CalSTRS Interest Rates
Posted on 05. Dec, 2009 by Scott Schang in CalSTRS Teacher Loan, Home Purchase Loan
Current Interest Rates for all CalSTRS and Broadview Community Access Home Mortgage Programs
Articles that other readers found helpful:
15 Responses to “CalSTRS Interest Rates”
Trackbacks/Pingbacks
- - September 24, 2010
[...] AssistanceCounty AssistanceState AssistanceConsumer ProtectionHome Loan ProgramsCalSTRS Teacher LoanCalSTRS Interest RatesCommunity AccessBCA Interest RatesFHA Home LoanUSDA 100% LoanCalPERS Home LoanFHA StreamlineRead [...]
Leave a Reply
Questions? 1-877-823-9250
Chat Live or eMail Offline Now
I’m interested in the 80/17 home loan available program. Please provide details.
Thank,
a. medina
Thank you,
We received your inquiry and a CalSTRS 80/17 specialist will call you in the morning. Please feel free to call the office anytime after 7:30am at 1-866-667-6724
My husband and I own a small condo and would like to sell and buy a house. Can I qualify for a CalSTRS 80/17 loan if we plan to sell the condo in order to put the money toward the purchase on a home? Would we have to sell first or could both happen simultaneously? I have never purchased a home, my husband owned the condo when we got married, however my name is now on the mortgage and title.
Thanks
Hi Nancy,
Yes, you can use the CalSTRS 80/17 if you sell the other home first. Recently, the guidelines were changed to state that if a spouse owns a home, even if you are not on title or the mortgage, you would be ineligible for the 80/17.
Love this info and the video. I’m an art teacher… Very visual… You’re video did an awesome job of getting the info into me in an understandable way… Thank you….
Dan, thank you very much for the kind words. It means a lot that you took the time to comment, thank you!
Hi Scott,
is there any 80/17 loan available for non calsters buyers? is the community loan the same as the FHA loan?
I locked my intrest rate last week in a CalStrs 80/17 loan. It was at 5.375% at that time. I was told by the person who is working with the loan that I can change the rate “only once” if it goes lower during the Escrow time. I checked today’s rate and it is at 5.250%. My question is can I change the interest rate “only once” or can I change more than once without being charged?
Hi Ralph, thanks for the question. CalSTRS allows you t change your rate 1 time during the initial lock period. A 15 day extension is also available at no cost, but you cannot reduce the rate during that period. Also, it’s not a matter of paying to lower the rate in the future, it’s simply not allowed.
Thank You so much for this valuable information.
Do all CalSTRS lenders offer the same interest rate for the 80/17 program?
Thank you for the question Tam – Yes, CalSTRS sets the interest rates for their program – you can check it daily on the CalSTRS site: http://www.calstrs.com/Members/Home%20Loan%20Program/rates.aspx
Thanks for your quick response. I was told by my realtor that I should negotiate a better rate for the 80 portion with a CalSTRS lender because she believed that 5.00% was too high. She thinks I could get 4.65%.
Your Realtor is not familiar with the CalSTRS loan – I hope they know how to submit your offer? Unfortunately, that’s part of their deal. Yes, the rate is a little higher in exchange for not having to make payments on the second mortgage. When you do the math between using a CalSTRS 80/17 with no mortgage insurance, and and FHA at a lower rate, but with mortgage insurance – you will come out ahead for the first 5 years and the payments after 5 years will be very similar to what an FHA payment would have been. You really just have to look at the math and see which program will benefit you most in both the short and long term.