CalPERS Home Loan Program
The CalPERS Member Home Loan Program can be offered to any active, inactive, or retired member of the following:
1. California Public Employees’ Retirement System (CalPERS)
2. Legislators’ Retirement System (LRS)
3. Judges’ Retirement System (JRS)
Qualifying a customer for a CalPERS Home Loan is no different from qualifying them for any other type of mortgage. The program requirements and guidelines are as follows:
1. CalPERS offers an FHA 96.5% 1st, and a 3.5% 2nd loan
for those needing 100% financing. The 96.5% first loan is
a 30 year fixed rate mortgage whereas the 3.5% second
loan is fixed for 15 years.
2. 3.5% Down Payment is required but if borrower does not
have funds, they can borrow the down payment from their
PERS Retirement Account. The borrower can only with-
draw a maximum of 50% of their vested balance.
3. Borrower must participate in the CalPERS Retirement
System
for those needing 100% financing. The 96.5% first loan is
a 30 year fixed rate mortgage whereas the 3.5% second
loan is fixed for 15 years.
2. 3.5% Down Payment is required but if borrower does not
have funds, they can borrow the down payment from their
PERS Retirement Account. The borrower can only with-
draw a maximum of 50% of their vested balance.
3. Borrower must participate in the CalPERS Retirement
System
4. Program is driven by CalPERS to over 1.4 million members
5. Members may lock their interest rate up to 60 to 90 days at
no extra charge
6. CalPERS Members are offered two free float down policies
with a 60 or 90 day lock. Members are offered the lowest
rate on three key dates:
no extra charge
6. CalPERS Members are offered two free float down policies
with a 60 or 90 day lock. Members are offered the lowest
rate on three key dates:
A. Date of loan lock-in
B. Date of loan approval
C. Date docs are drawn 7. CalPERS minimizes out of pocket closing costs to the
borrower and in addition, escrow/title costs are minimized if
title is held with Old Republic or Stewart Title.
