FAQs – Member Home Loan Program

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 subordinate 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. MyCommunityMortgageTM is a suite of low down payment products with flexible credit guidelines for low-to-moderate income borrowers with limited cash resources. In addition, 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 or are approved to process them. We can refer you to 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.

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.

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.