California Extra Credit Teacher Home Purchase Program (ECTP)

Home Buyer’s Down Payment Assistance Program For Educators With The California Extra Credit Teacher Home Purchase Program

The California Extra Credit Teacher Home Purchase Program, commonly referred to as ECTP, is a home buyer assistance program for school teachers, school administration employees and executives, and other school employees from any school district throughout the state of California which offers public education for students from Kindergarten to the 12th grade. The ECTP home purchase assistance program is not just for California Kindergarten to twelve grade public school employees but is also extended to employees of California charter schools as well as county schools and continuation schools. All applicants for the California Extra Credit Teacher Home Purchase Program needs to be first time home buyers.

How Much Can A First Time Home Buyer Qualify For Down Payment Assistance With The ECTP

First time home buyers can get ECTP first time home buyer junior loans ranging from a low of $7,500 to $15,000. The amount first time home buyers under the California Extra Credit Teacher Home Purchase Program would get will depend on the particular location in where the property being purchased is located. First time home buyers applying for the California Extra Credit Teacher Home Purchase Program can only receive the ECTP funds if it is in combination with an eligible California Housing Finance Authority home loan which is in first position. All California Extra Credit Teacher Home Purchase Program are not free and is a second mortgage loan program that can only be used for the down payment of a home purchase for first time home buyers.

Eligibility Requirements For The California Extra Credit Teacher Home Purchase Program

Just like the California Mortgage Credit Certificate Program , the California Extra Credit Teacher Home Purchase Program requires both the home buyer as well as the property to be dually eligible.

The Requirements For The Borrowers Are The Following:

  • Home buyers under The California Extra Credit Teacher Home Purchase Program needs to be a California first-time home buyer. The definition of a first time home buyer in California is a home buyer who has not had any ownership to a California home in the past three years.
  • All California Extra Credit Teacher Home Purchase first time home buyers need to purchase a home they intend on occupying . You cannot qualify for a second home or investment home loan with the California Extra Credit Teacher Home Purchase Program.
  • All California Extra Credit Teacher Home Purchase home buyers need to enroll and complete the California home buyer education course. Upon completion of the CalHFA approved housing counseling course, the home buyer will receive a certification of completion certificate which needs to be presented when applying for the CalHFA approved California Extra Credit Teacher Home Purchase. These courses are available throughout the year through CalHFA approved first time home buyers counseling organizations throughout the state of California. The California first time home buyer education course needs to be completed by only on owner occupant first time home borrower on a mortgage loan application.
  • Just like the California Mortgage Credit Certificate Program, all CalFHA programs, including the California Extra Teacher Home Purchase program has maximum income limits.
  • Only active employees of the California public school system as well as California County and continuation schools and/or its school districts are eligible to be participants of the California Extra Credit Teacher Home Purchase Program.
  • Overlays may apply where the mortgage lender may have additional mortgage requirements on top of those required by the California Housing Finance Authority, CalHFA.

The Property Requirement Guidelines For The California Extra Credit Teacher Home Purchase Program are the following:

  • The subject property cannot have a sales price that exceeds the California Housing Finance Authority Sales Price Limits. The sales price limits is set by the CalHFA for each county throughout the state of California.
  • The owner occupied property needs to be a detached one unt single family home. Approved condo untis and PUD units are eligible.
  • Condominium units needs to meet the requirements and lending requirements of the first position mortgage lender.
  • Manufactured homes do not qualify with the California Extra Credit Teacher Home Purchase Program.
  • The maximum lot size allowed is capped at 5 acres.
  • Leaseholds and Land Trusts as well as Co-Ops do not qualify under California Extra Credit Teacher Home Purchase Program.
  • Just because you are approved for the California Extra Credit Teacher Home Purchase program does not mean it is guaranteed to fund. The CalHFA needs the blessings and approval of the mortgage lender and mortgage insurance company of the property.

What Are The Interest Rates For CalHFA Down Payment Assistant Programs

The interest rates is not set in stone and varies on the borrower’s credit and income profile. California Housing Financial Authority is not a lender and does not originate nor fund loans to individual home buyers. Private mortgage lenders will originate and fund loans and as long as it meets CalHFA lending guidelines, CalHFA will purchase these closed loans. The interest rates, fees, and costs on these loans will depend on the individual lender.

How Can Apply For The CalHFA Down Payment Assistance Program?

If you are a California resident and are interest in learning more about the California first time home buyers assistance program, contact The Gustan Cho Team. We are a national five star mortgage banking firm eligible to be licensed in all 50 states with branch offices nationwide and assist first time home buyers with eligible first time home buyer down payment assistance programs not just in California, but throughout the United States. We are available 7 days a week, evenings, weekends, and holidays. Contact us at 262-716-8151. Text message us for faster response or you can email us at gcho@gustancho.com. You can apply online at www.phmc.com/gustancho .

The information contained on Gustan Cho Associates website is for informational purposes only and is not an advertisement for products offered by The Gustan Cho Team @ Gustan Cho Associates or its affiliates. The views and opinions expressed herein are those of the author and/or guest writers of Gustan Cho Associates Mortgage & Real Estate Information Resource Center website and do not reflect the policy of Gustan Cho Associates Lenders Network, its officers, subsidiaries, parent, or affiliates.

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