A Special Program For Teachers, Educators, and Public School Employees

: Image by Wonderlane via Flickr

Anyone who does business in the San Francisco Bay Area, well actually Northern California in general, immediately recognizes the high emphasis on education. Not only in acquiring education but supplying those who impart education with the necessary tools to do their job. The CalSTRS 80/17 Home Loan Program is one such tool available by the California State Teachers Retirement System, which allows public school teachers and faculty to get into the home of their dreams. Scott Schang from CalPETR writes:

“This is an incredible loan program available to any employee of a California Public School, School District or Community College.

This loan program offered by the California State Teacher’s Retirement System allows for 3% down payment with NO upfront and NO monthly mortgage insurance!

There’s nothing out there like this program. It’s not too good to be true, there are some things you need to know about this loan to determine if it’s right for you.”

So let’s break this down…Yes it is available to ANY employee of a public school, school district, or community college.This means if you are a part-time librarian or a maintenance worker, so long as your paycheck stub is from a public school entityyou are eligible for this program.

Next, there is a 3% down payment requirement, which makes this an excellent choice if you are a teacher or school faculty member looking for a low down payment home loan. The catch with this however is that you are not allowed to put more than 3% down. However, when you eliminate the upfront and monthly mortgage insurance you’re looking at a savings of tens of thousands of dollars over the life of your loan. The money that would have been going into thin air (to the insurance company) will be directly re-invested in the State Teachers Retirement Pension. I don’t know about you, but I think that’s a “win-win” situation.

There are of course things to consider, as with any other specialty loan program. The best thing to do is your homework (pun definitely intended!). If you’re wondering whether or not you qualify for this program give me a call and we can discuss your options. I can be reach on my cell at (714)244-7368.

The complete breakdown of the CalSTRS 80/17 Home Loan Program can be found by clicking here.