Can I refinance my existing CalSTRS mortgage?
Now that CalSTRS is suspended and BofA who was the servicer/program administrator will not refinance the CalSTRS loan, Mountain West Financial launched a brand new home loan for teachers in California called CalPATH.
CalPATH is for both purchase and refinance, and in fact, works great to refinance an EXPLODING CalSTRS teacher loan. You can read more about refinancing a CalSTRS loan with CalPATH here http://homeloanartist.com/2014/02/refinance-calstrs-teacher-loan/ or call (951) 215-6119 for info.
Refinances are allowed with the CalSTRS Conventional Standard Program. Borrowers with conforming CalSTRS 80/17 or 95/5 mortgages may be eligible to refinance using the Home Affordable Refinancing Program (HARP) only, part of the federal government’s Making Homes Affordable (MHA) initiative. This program applies to qualifying first mortgages only, not second liens. The previously offered non-conforming mortgages under the 80/17 or 95/5 program are not eligible. For more information on HARP refinancing and eligibility, go to the Making Home Affordable website or contact the CalSTRS Member Help Line at 1-866-384-4457.
Related Questions
- Can Lenders Use the Desktop Appraisal from Alternative Appraisals to Loan Money or Refinance My Existing Mortgage?
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- My existing mortgage is not a CalSTRS mortgage. Can I refinance it with a CalSTRS home loan?
