CalSTERS 80/17 Home Loan Program Summary


Eligible Properties: Owner-occupied single family residences (1 unit only); approved condos

30 Year (1st and 2nd Mortgages)

Conforming Loan Amount:
1. Up to $417,000 (first mortgage portion)
2. Up to $505,612 (1st and 2nd mortgages combined)

Non-Conforming Loan Amount: $505,613 to $650,000 (1st and 2nd mortgages combined)

Loan-to-Value (LTV) of 1st Mortgage: 80%

Loan-to-Value (LTV) of 2nd Mortgage: 17%

Down Payment: 3%

Sources of Closing Costs: Borrowers own funds, seller contributions up to 3%, gift from relative,
or unsecured grant from approved government agency

2nd Mortgage: Deferred payments on the 17% 2nd mortgage for the first 5 years


Who is Elegible?

Eligibility requirements include the following:
Employees of California public school districts or California community colleges.
Members of the California State Teachers’ Retirement System.
CalSTRS employees.
Inactive CalSTRS members as long as they have funds in their CalSTRS retirement account.
Retirees receiving CalSTRS benefits.


Note: The 80/17 program is for home purchases only (no refinance transactions). All mortgages made under the CalSTRS Home Loan Program have fixed interest rates.