Extra Credit Teacher Home Purchase Program
Description
Teachers, administrators, classified employees and staff members working in high priority schools in California may apply for 30-year, below market interest rate mortgage loan, and a contribution/deferred payment 2nd mortgage of $7,500 that must be used toward down payment and closing costs. In exchange for home ownership opportunities, eligible borrowers would commit to teach or serve in a Low-Performing School for a minimum of five years.
Process
Contact California Housing Finance Agency's Homeownership Division for an application.
Conditions/Requirements:
- Must be primary residence
- Household income for 1-2 persons may not exceed $69,000
- Household income for 3+ persons may not exceed $80,500
- Buyer must qualify as first-time homebuyer
- Commit to teach/serve in a Low-Performing School for a minimum of five years
Available to
Teachers, administrators, classified employees and staff members working in high priority schools in California only
How to apply
If a borrower works in a low-performing school, should contact one of the participating lenders to start the home buying process. The lender qualifies the teacher/principal for the program and arranges financing for the home through the County’s Extra Credit Teacher Program.
List of Participating Lenders
Contact California Housing Finance Agency's Homeownership Division
Who to call
California Housing Finance Agency
Los Angeles Office
100 Corporate Pointe, Ste. 250
Culver City, CA 90230
310-342-1250 or 877-9-CalHFA
http://www.calhfa.ca.gov/homebuyer/programs/index.htm