Teacher & School Facility Loans

California's Extra Credit Teacher Program makes the dream of home ownership a reality for eligible teachers, administrators, staff members and classified employees who serve in high priority schools across the state (API ranks 1-5)

You May qualify for low interest rate financing and down payment assistance through the California Housing Finance Agency (CalHFA) for the purchase of your first home anywhere in California, within sales price and income limits established by CalHFA for each county.

Extra Credit Teacher Program Provides Two Loans:

CalHFA First Loan

A special interest rate on the CalHFA 30-Year Fixed Mortgage or 30-Year Government Insured/Guaranteed Mortgage.*
Below market, fixed rate.

(The special reduced rate is not available on the CalHFA interest only PLUS or the 40-Year Fixed Mortgage loan programs.)

Combined With:

CalHFA Second Loan:

The greater of $7,500 or 3% of the sales price.
The greater of $15,000 or 3% of the sales price in these counties: Alemeda, Contra Costa, Los Angles (except Palmdale/Landcaster area), Marin, Monterey, Napa, Orange,San Benito, San Diego, San Francisco, San Luis Opispo, San Mateo, Santa Barbara, Santa Clara, Santa Cruz, Solano, Sonoma, Ventura.
Deferred Payments (no monthly payment required.)
No interest payments due on the second loan if the borrower meets continued eligibility requirements.

*Amount $300,000; Term; 30 years; 5.125% sample rate; 5.9491% APR includes lender fees and insurance; Est. monthly payment $2,245.97 includes taxes and insurance.

Borrower Must Meet The Following Requirments:

Be currently employed in a public or charter school that scores in the lower 50% on the statewide Academic Performance Index rank (API ranks 1-5)
Hold an appropriate credential for a teacher, administrator, staff member or classified employee.
Intend to work for three years continuously from the date of the loan in a high priority school.
Be a first time home buyer, defined as a person(s) who has not owned and occupied their primary residence during the previous three years.
Be within CalHFA-defined income limits.
Occupy the property as a primary residence.
Be a U.S. citizen or have permanent residence status.

Property Eligiblity:

Be within CalHFA-defined sales price limits.
Be a single family residence (including condominiums and manufactured housing, must meet eligibility requirements.)

Find Out More By Call Us At 800-291-7928 ext 340

School Facility Fee Down Payment Assistance Program

How About some extra cash with that brand new home? Average grant: $3,600.

No repayment necessary.*

The School Facility Fee Down Payment Assistance Program is a grant offered through the California Housing Finance Agency, that provides financial assistance to qualified home buyers purchasing their newly constructed California home or condominium.

Qualified home buyers can receive grant money - currently averaging $3,600 - to be used for down payment, closing costs, upgrades, or any costs associated with their first mortgage loan. (Subject to acceptance by the mortgage lender and mortgage insurer.)
Home buyers do not need to use a CalHFA first mortgage loan to access the School Facility Fee grant - any loan though any lender can be eligible. the home being purchased must be newly constructed.
*If the home buyer occupies their home for five years, no repayment of the grant is necessary. If the home is owner occupied less than five (5) years, a portion of the grant must be repaid on a pro-rata basis.

To find out more about the School Facility Fee Down Payment Assistance Program Call us at:

800-291-7928 ext 340