Whether you are dreaming of buying a new home, lowering your existing payments, or taking cash out, the CalSTRS Home Loan Program can help by offering competitive rates on mortgage loan programs.
Conventional 15 and 30 year fixed rate programs are available, up to $834,000 with as little as 5% down.
There is a 80/17 program, where the teacher can put 3% down with a 80% first mortgage and a deferred 17%second mortgage that has no payments due for 5 years! Mortgage loan amounts are available up to $650,000.
Who is Eligible? If you are a member of CalSTRS, you are eligible for a loan under this program. You may also be eligible to take advantage of the CalSTRS Home Loan Program if you currently receive a paycheck from a California public school district or California community college as a full-time or part-time employee.
As one of the nation's largest independent residential retail lenders, Prospect Mortgage has greater control over your transaction and is able to quickly approve and close loans in-house.
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