Posts tagged as:

calstrs 80/17

CalSTRS Bait and Switch Save

by Peter Maldonado October 21, 2009 Loan Programs

Amy was misled.
She had been promised a CalSTRS loan and now her lender was trying to switch her to an inferior and more expensive loan.
She did some homework, and found this site.
She had some tough questions.
She gave me a call, and was able to get the answers she needed.
I started the process and found out that she [...]

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Buyers BEWARE: How do you know when to NOT trust your Agent or Lender?

by Scott Schang September 21, 2009 Red Flags

I’m not sure if this is a good idea to write while angry but i’m gonna do it anyhow.
The reason I put so much time and effort into this website and into training home buyers, Realtors and our loan specialists is exactly for this reason; to keep creeps like this from taking advantage of people!
Here [...]

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How to make payments on a CalSTRS 80/17 second mortgage in the first five years

by Scott Schang August 28, 2009 Loan Programs

You may make payments on the deferred second mortgage during the first five years of a CalSTRS 80/17 purchase money home loan.

Payments can be made by sending a check or money order to:
Silent Second or Deferred Second (loans reserved after 7/26/2004)
Bank of America Home Loans
P. O. Box 10219
Van Nuys, CA 91410-0219
Make sure your name, property [...]

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Video – Webinar: A Complete Guide to the CalSTRS 80/17 Purchase Loan

by Scott Schang June 13, 2009 School Employees

Part One – Introduction to CalSTRS 80/17 & Comparison to FHA

Part Two – FHA as “Plan B” – Eligible Properties – Loan Limits

Part Three – Loan Structure & Calculating the Payment on 17% Second Loan

Part Four – Down Payment and Closing Cost Requirements & Quick Review of CalPERS 100%

Part Five – Highlights, Review & “Red [...]

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A Complete Guide to the CalSTRS 80/17 Purchase Loan

by Scott Schang June 12, 2009 Loan Programs

The CalSTRS 80/17 purchase loan is available to any employee of a California public school, school district or community college. Members of CalSTRS that are not currently employed are also eligible.
Highlights of this unique program include:

3% down payment
No upfront or monthly mortgage insurance
Qualify off only 80% of purchase price
No payments on 17% second mortgage for [...]

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CalPERS Members may still get 100% Zero Down Financing…sort of

by Scott Schang December 24, 2008 Loan Programs

As a member of CalPERS, you may be eligible to take out a personal loan against your retirement account for the purposes of purchasing a new home with no money out of pocket for your down payment.

As tightening underwriting guidelines and mortgage insurance company restrictions have all but disabled the CalPERS loan program, the personal [...]

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Southern California Home Sale increase 67% in October!

by Scott Schang November 19, 2008 Market Updates

It’s official folks, the bottom of the market is all around us. First time home buyers and investors pour into the market as home prices continue to plummet.
Here is an article that appeared in the OC Register on November 18th, 2008:
“Bargain-basement sales helped pull down home prices in the SoCal region last month and boosted [...]

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What you need to know about finding a lender for the CalSTRS 80/17

by Scott Schang October 27, 2008 First Time Buyer Loans

The CalSTRS 80/17 home purchase loan is hands down the best loan program out there if you are an employed by or teach at any California public school or community college.
If you have already attended one of our on-line classes then you know that this loan program simply does not have enough lenders that are [...]

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Home sales jump 65% in Southern California! Wanna know why?

by Scott Schang October 20, 2008 Market Updates

This is a very telling article I ran across today. MercuryNews.com out of Silicon Valley featured this article today – Southern California home sales jump 65% in September.
What struck me as the most telling statistic from this story is the fact that the median home price in the six county region dropped 33.2% from $462,000 [...]

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If Your Loan Officer Says You No Longer Qualify for a Teacher Loan….Read this!

by Scott Schang September 25, 2008 Loan Programs

Ok, it’s come to the point where I can no longer brush this off as a coincidence. The conversation that I am having over and over again goes something like this…..
“Hi Scott, I am in the process of buying a home and was qualified for a Teacher loan (Extra Credit Teacher Program or CalSTRS 80/17) [...]