing a wide range of options.

People that benefit from CalPERS loans are anyone that is a current, past, or retired member of CalPERS, as well as the Judges’ Retirement System and Judges’ Retirement System II and Legislators’ Retirement System.  Along with incredible choices of CalPERS loans, members also get the lowest interest rates available and can qualify for special loan programs.

The variety of CalPERS loans is quite impressive.  For instance, members could choose a conventional loan with adjustable or fixed rate interest.  Not only are conventional loans available for new home purchase, but also refinancing.  Government loans are also available, which includes FHA loans that have HUD underwriting.  Even Interest-only loans are an option, set up with adjustable or fixed rate interest and for a period of seven to ten years.

Another option for CalPERS loans is for 100% financing.  Under this category, members actually have multiple program options designed to lower the amount of required down payment.  Along with the homeowner choosing a standard type of loan, CalPERS loans can also be specially designed.  For instance, a member could take out a conventional loan coupled with special programs that would help if income were low to medium or if the person were a first time buyer.  Usually, these special loan programs require a very small down payment, if any at all.

Members offer other loans to include 401K and asset secured loans.  In this case, a person wanting to buy a home but without proper funding for a down payment could go through the qualification process for a personal loan, using the money as the down payment for buying a home.

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