The amount of available cash assets to be
used with your CalPERS loan will vary dependant upon which CalPERS program you are seeking
to use. Following is a bullet point list of each loan type and the guidelines associated
with it.
- Conventional CalPERS Loan - typically minimum of 5%
of sales price, plus closing costs and two months of the future mortgage payment saved in
a verifiable account for last two months. Fannie Mae also has some programs such as 3%
- Jumbo CalPERS Loan - should have minimum of 5% of
sales price, plus closing costs and two months of the future mortgage payment saved in a
verifiable account for last two months.
- FHA CalPERS Loan - FHA does not require that you
have any funds that are verifiable in the account for last two months as FHA allows the
funds for the purchase to be gift funds from family or non-profit organizations. FHA is
the most lenient of all loan programs.
Following is a list of Down Payment sources you can use for your
CalPERS loan.
- Personal Retirement Account(s)
- Current Assets in Bank Account or other financial institutions
- Stocks, Bonds, Mutual Funds, 401K's, etc
- PERS Retirement Account Secured Loan
- FHA and Fannie Mae only- Gift by family member, employer, approved
non-profit organization.
Now that we have covered the savings portion of CalPERS loan
qualifying, please continue to the next aspect of loan qualifying, the "Closing Costs" of the loan by clicking HERE. |
