As the housing crisis continues on many fronts in California, CalSTRS and CalPERS members can be rest assured that the mortgage loan programs offered by these funds remain healthy and stable.
Although this news does not specifically address the home buyer programs, we know from working with these programs on a daily basis that they remain strong and available.
The recovery of these funds is good news moving forward for members and should instill confidence that these home buyer benefits continue into the future.
This from a press release at Wall Street Journal.com:
Pension funds have reaped the benefits of the nascent market recovery, with the nation’s largest, CalPERS, growing 12.5% over the last three months.
The pension for California public employees stands at about $180 billion, up $20 billion from a low point in early March, the fund said in a news release Thursday.
Other state pensions likely had gains as the stock market rose during that period, said Keith Brainard, research director of the National Association of State Retirement Administrators.
Though CalPERS and other funds were aided by the market’s upward trajectory this spring, like many investors they still have more to go before recouping all their losses. CalPERS’s current asset value is still well below the $237.9 billion it posted at the end of its fiscal year in June 2008, and the $251.1 billion it logged in June 2007.
And this on CalSTRS:
California State Teachers’ Retirement System, CalSTRS, which is the largest teachers’ fund in the U.S., ended April with $117.5 billion, up 3% from the end of February. That’s still below the $126.4 billion that CalSTRS started with at the beginning of 2009. Data for May won’t be available until the middle of this month.
Other articles about this topic that might interest you:
- CalSTRS question: Is this loan against my Retirement Account? I just received this question and thought it was important enough to address it so that everyone could get more...
- California State Teachers Retirement System – CalSTRS 80/17 3% Down Payment Home Purchase Loan Program Program Summary: CalSTRS is the California State Teachers Retirement Program providing retirement related benefits to teachers in public schools and...
- California State Teachers Retirement System – CalSTRS 80/17 3% Down Payment Home Purchase Loan Program Program Summary: CalSTRS is the California State Teachers Retirement Program providing retirement related benefits to teachers in public schools and...
Chris "Doc" Apodaca
Jeff Brown – BawldGuy
Scott Schang
{ 4 comments… read them below or add one }
Do you make loans on manufactured homes that are on leased land?
Hi Shirley,
Unfortunately I do not know of any sources for financing manufactured homes on leased land. Wells Fargo used to offer financing, you may want to check with a local branch.
Scott
I’m a teacher for LAUSD and am interested in a CalSTRS loan. The property that I want to buy is listed on title as a single family home, but I know that it is actually a manufactured home, but it is not on leased land. The home is on a foundation and it is purchased with the land and everything like a regular home. Could I use a CalSTRS loan to buy this property?
Hi Miguel,
A manufactured home on a permanent foundation may be ok. There is also a difference between manufactured/modular and a “mobile” home. I believe that if the home is on a perm. foundation and is subject to property taxes (has an APN number) it should be eligible. With a mobile home, vehicle taxes are paid to the DMV, property taxes are not paid.
Why don’t you give my underwriter a call in the morning – his name is Rick. You can reach him at 866-667-6724. He will be happy to look into it for you. Do you have a preliminary title report yet?