Under CalSTRS home mortgage loan even the home owners may also utilize the equity that is even built up on primary residence as well as receive the loan. This kind of loan amount may also be obtained as the lump sum amount or as the monthly payment as well as even as the line of such credit. Such kind of the program does not even have any kind of income as well as health requirements and nor does it need any kind of monthly payments for mortgage. On the other hand, there are also some of the restrictions to get this loan approved for the purpose of CalSTRS home loan program. Moreover, applicant should also be the citizen of US as well as should be primary resident of property that is being purchased.
The amount of loan should also be used to purchase the property only in such specific state. The Unique benefit of the CalSTRS home loan program stays that the entire income that is well derived through different payments of mortgage is also well diverted directly to Retirement Fund of the Teachers. For such kind of the convenience of the borrowers, CalSTRS also offers the home loans for free interest rate of 45-day with the lock-in period after submission of the loan application.