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The Extra Credit Teacher Home Purchase Program (ECTP) is a deferred payment, simple interest rate subordinate loan.
The ECTP loans are available either at an amount:
› Not to exceed the greater of $7,500 or 3% of the lesser of the sales price or appraised value
› Not to exceed the greater of $15,000 or 3% of the lesser of the sales price or appraised value in CalHFA-defined high cost areas.
› The ECTP can only be used for down payment assistance and/or closing cost with an eli- gible CalHFA first mortgage loan.
› In addition, CalHFA will permit qualified homebuyers to use other FHA-approved or Fannie Mae Community Second subordinate loans or grants (with the exception of CHDAP) to help in the purchase of the home.
› The Extra Credit Teacher Program has limited funds available, so take advantage of this program while you still can.
› Limited funds available.
Start our easy loan application process today and take one step closer to home ownership.
Phone: (661) 799-8515