That's right! The CalPERS program is a great loan option. To be eligible for the PERS program, a borrower needs to be either an Active, InActive, or Retired Member of either CalPERS, JRS (Judges Retirement System) or LRS (Legislators Retirement System).
The CalPERS Program offers:
•· Competitive Daily Interest Rates
•· 30, 60, and 90 day rate lock options. The 60 and 90 day locks offer TWO Float Down opportunities.
•· Down Payment and Closing Cost Assistance possible.
•· The program is available for purchase, rate and term and cashout refinances.
•· Owner Occupied properties only.
The Float Down option is a truly great feature. These days it is impossible to predict what will happen with interest rates from one day to the next, let alone one month to the next. The Float Down covers the borrower no matter which way rates go. For example, at the time of application, if the 30 year fixed rate is 6%, then that rate is locked in. (Provided the loan officer is on the ball and registers the loan on that day.) Next, if the loan is approved two weeks later, if the interest rate has gone up to 6.375%, the borrower is safe in knowing their rate is locked at 6% and will not be affected by the higher rate. Later, when loan documents are ready to be prepared, if the rates have dropped to 5.75%, the borrower will actually get that rate. Very cool deal for the borrower.
CalPERS is a Great Program for Orange County First Time Buyers
For more information, please contact me.
Sounds like an excellent program. Nice to know there are things to help in CA.