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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

Last updated: 11/15/2011 12:20:36 AM