Asset secured loans and 401(k) secured loans are a great way to fund the downpayment for those not eligible for the CalPERS 100 percent financing.
  • Does the borrower lack the downpayment funds, or does not contribute to the CalPERS retirement account?

    • Has the borrower not been contributing long enough to be eligible to obtain a CalPERS Personal Loan?
  • Does the borrower want to avoid paying for mortgage insurance, but lacks a 20 percent downpayment?
  • Do you want to utilize a CalPERS Personal Loan for a portion of the 5 percent downpayment, but the borrower lacks sufficient funds to fill the gap?
    You can use an asset secured loan for the downpayment, or a portion of the downpayment, on a CalPERS mortgage loan. Check with the 401(k), insurance administrator, credit union, or bank about securing this loan for a downpayment with a CalPERS Mortgage Loan.
Retirement System/ Insurance Secured Loans
Asset Secured Loans
Investment Secured Loans
401(k) Plans Vehicle, Boat CD
Whole Life Insurance 
(cash value)		 Personal Property Stock Funds
Borrower not penalized for withdrawing the funds.
Must check with 401(k)/ Insurance Administrator for loan provisions.		 Assets must be owned free and clear. Borrower not penalized for withdrawing funds from CD early.

THE ADVANTAGE - These funds can also be used to pay recurring and non-recurring closing costs.
Remember that the principal and interest payments on an asset or retirement secured loan must be included in the total debt to income ratio.
 
 

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