Cal Pers / Cal Sters

Qualified Buyers Eligible for Cal PERS?

Public Employees Retirement System (PERS)

Legislators Retirement System (LRS)

Judges Retirement System (JRS)

You must be an active, inactive or annuitant member of at least one of the following to apply: There is no minimum service or vesting eligibility requirement for the Cal PERS Member Home Loan Program.

Property Types

Owner occupied, primary residences only

Single Family dwellings

Condominiums and Planned Unit Developments

Includes construction dwellings of up to 1 to 4 units

FNMA Conforming Condos and PUDs

Purchase Cal Pers Conventional

Loan Amount	0 to $521,250.00
Down Payment	5% or More (3% option also available)
Amortization Term	10-Years to 30-Years
Loan Type	Fixed Rates

Refinance Cal Pers Conventional

Loan Amount	$ 0 to $521,250.00
Rate & Term Refinance	Up to 95% of the Property Value
Cash-Out Refinance	Up to 90% of the Property Value
Bill Consolidation	Up to 90% of the Property Value
Amorization Term	10-Year - 30-Years
Loan Type	Fixed Rate

Conventional Loan Limits

Single Family Home	$521,250.00
2 Units / Duplex	$533,850.00
3 Units / Triplex	$645,300.00
4 Units / Fourplex	$801,950.00

Purchase Loans

Loan Amount	521,250.00
Down Payment	3% or Less
Amortization Term	30-Years Only
Loan Type	Fixed Rates

Refinance Loans

Loan Amount	521,250.00
Rate & Term Refinance	Up to 97% of the Property Value
Cash-Out Refinance	Up to 90% of the Property Value
Bill Consolidation	Up to 85% of the Property Value
Amorization Term	30-Years Only
Loan Type	Fixed Rate

Jumbo Loan Purchase

Loan Amount	$521,250 to $1,334,804
Down Payment	5% or More - Cash Out Refi Max 90%
Amortization Term	10-Years to 30-Years
Loan Type	Fixed & Adjustable Rates

LOAN TYPES AND TERMS:
Conventional Cal PERS loans can be mixed in with a Mortgage Credit Certificate (MCC) for first-time home buyers and low-to-moderate income home buyers.

Cal PERS loans can be mixed in with a Mortgage Credit Certificate (MCC) for first-time home buyers and low-to-moderate income home buyers.

Cal PERS do NOT do:
Construction loans or home equity loans

Loan Ratio Requirements

Borrowers Qualifying Ratios

35% / 43%

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