Are You a Teacher? Want to Buy Your First Home?

Extra Credit Teacher Home Purchase Program (ECTP).

K-12 public school employees—including administrators and support staff such as aides, bus drivers, food services workers and janitors—can receive as much as $15,000 in down payment assistance.

The Extra Credit Teacher Home Purchase Program helps with the down payment and opens the door for more teachers to become homeowners. Under this program, public school employees in California’s 35 high-cost counties —including Sacramento, Placer and El Dorado—could qualify for a maximum of $15,000 or 3.5 percent of the sales price or appraised value, whichever is greater. The maximum home price is buying homes for less than $430,000 in those counties.

Educators must meet county-by-county income limits for the program, which are based on the number of people living in the home. For example, the income limits for a family of four using a CalHFA FHA first mortgage are $90,700 in Los Angeles County, $150,750 in San Mateo County, and $106,500 in Sacramento County.

The down payment assistance is in the form of a junior loan. Homeowners are not required to pay back the loan until the home is refinanced or sold, or the mortgage is paid off. CalHFA offers additional programs that help with closing costs and can be combined with the Extra Credit Teacher Program, making home-ownership even more attainable. If you know of teachers that would like to purchase, this is a great program to help them get into their first home. Combined with other Down Payment Assistance Programs, home ownership is a possibility.

Contact us for a referral to a loan specialist who can give you more information on this special program.