Down Payment Assistance for Educators

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CalHFA Offering Down Payment Assistance to Educators

The California Housing Finance Agency (CalHFA) is offering thousands of dollars in down payment assistance for teachers and staff who work in California’s high priority schools.

Through the Agency’s Extra Credit Teacher Program, educators may be eligible if they work in a public or charter school with an Academic Performance Index (API) rank of 1 through 5. The 1 through 5 ranking is an indicator of lower test scores. These are the schools where talented teachers are especially needed to improve student performance and progress. The Extra Credit Teacher Program provides an incentive for teachers to serve and stabilize these schools and students. Educators and other staff in more than 450 school districts, from San Diego to Shasta counties, are eligible for the program.

The down payment assistance available to educators and other school staff depends on the location and the sales price of the home. In non-high cost areas, the down payment assistance is either $7,500 or 3 percent of the sales price, whichever is greater. In high-cost areas, such as the Bay Area and parts of Southern California, the down payment assistance is the greater of $15,000 or 3 percent of the sales price or appraised value, whichever is less.

The down payment assistance is in the form of a junior loan. But homeowners are not required to pay back the money until the home is refinanced, sold or the mortgage is paid off. If the homeowner stays in the high priority school and the home for at least three years, all of the interest on the second mortgage is forgiven.

Information about additional mortgage finance programs can be found on C.A.R.’s California Mortgage Resource Directory, which is a powerful search tool that identifies available mortgage finance programs in targeted real estate markets.

Using the Directory, buyers can search by city or address for public- and private-funded assistance programs including FHA/VA, HUD, affordable fixed-rate mortgages, rehab loans, and more.  REALTORS® and buyers can quickly connect with any number of home-buyer resources without having to search within each municipality individually.

Category : Blog

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