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