State of California school employees have an EXCELLENT opportunity available to them for the financing of a new home, by taking advantage of the CalSTRS Home Loan Program, offered to members of the California State Teachers' Retirement System. Loans are available up to $834,000.00, depending on the particular loan program. In addition, through their "80/17" program, borrowers can obtain financing with as little as 3% down, and will have a first and second deed of trust securing the loans on the property. The first deed of trust would be for 80% of the value, and the second deed of trust would be for 17% of the value, with the additional 3% coming from the borrower. The beauty of this is, the payments on the second deed of trust are DEFERRED for five (5) years, with no payments required until after that time period.
So basically, you can purchase a home with 3% down, with monthly mortgage payments on the 80% first trust deed ONLY for the fist five years. Not a bad deal...
As a father of an 11 year old girl heading into the 6th grade in the Los Angeles Unified School District, I know how important and influential teachers are in shaping the minds of kids, and how hard they work with the limited resources they have. Hats off to all the teachers in this world!! Teachers generally don't get enough thanks, praise and credit for the wonderful and important job that they do, and let me say that I for one appreciate it very much!! Its great to know that there are programs like this to reward teachers and help them achieve their dream of owning a home...
If you would like more information about The CalSTRS Loan Program, let me know and I would be happy to provide it. You can also find more information on their website, which can be found HERE
If you would like my help in realizing your dream of owning your own home, I will gladly give you my personal undivided attention. Please email me at john.barry@coldwellbanker.com , or call me at 323-810-7976. It is my job is to help YOU...
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