- The maximum loan is up to $650,000
- CalPERS second mortgage is a fixed rate and fully amortized with amortization from 1-20 years depending on the loan amount.
- There is no income limitations for this second mortgage.CalPERS offers 100% financing in three different ways.A) The CalPERS Personal Loan Option – by combining two loans. This is achieved in the following manner:
- A single CalPERS conventional mortgage , CalPERS Jumbo mortgage, or a CalPERS FHA mortgage guideline loan.
- and a 5% personal loan secured by your CalPERS retirement account which covers the down payment only.
You will have two separate loans and two separate payments. Following are some features of the CalPERS personal loan program:
- The personal loan amount cannot exceed the lesser of:
- up to 5% of home value or purchase price.
- up to 50% of available amount of the members contributions to retirement account, or
- the maximum loan amount for the county in which the property is located. (FHA only)
- but the personal loan cannot ever exceed $18,421
- Personal Loan terms range from 1-15 years.
- Members (excluding retired members & Tier II State of California Employee’s) with accumulated employee contributions credited to their retirement account are eligible for 100% financing. Employer contributions cannot be used to secure a personal loan.
- Maximum Sales price is $368,421 or $350,000 first mortgage and $18,421 personal loan.
The 100% financing options is designed for those members who would otherwise not be able to purchase a home.
Here is the second type of CalPERS 100% mortgage financing options.
B) The CalPERS CitiSecond program. This offers a second mortgage and does not require any minimum vesting requirement or a personal loan.
Finally, the third 100% financing option for CalPERS loans.
C) CalPERS ACCESS Program. This is also a second mortgage but can be used for down payment and / or closing cost assistance. Some highlights of the CalPERS ACCESS loan program. This mortgage program is for purchase loans only.
- Maximum ACCESS loan size is up to 7% of the sales price.
- No minimum vesting requirement, all CalPERS members qualify.
- The CalPERS ACCESS program can only be used with single family homes, condominiums, and planned unit developments (PUDS)
This program is also available under the FHA ACCESS Second mortgage. This loan is identical to above but use FHA underwriting guidelines for the first mortgage. Like the conventional program above the FHA ACCESS program is up to 7% of the sales price and is fully amortized for 20 years.