The CalPERS Member Home Loan Program can be offered to any active, inactive, or retired member of:

• California Public Employees' Retirement System (CalPERS)
• Legislators' Retirement System (LRS)
• Judges' Retirement System (JRS)

Qualifying a customer for a CalPERS Home Loan is no different from qualifying them for any other type of mortgage. But, the CalPERS Program allows you to offer your customer many advantages over other loan programs, providing you with a persuasive product.

Program Selling Features

Competitive Interest Rates
Competitive interest rate options, for purchase and refinance, updated daily.

60-Day Rate Protection
Members may lock in their interest rate for 60 days, and receive protection against market increases. Other loan programs, offering shorter lock periods, expose borrowers to the mercy of the market.

Two FREE Float Down Opportunities
With the 60-day rate lock, members receive the lowest CalPERS interest rate on three key dates: 1) Date of Loan lock-in; 2) Date of loan approval; and 3) Date the loan documents are drawn.

Controlled Closing Costs
CalPERS minimizes some of the fees involved with a home loan, making the CalPERS loan very affordable. Many other loan programs have much higher closing costs.

100% Financing Option
This is one of the most exciting Program features for both the loan officer and the member. This option allows the member to purchase a home without investing any of their personal funds for the down payment, which in many cases allows the member to purchase a home when they would otherwise not be able to.

The 100% financing option actually consists of two loans: 1) A 95% fixed rate conventional loan (or an FHA loan up to a maximum of 97%), and 2) A personal loan secured by the member's retirement account. The member's personal loan may be as high as the full 5% needed as the down payment, a maximum of $18,421, or 50% of the amount they have contributed to their retirement account, whichever is less. They are also free to borrow less and supplement the 5% down with some of their own funds. However, in order to use the 100% financing option, the member must have at least $2,000 in their personal retirement account.

30-Day Rate Lock Option
Now you can offer CalPERS Members an even LOWER interest rate! Check our rate sheet for the 30-day lock rates. This rate expires 30 days from the lock date and it does not offer float down opportunities to the member.

Reduced Mortgage Insurance Rates
The CalPERS Member Home Loan Program offers greatly reduced mortgage insurance rates. GE, MGIC, PMI, RMIC, Radian, Triad and UGIC mortgage insurance companies have reduced their rates by as much as 1/8 percent (.125 percent).

Reduced Escrow & Title Fees
Member can receive substantial savings on their escrow and title fees, offered by both Old Republic Title, Stewart Title, and Ticor. Plus, Ticor offers mobile signing service.

Closing Cost Assistance
CalPERS Members can use premium pricing interest rates, a gift from a relative, and/or seller contributions to pay for closing costs (Subject to certain restrictions.)

Personalized Real Estate Assistance Programs
You can take advantage of personal assistance with your real estate transaction and get a cash rebate with SMARTMOVE®, or the MAXADVANTAGE Programs. Rebate amount is determined by the purchase price of your new home and is subject to certain restrictions. Programs may not be available in all areas. Please call us at (800) 874-7377 for a referral or more information.

Other Benefits

Premium Pricing
Premium pricing allows the member to accept a slightly higher interest rate and receive funds to help pay for closing costs and/or mortgage insurance. This option helps members who have enough income to qualify for a home loan but lack some of the funds needed to close escrow.

*Subject to certain restrictions.