Cal-Pers Loans

QUALIFIED MEMEBERS:

FOR PURCHASES & REFINANCES:

	CA Public Employees Retirement Sys,.(Cal-PERS)
	Legislators Retirement System (LRS)
	Judges Retirement System (JRS)

CAL-PERS LOANS:

	Must occupy the property as their primary residence.
	Only one Cal-PERS Loan is allowed at any time
	There are no income limitations to Cal-PERS
	And no minimum service or vesting eligibility requirements.

PURCHASE LOANS:

CONVENTIONAL PURCHASES:

Loan Amount	Up to $417,000
Down Payment	5% or more
Amortization	10 or 30 Year Terms
Loan Type	Adjustable or Fixed Rates

FHA PURCHASES:

Loan Amount		Up to $417,000
Down Payment		3.5% or more
Amortization		30 Year Terms
Loan Type		Fixed Rates

JUMBO PURCHASE'S:

Loan Amount		$417,000 - $1,668,000
Down Payment		5% or more
Amortization		10 or 30 Year Terms
Loan Type		Adjustable or Fixed

REFINANCE LOANS:

CONVENTIONAL REFINANCE:

Loan Type	Fixed Rate
Loan Amount	Up to $417,000.00
Refi NO Cash Out	90% of the Property Value
Refi with Cash Out	85% of the Property Value
Bill Consolidation	85% of the Property Value
Amorization	10 or 30 Year Terms

FHA REFINACE:

Loan Type	Fixed Rate
Loan Amount	Up to $417,000.00
Refi NO Cash Out	90% of the Property Value
Refi with Cash Out	80% of the Property Value
Bill Consolidation	80% of the Property Value
Amorization	30-Year Terms

JUMBO REFINANCE:

Refi NO Cash Out		90% of the Properties Value
Refi Cash Out		85% of the Properties Value
Bill Consoldiation		85% of the Properties Value
Loan Type		Adjustable or Fixed

ELIGIBLE PROPERTIES:

	Single Family Houses
	Condominiums and
	Planned Unit Developments
	Manfactured Homes
	1- 4 Units, Ower Occupied Only

LOAN LIMITS:

Single Family Homes	$417,000.00
2 Units / Duplex	$421,150.00
3 Units / Triplex	$516,300.00
4 Units / Fourplex	$641,650.00

CO-BORROWERS ARE ALLOWED:

Most of the qualifying emphasis will be on the occupying borrower and not on the unoccupying co-borrower.

WHAT CAL-PERS DOES NOT DO!

Construction Loans

Home Equity Loans

QUALIFYING RATIO'S:

Your Monthly Income (-) Monthly Debt

35% to 45%

PRE-PAYMENT PENALTY:

The loan may be subject to the 5-year prepayment penalty. The penalty would be due and payable if you decided to refinance your home within payment penalty time-line. There is NO PRE-PAYMENT PENALTY if you SELL your home and pay off the loan.

CAL-PERS FEES:

		Loan Origination Fee 1.25%
		Total Lender Fees,
		Loan Processing Fee,
		Application Fee,
		Administration Fee,
		Doc Prep Fee
		Underwriting Fee

THIRD PARTY FEES:

		Escrow Company Fees
		Title Insurance Fees
		Deed Recording.

LOAN TYPES

LOAN APPLICATION

CALIFORNIA
LOAN PROGRAMS

DOWN PAYMENT ASSISTANCE LOANS

OTHER LOANS

CALCULATORS DIRECTOR

Copyright February 2, 2000.
All rights reserved.