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Eligibility Questions?

 

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Not a first-time homebuyer?
You may still apply for our first mortgage loans if your property is located in a Targeted Area.

Extra Credit Teacher Home Purchase Program (ECTP)

The ECTP provides a deferred-payment junior loan for eligible teachers, administrators, classified employees and staff members working in county/continuation or high priority schools in California.

ECTP junior loans range from $7,500 to $15,000 depending on the area in which the home is being purchased, and can only be combined with an eligible CalHFA first mortgage loan. ECTP subordinate loans can only be used for down payment assistance.

Review the sections below to find out more about the ECTP.

(ECTP program)

Program Eligibility

Am I eligible to apply for this program?
Review the guidelines below for both “Borrower” and “Property” Requirements to determine if you may be eligible to apply for the ECTP.

Borrower Requirements

  • Be a first-time homebuyer
  • Occupy the property as a primary residence; non-occupant co-borrowers are not allowed.
  • CalHFA borrowers must complete homebuyer education counseling and obtain a certificate of completion through an eligible homebuyer counseling organization.
  • Meet CalHFA income limits for this program.
  • Be currently employed in a County/Continuation or High Priority school.  A High Priority school is defined as a public or charter school that has an Academic Performance Index (API) ranking of 1 through 5.
  • Hold an appropriate credential for a teacher, administrator or staff member or be employed as a Classified Employee.
  • Intend to work for three years continuously from the date of the loan in a County/Continuation or High Priority school.

*In the case of conflicting guidelines, the lender must follow the more restrictive.

Property Requirements

  • Sales price of the home cannot exceed CalHFA's sales price limits established for the county in which the property is located
  • Be a single-family, one-unit residence, including approved condominium/PUDs

*In the case of conflicting guidelines, the lender must follow the more restrictive.

Additional Property Guidelines

  • Condominiums must meet the guidelines of the first mortgage
  • Manufactured housing is not permitted
  • There is a five acre maximum on the size of the property
  • Leaseholds/Land Trusts and Co-ops are not permitted
  • Meet the requirements of the mortgage insurer/guarantor

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(ECTP program)

Interest Rate

What is the interest rate?
Interest rates will vary depending on your financial circumstances, lender fees, and other factors. Interest rates can also change daily. We recommend that you check with a CalHFA-approved loan officer to receive an accurate rate quote for this program.

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.

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(ECTP program)

Homebuyer Education Requirement

CalHFA firmly believes that homebuyer education is critical to the success and happiness of a homeowner, and requires homebuyer education for all its first-time homebuyer programs. CalHFA will accept hard or online copies of homebuyer education counseling certificates.

Who has to take this Homebuyer Education course?

Only one occupying borrower on each loan transaction.

How do I take this education course?

ONLINE: You can take eHome's eight-hour Homebuyer Education course online or

IN-PERSON: face-to-face Homebuyer Education through NeighborWorks America

 

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(ECTP program)

How To Apply

How do I apply for this loan program?
Since CalHFA is not a direct lender, our mortgage products are offered through private loan officers who have been approved & trained by our Agency. These loan officers can help you find out more about CalHFA’s programs and guide you through the home buying process.

Visit the Find a Loan Officer tab, to contact a loan officer in your area.

What documents should I have ready when contacting a loan officer?
When initially contacting a loan officer, you may want to have this list of documents and information available to help answer questions that they will ask you:

  • Pay stubs
  • Bank statements
  • Employment history
  • Previous tax returns

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