Slide Show: A Complete Guide to the CalSTRS 80/17 Home Purchase Loan
Posted on 25. Feb, 2010 by Scott Schang in CalSTRS Teacher Loan
Updated 2010 Guide to the CalSTRS 80/17 Home Purchase Loan
This is an incredible loan program available to any employee of a California Public School, School District or Community College.
This loan program offered by the California State Teacher’s Retirement System allows for 3% down payment with NO upfront and NO monthly mortgage insurance!
There’s nothing out there like this program. It’s not too good to be true, there are some things you need to know about this loan to determine if it’s right for you.
These are the slides from the online webinar, please feel free to contact us for questions or more information
2010 Updated Guide to CalSTRS 80/17 – Mario Basura
View more presentations from Broadview Mortgage Corporation.
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4 Responses to “Slide Show: A Complete Guide to the CalSTRS 80/17 Home Purchase Loan”
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Please send me a realestate agent who is familiar with bay area (east bay) sales and CALSTRS benefits.
My thanks,
Erika
Hi Erika,
Rodil San Mateo is the CalSTRS loan specialist that works with us in that area. He’s got some great recommendations for you. He sent you an email with his contact information so he can send you an agent that works in the area you’re most interested in.
Thank you for posting this. I had some questions answered but gained some too. 1) Am I to understand that there is no PMI with the calstrs loan? 2) Is it wise or possible to pay down the interest on the 17% loan and include it in the monthly mortgage payment? If so, it looks like I may save $13,000 in those 5 years(based on loan situation presented). Am I thinking right? Does that interest gain interest?
Hi David, There are certainly benefits to the CalSTRS 80/17 loan that include not paying upfront or monthly mortgage insurance – YES, this will save you a lot of money. Unfortunately though you cannot buy down the interest rate on the second mortgage – the rate is exactly the same as the first.
This does get a little confusing – During the deferred period (5 years) on the second mortgage (17% of the purchase price) there are no payments although when you begin making payments on the 61st month, it is the original 17% plus the deferred interest – amortized over the remaining 25 years.
If you’re interested in talking to a loan specialist about your specific scenario – shoot me an email with the best time and number to reach you to [email protected]
The CalSTRS 80/17 is truly one of the best assistance programs available today!