Extra Credit Teacher Home Purchase Program (ECTP)

The ECTP helps make first-time homeownership a possibility for eligible teachers, administrators, staff members and classified employees who serve in California’s high priority schools.

How The Program Works

The ECTP provides a deferred-payment junior loan, for down payment assistance – from $7,500 to $15,000, depending on the location of the property, or 3% of the purchase price, whichever is greater. This junior loan is only available when combined with a CalHFA first mortgage loan. If the first mortgage loan is CalHFA’s 30-Year Fixed Mortgage, the interest rate on the first mortgage will be at a special reduced rate. Interest on the junior loan is deferred and may be reduced to zero if the borrower meets continued eligibility requirements. The ECTP can not be combined with the California Homebuyer’s Downpayment Assistance Program (CHDAP).

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

Program Elements

Requirements

Details and Reference Sources

First-Time Homebuyer

 

Borrower must be a first-time homebuyer purchasing a primary residence intended for owner-occupancy. Borrower must also be an eligible teacher, administrator, staff member or classified employee in a high priority California school ( API Rank 1-5).

A High Priority School is a California K-12 public school that:

  1. Is ranked in the bottom 50% of all schools based on the most recent Academic Performance Index, i.e. schools receiving an API Statewide Ranking of 1, 2, 3, 4 or 5; or
  2. Does not have an API ranking but 70% or more of the school’s pupil enrollment is eligible for free or reduced price meals; or
  3. Is a County Continuation school

Income Limits

Refer to CalHFA’s income limits established for the county in which the borrower is purchasing.

Sales Price Limits

Refer to CalHFA’s published sales price limits established for the county in which the borrower is purchasing.

Citizenship

Be a U.S. citizen, permanent resident alien or other qualified alien

Property Eligibility

Available Through Approved Lenders

Refer to CalHFA’s approved lender list for a lender in your area.

Other Requirements

Must qualify for and meet the requirements of the CalHFA first mortgage loan, the lender, and the mortgage insurer/guarantor. Other program requirements may apply; please contact an approved lender for more details.

For More Information

To learn more about ECTP , contact us at:

CalHFA Homeownership Division
P.O. Box 4034 , Sacramento, CA 95812
Phone: 877.9.CalHFA
Email: homeownership@calhfa.ca.gov

Homebuyers interested in applying for financing should contact one of CalHFA's approved lenders.

CalHFA does not lend money directly to consumers. CalHFA works through and uses approved private lenders to qualify consumers and to make all mortgage loans. CalHFA purchases closed loans that meet CalHFA's requirements. The fees consumers pay could be different depending on the lender and the program. View the sample Truth in Lending disclosure here.