If you are an LAUSD (Los Angeles Unified School District) employee, you may qualify for a special home loan through CalSTERS. This special home loan program is open to over 700,000 CalSTRS members including LAUSD employees and college educators.
To assist in purchasing your Pasadena home, CalSTRS offers an 80/17 loan program. Here is what it looks like:
- You need to have a 3% down payment. 2% of the down payment can be gift money, but not from selling property.
- 1st home loan (mortgage) will be 80% of the purchase price.
- 2nd home loan (mortgage) will be for 17% of the purchase price. BUT, payments on the 2nd mortgage are deferred for 5 years!
- There is no Mortgage Insurance
- There is no Pre-Payment penalty.
This special home loan is available for single family homes and Fannie Mae approved condos only.
So if you are thinking of buying your Pasadena home and work for LAUSD, don't forge to check into this CalSTERS loan.
Read More: Pasadena City Guide
What a great opportunity!
