CALPERS HOME LOAN PROGRAM

The CalPERS Member Home Loan Program is a benefit available to help CalPERS Members with their home financing needs. As a qualifying member you may purchase your new home or refinance your existing home using the Program. You'll be doing business with a CalPERS certified home loan lender who is committed to giving you the service you deserve at a competitive interest rate.

As an eligible member (excluding annuitants and Tier 2 members), you may borrow against your retirement account to obtain a down payment for the purchase of a new home through the Program. To obtain 100% financing, you will have two concurrent loans. The 5% personal loan from your CalPERS retirement account, and 95% CalPERS home loan. Two separate payments will be made, one for each loan.

Who is eligible?

A "Member" is defined as a person who is currently contributing to, receiving, or is entitled to receive a retirement allowance funded by the California Public Employees' Retirement System (CalPERS), the Legislators' Retirement System (LRS), or the Judges Retirement Systems (JRS), not withstanding any vesting requirement and without regard to present eligibility to retire. Inactive Members of LRS and JRS will only be eligible for the Program if they are vested in their retirement system.

What kind of home loans are available?

Conventional, fixed-rate mortgages with loan term from 10 to 30 years and adjustable rate mortgages are available for both home purchases and refinances. The loans can be used to finance 1-4 unit primary residences, condominiums and Planned Unit Developments (PUDs).

Why get a home loan through the CalPERS Program?

CalPERS lenders are committed to providing excellent service at a competitive price. The fees are capped, meaning they are much lower than those on a regular conventional loan. Plus, you will enjoy doing business with someone you can trust and who will give you quick, honest answers to your home financing questions.

One of the best special features of the CalPERS Home Loan Program is the rate lock-in feature. One of the hardest decisions in applying for a home loan is deciding when to lock in your interest rate. With a CalPERS Home Loan, the decision is easy! You may lock in your rate at application and if the rate is lower when your loan is approved, we will lower it. Then when your closing papers are drawn, if the rate has dropped further, we will lower it again!

It's easy. Just call us toll free at (888) 805-6267 and ask to speak to a CalPERS Home Loan Specialist. We will help you with all the details.