CalHFA Extra Credit Teacher Program (ECTP)

• Only available to first-time homebuyers
   
• Available to Fully-Credentialed teachers, staff members, and administrators in schools that score in the bottom 50% statewide Academic Performance Index (API ranks 1 to 5) or be assigned to a school district but teach in, provide administration in, or provide service to at least one high priority school.
   
• 100% financing is available
   
• Uses a CalHFA 1st mortgage that is a 30 year fixed at a rate that is more than 1 full point of interest below the market rate. The current rate on the ECTP 30 year fixed is 6.0%
   
• Has a silent 2nd mortgage of $7,500 that can be applied toward down payment. No payments are required while the homeowner remains living in the home. This program is called the CalHFA HiCAP program.
   
• Has a silent 3rd mortgage of up to the greater of $15,000 or 3% of the purchase price in San Diego County. No payments are necessary while living in the home. The interest rate on this loan is reduced by 1% during each year that the borrower is employed at the high-priority school. At the end of the 3rd year of employment in the high-priority school, the interest is forgiven entirely.
   
• There are no prepayment penalties on any CalHFA loans. the 1st mortgage will have mortgage insurance attached to the payment if the loan amount exceeds 80% of the property value. This is standard in mortgage lending.

By the way, I am a CalHFA Preferred Loan Officer.

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