Close extra sharing options. CalPERS has 1. For reprint and licensing requests for this article, click here. Mortgage rates spike following Fed comments. The latest jobs and economic numbers pave the way for additional upward movement throughout , analysts said. By Spencer Lee. Morningstar defends its integrity and independence. By Donna Mitchell. Taking out this unique part of the program then standardized it with the benefits offered by other conventional programs.
In addition, CalPERS had taken an even more conservative stance with the interest rates it offered, and apparently members often chose other conventional loan programs. According to the press release, this discontinuance of the program was not going to affect any loans in process; all expected to close within 90 days.
Mortgage programs are continually being improved and refined, and there are many conventional programs available to qualified applicants, even if not administered by CalPERS. For more information on this or any of the other mortgage programs available, you can call the San Luis Obispo office at or the Santa Maria branch at Also, see The Mortgage House online at: www. The comments below represent the opinion of the writer and do not represent the views or policies of CalCoastNews.
Please address the Policies, events and arguments, not the person. Constructive debate is good; mockery, taunting, and name calling is not. CalPERS suspended its program offering mortgages to members because of limited demand and rising costs. But demand waned the past few years with between 1, and 4, loans annually since , representing just a fraction of CalPERS 1.
CalPERS will honor all applications already in the pipeline and expects to complete this process by the end of March. Write to Jason Philyaw. Here are his 5 predictions for the housing market. Remember me. Don't have an account? Please Sign Up. Skip to content.
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