What are CalPATH & PATH?
The CalPATH & PATH Home Loan Programs are available exclusively to Mountain West Financial clients and is designed to benefit those that serve our local communities... it's our way of saying "thank you!" Offering hundreds of dollars in upfront savings with reduced lender fees and a thousands of dollars over the life of the loan with reduced interest rates!
We are proud to celebrate our 10 year anniversary of offering this unique home loan exclusively to our communities! Complete the quick quote and one of our Loan Originators will give you a call to answer any of your questions and get you pre-qualified for a CalPATH or PATH Home Loan today!
With no additional qualifying or costs, benefits of a CalPATH or PATH home loan include:
- Reduced Lender Fees
- Reduced Interest Rates
- FHA or Conventional loan options available
- Purchase or Refinance!
- Can be used with other downpayment assistance programs
- Available for high balance loans
- 15, 20, 25 or 30 year terms available
- No additional qualifying – follows FHA & Conventional standard guidelines
- One free float down – during the first 30 days (or before the Closing Disclosure is issued, whichever is sooner) after the rate is locked, if rates become lower you can “float down” to that new lower rate
- Not limited to first time homebuyers
- Available to eligible borrowers in Arizona, California, Colorado, Florida, Idaho, Minnesota, Nevada, New Mexico, North Carolina, Oklahoma, Oregon, South Carolina, Texas, Utah & Washington.
To be eligible for CalPATH or PATH, you must be a member or employee of one of the following:
All current or retired employees of a public agency
Teachers and professors of an accredited K-12 private, religious, or charter school, state college, state university, or community college. (Other non-teacher employees are eligible only if part of a PUBLIC school district. Proof of teacher retirement system membership is required.)
State, county, or city employees
All members of certain state retirement systems. (Contact us or your Loan Officer for the full list.)
Examples of non-eligible borrowers include, but are not limited to, Non K-12 Vocational Schools or Trade Schools, Post-Secondary, Home School Teacher Jobs. Non-teacher employees are ineligible for private, religious or charter institutions as well as non-professors of State College, State University, or Community College. Other examples include So Cal Edison, Health Care Employees (unless a member of one of the above eligible retirement systems), Federal Employees (i.e. Postal Workers, Us Federal Bankruptcy court, National Park Service, Department of Veterans Affairs, Department of Agriculture – Forest Service, Department of Justice, etc.). IHHS employees are employed by the person receiving the care and paid through the state's Medicare/Medicaid system.
History of the CalPATH & PATH Home Loan Programs
In March of 2013, Mountain West Financial was selected as the master servicer for the CalSTRS Home Loan Program. To read the official announcement, click here. During the first few months of collaboration, CalSTRS determined that due to market conditions, they would suspend the launch of a new program, visit the CalSTRS website regarding the suspension of the CalSTRS Home Loan Program.
In October of 2013, Mountain West Financial released CalPATH to fill a void left in the market due to the suspension of the CalSTRS Home Loan Program, and introduced the CalPATH Home Loan Program. To learn more about the launch of the CalPATH program, click here to read the full press release.
In September of 2014, the program was expanded and the name changed to "PATH" as it became available to other states. Click here to learn more about the expansion of the PATH Home Loan Program into Colorado.
As we continue to grow and extend our reach to new states, we're thrilled to bring this specialized program to public service workers in these expanding regions. Click here for a full list of states where PATH is available, and discover how we can help you achieve your homeownership goals.