The Cal PERS loan program is perfect for State Employees

• Must intend to occupy the property as their primary residence as defined by Fannie Mae.
• May have only one outstanding CalPERS Mortgage Loan at any given time. Therefore, an eligible member who assumes the role of a borrower or co-borrower on another CalPERS Member’s Mortgage Loan is ineligible for another CalPERS Mortgage Loan until the existing CalPERS Mortgage Loan is paid in full.
• There are no income limitations.

You must be an active, inactive or annuitant member of at least one of the following to apply: There is no minimum service or vesting eligibility requirement for the Cal PERS Member Home Loan Program.

Purchase with a Cal Pers Conventional Mortgage

Loan Amount	Up to $417,000
Down Payment	5% or More (3% option also available)
Amortization Term	30-Year Term and 10-Year Interest Period
Loan Type	Fixed Rates for the Term of the Loan

Refinance with a Cal Pers Conventional Mortgage

Loan Amount	Up to $417,000.00
Rate & Term Refinance	Up to 95% of the Property Value
Cash-Out Refinance	Up to 90% of the Property Value
Bill Consolidation	Up to 90% of the Property Value
Amorization Term	10-Year - 30-Years
Loan Type	Fixed Rate

Conventional Loan Limits on Property Types

Single Family Home	$417,000
2 Units / Duplex	$421,150
3 Units / Triplex	$516,300
4 Units / Fourplex	$641,650

LOAN PURPOSE

Purchases, Limited Cash Out & Cash Out Refinances.

ELIGIBLE PROPERTY TYPES - Nationwide

1- 4 Units, Ower Occupied / Primary Residences only

Single Family dwellings

Condominiums and Planned Unit Developments

Manfactured Homes (must meet Fannie Mae guidelines)

Co-Ops are not allowed.

CO-BORROWERS ARE ALLOWED:
Most of the qualifying emphasis will be on the occupying borrower and not on the un-occupying co-borrower.

Cal PERS does NOT do:

Construction Loans

Home Equity Loans

QUALIFYING RATIO'S:
All Borrowers and CoBorrowers must qualify under Fannie Mae's qualifying ratio requirement in order to qualify. .

Loan Qualifying Ratio Requirements

Borrowers Qualifying Ratios

35% / 43%

SUBORDINATE FINANCING

Allowed as per Fannie Mae guidelines. CLTV’s listed above are for standard seconds. 105% CLTV permitted with an eligible Community Second. The NHF ACCESS 2nd Mortgage may be utilized and is considered an eligible Community Second.

Mortgage Loans, with terms greater than 20 years, submitted through Fannie Mae’s DU may receive “Reduced MI” or “Lower Cost MI” options. If received, Participants must at least obtain the reduced coverage, unless such mortgage insurance company’s lower coverage is at a higher cost to the borrower.

CALPERS PERSONAL LOAN
May be used for up to a maximum First Mortgage Loan amount of $350,000. The maximum CalPERS Personal Loan is $18,421, subject to certain restrictions. See the CalPERS Personal Loan Program Description for more detail.

Eligible uses of CalPERS Personal Loan Proceeds	The CalPERS Personal Loan proceeds can be used as a down payment, in conjunction with a CalPERS Mortgage Loan with a loan amount not exceeding $350,000, for the purchase of a primary residence.
Eligible Borrowers	An active or inactive Member of the California Public Employees’ Retirement System (“CalPERS”), the Legislators’ Retirement System (“LRS”), or the Judges’ Retirement System (“JRS”), may be eligible for a Personal Loan. Retired and annuitants members, and Tier Two Members whose contributions are service credits are not eligible for the Personal Loan.
Outstanding Mortgage Loans or CalPERS Personal Loans	A CalPERS Member may have only one outstanding CalPERS Mortgage Loan and CalPERS Personal Loan at any given time. Therefore, an eligible member who assumes the role of co-borrower on another CalPERS Member’s Mortgage and/or Personal Loan is ineligible for another CalPERS Mortgage and/or Personal Loan until the existing CalPERS Mortgage and/or Personal Loan is paid in full.
Eligible Properties	Single family residences, condominiums, PUDS, and manufactured homes (must meet Fannie Mae Guidelines). Manufactured homes are not allowed with the Government products.
Occupancy	All properties financed under the CalPERS Member Home Loan Program must be occupied as the principal residence as defined by Fannie Mae.
Loan Type	Fixed rate fully amortizing CalPERS Personal Loan. The CalPERS Personal Loan is secured by the Member’s retirement account with a pledge agreement executed by the Member and their spouse, if applicable. Funds are not withdrawn from the Member’s account, but used as collateral for the CalPERS Personal Loan. No lien is placed against the property.
Loan Term	$1,000 - $1,499 3 years $1,500 - $2,999 4 years $3,000 - $4,999 5 years $5,000 - $9,999 10 years $10,000 - $18,421 15 years The minimum term of any CalPERS Personal Loan is 1 year.

ACCESS 2ND - DOWN PAYMENT ASSISTANCE PROGRAMS

The National Homebuyers Fund, Inc. (NHF) ACCESS Second Mortgage may be utilized in conjunction with a CalPERS MHLP Conventional Conforming Fixed, Flexible products, MyCommunityMortgage and FHA Fixed.
• The CalPERS MHLP First Mortgage must meet the CalPERS MHLP Guidelines for the product chosen.
• The CalPERS MHLP First Mortgage availability and pricing is on the CalPERS MHLP rate sheet. Use the CalPERS MHLP Commitment Request – Form 2 to register for the CalPERS MHLP First Mortgage and the ACCESS Second Loan.

Cal PERS FHA Loans

FHA Purchase Loans

Loan Amount	Click here check your areas loan limits**
Down Payment	3% or Less
Amortization Term	30-Years Only
Loan Type	Fixed Rates

FHA Refinance Loans

Loan Amount	Click here check your areas loan limits**
Rate & Term Refinance	Up to 97% of the Property Value
Cash-Out Refinance	Up to 85% of the Property Value
Bill Consolidation	Up to 85% of the Property Value
Amorization Term	30-Years Only
Loan Type	Fixed Rate

Cal PERS Jumbo Loans

Jumbo Loan Purchase

Loan Amount	$417,000 to $1,668,000
Down Payment	5% or More
Amortization Term	10-Years to 30-Years
Loan Type	Fixed & Adjustable Rates

Jumbo Loan Refinance

Rate & Term Refinance	Up to 95% of the Property Value
Cash-Out Refinance	Up to 90% of the Property Value
Bill Consolidation	Up to 90% of the Property Value
Loan Type	Fixed & Adjustable Rates

PRE-PAYMENT PENALTY:

Conventional Conforming Fixed Rate Mortgages may be run through Fannie Mae’s Desktop Underwriter.

EXPANDED APPROVAL RECOMMENDATIONS
Expanded Approval I recommendations are eligible for purchase on 1-2 unit properties. Expanded Approval II recommendations are eligible for purchase on 1-2 unit properties with LTV’s < 80%. Loan Level Price Adjustments apply-see Daily Rate Sheet. Mortgage Loans secured by 3-4 units receiving Expanded Approval recommendations are not eligible for purchase. Retained Participants Note: Loans that receive an EAI or EAII must be serviced according to Fannie Mae Guidelines. Expanded Approval I & II recommendations are not allowed on plans with IO feature.

ALLOWABLE FEES
If otherwise permissible under the law applicable to the loan transaction:
• Maximum Origination Fee 1.25%
• Total Lender Fees may not exceed $350 (Lender Fee includes Processing Fee, Application Fee, Administration Fee, Doc Prep Fee* and Underwriting Fee*)
• Any Third Party Fees that are charged to Participant.
• Participant may charge a maximum $250 Redraw Fee if the borrower or seller initiated. The mortgage loan file must be documented.

If you would like to purchase or have an existing home loan and would like to refinance it with a Cal-PERS loan, please contact us below for more details!