Great Teacher Loan Program
We recently helped a teacher purchase their home with the CalSTRS loan program. Initially the buyers wanted an FHA loan but did not like the fees and mortgage insurance associated with the loan. The CalSTRS loan which allowed them to forgo mortgage insurance, pay fewer points and significantly lower their cost of financing. Below are some benefits in the CalSTRS loan program.
If you know of a public school teacher or public school employee, please pass on this information. Below are some of the details on the program:
• Max purchase price of $670,103
• No Mortgage Insurance required (unlike FHA loans)
• 3% down payment (1% can be from the borrower with the remainder from a family gift)
• Credit scores as low as 620 on conforming; 680 on high balance conforming
• Deferred mortgage payments on 2nd loan for 1st five years
• Only 2 month's reserves required by lender
• Must be a member of CalSTRS.
Have your favorite teacher call us for more information!
Rob McCarthy
Owner and Senior Mortgage Planner - 101 Loan
www.101loan.com
Email Me
408-377-4123 Office
650-465-8957 Cell
560 S Winchester Blvd, Suite 500
San Jose, CA 95128
A Dept.of Real Estate - License # 01165697
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Author and Business are endorsed by The Dawn Thomas Team, Inc.
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