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STRS loan program for Teachers or Employees within the public school system

Santa Cruz Home Finance offers the CalSTRS program

*3% down payment.  1% of this must be the borrowers own funds, remaining 2% may be a gift.

*Maximum purchase price $670,103.

*3% credit from the seller to help pay for closing costs o.k.

*No income limits for this program.

*No first time homebuyer restrictions (borrower may not currently own any other properties).

*No Mortgage Insurance!!*80% first loan with a 17% silent 2nd loan issued through CalSTRS.

*ELEGIBILITY:  -

            Borrower must be an employee of the California public school system or California community college or-

            A member of the California State Teachers Retirement System CalSTRS employee or -

            An inactive CalSTRS member who still have funds in their CalSTRS retirement account.