...............................................................................
CalPERS Home Loan
|
vs. |
Conventional
& FHA Loans |
| Two Float Down Opportunities |
|
No
Float Down Available |
| 100%
Financing Available |
|
N/A |
| No Unauthorized Discount Points/Max. 1.25% Origination Fee* |
|
Can Be
Charged Unlimited Discount Points/Origination Fee |
| Controlled
Document Preparation Fee** |
|
Approx. $250-$500
Document Preparation Fee*** |
| $200 Processing Fee*** |
|
$250 -
$500 Processing Fee*** |
| Third Party
Reviews/Underwrites All Loans**** |
|
N/A |
| Participation Strengthens Retirement System |
|
N/A |
CalPERS Home Loan
|
vs. |
VA
Home Loan |
| Two Float Down Opportunities |
|
No Float
Down Available |
| No VA Funding
Fee |
|
VA Funding Fee, Generally
2% |
| Controlled Discount Points/Max. 1.25% Origination Fee* |
|
Can Be
Charged Unlimited Discount Points/Origination Fee |
| No Document
Preparation Fee** |
|
Approx. $250-$500 Document
Preparation Fee*** |
| $200 Processing Fee*** |
|
Approx.
$250 - $500 Processing Fee*** |
| Min. 2.25%
Equity In Property When Loan Closes***** |
|
Debt May Exceed Home Value
When Loan Closes |
CalPERS Home Loan
|
vs. |
CHAFA
Home Loan |
| Two Float Down Opportunities |
|
No
Float Down Available |
| 100%
Financing Available |
|
100% Financing Available |
Maximum 1.25%
Origination Fee* |
|
Maximum
1.00% Origination Fee |
| No Recapture
Tax |
|
Recapture Tax Possible |
| Can Rent If Occupied Residence For 1 Year |
|
Can
Not Rent Residence without CHFA Approval |
| Funds Always
Available |
|
Funds Always Available |
| * |
Maximum of 1 percent origination fee for
CalPERS government purchase money loan. Also, an additional 0.25 percent discount fee for
government CalPERS refinances may be charged to the borrower. |
| ** |
If a third party vendor to your lender is
providing the documents, there may be a document preparation fee. |
| *** |
FHA/VA does not allow these fees to be charged
to the borrower. However, these fees are typically passed indirectly to the borrower in
other program transactions. |
| **** |
A $40 Underwriting Fee is collected on a
CalPERS conventional loan. There is a $125 Underwriting Fee on a CalPERS government
loan (cannot be charged to the buyer in a government transaction — may be charged to
the seller). |
| ***** |
1.25 percent, if property value 
$50,000 (government only). Five percent if conventional CalPERS financing. |
| This
chart is a general comparison only. We recommend you compare fees and costs before
choosing a loan. Many other loan programs have higher closing fees and do not offer the
benefits of the CalPERS Member Home Loan Program. |
Now that you have compared the CalPERS loan to other loan programs,
please review the available CalPERS loan programs by clicking HERE. |