Use a CalSTRS Loan to Buy a Long Beach Home

The California State Teachers' Retirement System Mortgage Home Loan Program can be the perfect solution for Long Beach homebuyers looking for low cost financing.

If you're a member of CalSTRS, you should check if you qualify for the CalSTRS 80/17 loan program.

Some of the advantages include:

- down payment as low as 3%
- credit score as low as 620
- interest rates and fees set by CalSTRS
- no monthly mortgage insurance
- 80% first mortgage
- 17% second mortgage with deferred or no payments for the first 5 years
- loan amount up to $650,000 (1st and 2nd mortgages combined)
- 30 year fixed rate for both first and second loans
- same interest rate for both first and second loans
- Seller may contribute up to 3% of the sales price towards closing costs

One program restriction is you cannot currently own home.

A CalSTRS member does not have to be a teacher or a first-time buyer to take advantage of this program. Borrowers typically don't have to pay discount points since rate buydowns are usually not allowed.

Not all lenders can do a CalSTRS home loan.
Terms, interest rates and guidelines may change so get your loan pre-approved ahead of time. I can help you consult a CalSTRS approved lender. Please call me at 562 889-4800 or click here