Nicole Machado

Loan Program for Teachers in California
March 24, 2009 ·  

calstrs1Calling all Teachers… Incase you didn’t know, CalSTRS is the California State Teachers Retirement Program that provides retirement related benefits to teachers in public schools and community colleges in California. Back in 1984 CalSTRS developed a home loan program which was designed for an additional option for home financing for it members and retirees. Giving its members and retirees additional mortgage loan options at competitive rates. This is a great option for you first time home buyers as it only requires a 3% down payment. You can compare this program with an FHA loan as it requires a 3.5% down payment.   A big thank you to Dean Rizzi of Guarantee Mortgage for sharing this program with us. Click on the flyer for additional info and qualifications (Once you have clicked on the picture click once again to see a clear copy or to print out the flyer)

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Comments

4 Responses to “Loan Program for Teachers in California”

  1. michael monozon on March 24th, 2009 7:07 pm

    Great information Nicole, and yes thanks to Dean and the group at Guarantee Mortgage. It is important that we get this information to the consumers,allowing them to make smart decisions.

  2. Dean Rizzi on March 24th, 2009 8:41 pm

    Nicole,

    Nice recap. As of today the rates on a 3% down CalSTRS loan are 5% for conforming and 6% for jumbo… much better than I quoted on Monday! And remember, no PMI on these loans.

  3. Brian Boisson on March 25th, 2009 9:08 am

    Thanks for sharing the information, Nicole.

    It’s a great way for teachers to become homeowners
    and become more involved in the local communities.

    Brian

  4. Larry Franzella on March 25th, 2009 6:58 pm

    Nicole,

    A great program for teachers or any school district employee.

    Larry

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