Buy a home with 1% down with CAL STRS – San Clemente Real Estate

by
On Apr 23, 2010
Listed in Blog, Buyer Info

Are you a teacher? Do you work the public school system? If you answered yes to either of these questions, there is a special loan program available to you that is sponsored by California’s State Teachers’ Retirement System (CAL STRS).

Here is how it works:

1st loan = 80%  on a 30 year fixed note

2nd loan = 17% fixed rate

Down payment = 3% (you are allowed up to 2% in the form of a gift, balance of 1% is your responsibility)

AND.. you don’t have to make payments on the 2nd for the first 5 years!! 

There is also a refinance option available (different terms).

For more answers on your loan questions you can contact Michael McClare

Residential First Mortgage
(949) 852- 0400 x217
mjmcclare@rfmortgage.com

For answers to your home buying or selling questions contact Adrienne

(714) 396-2819 or adrienne@adriennemarkes.com

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