From the category archives:

Public Employees

Find Downpayment Assistance

by Scott Schang December 7, 2009 Market Updates

Downpayment Assistance is a valuable help for home buyers looking to purchase your first home. Many Cities, Counties and even the State of California have down payment, closing cost assistance or both.
The challenge is, they are very difficult to find, funding is usually exhausted very quickly and the qualifications are different depending on where you’re [...]

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CalPERS Pension Mismanagement and Fraud – Will it affect Home Buyers?

by Scott Schang December 1, 2009 Loan Programs

CalPERS has been in the news quite a bit lately, and not much of it is flattering. They say all news is good news? Not if your your pension fund management is corrupt and wrought with fraudulent activity.
Some of the more recent headlines talk about these challenges:
CalPERS investigates oversight of two outside hedge fund advisors [...]

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Slide Show: UPDATED – A Complete Guide to the CalPERS Home Loan Benefit

by Scott Schang November 16, 2009 Down Payment Help

The California Public Employees Retirement System offers a special home purchase loan benefit to it’s members.
This presentation outlines the benefits and details of this special benefit that features a down payment assistance program that allows up to 102% total financing.
The CalPERS loan can also be used with the CalHFA CHDAP closing cost and down payment [...]

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CalPERS Member Loans: FHA Government Loan Options

by Scott Schang August 28, 2009 Loan Programs

Fixed Rate Government (FHA) Mortgage
FHA loans are government insured. They reflect the federal government’s commitment to expanding homeownership and home buying opportunities through reduced down payment requirements, mortgage insurance premiums, and relaxed underwriting standards when compared to conventional mortgage loans.

A down payment of 3.5 percent is required.

This is a 30-year, fully amortizing fixed rate mortgage [...]

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CalPERS Member Home Loans: Conventional Loan Programs

by Scott Schang August 28, 2009 Loan Programs

Conforming Fixed Rate Mortgage
Conventional mortgage loans are not insured by State or federal agencies as FHA mortgage loans are. They also offer different qualifying and underwriting guidelines than FHA mortgage loans.

Purchase or refinance

Loan amount up to $625,500

A down payment of 5 percent is required.

This is a 10- to 30-year, fully amortizing fixed rate mortgage loan.

Eligible [...]

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CalPERS Member Home Loans: Frequently Asked Questions

by Scott Schang August 28, 2009 Loan Programs

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 [...]

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CalPERS, CalSTRS Pension Funds Experiencing Growth – Good News for Members

by Scott Schang July 1, 2009 Public Employees

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 [...]

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CalPERS Home Loan Options for California Teachers and Public Employees

by Scott Schang June 19, 2009 Public Employees

The following information can be found on the CalPERS member site here and has been summarized and reproduced here for your convenience.
The CalPERS Member Home Loan Program offers a variety of loan options to help you purchase your home. There is no requirement to be a first-time homebuyer, no minimum vesting requirement, and you are [...]

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Down Payment Assistance for CalSTRS and CalPERS Members – Low to No Down Payment Home Purchase Loans

by Scott Schang June 19, 2009 Loan Programs

Every day seems to bring new challenges for new home buyers looking to purchase homes in the State of California. As home prices drop to seemingly jaw dropping levels California Teachers and Public Employees are making up a large percentage of first time home buyers entering this market.
If you do not belong to special [...]

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