NEW: California School Program Shocks Education Industry?
The NEW California School Program offers more down payment and closing cost assistance to first time home buyers.
- New guidelines more inclusive to include ALL school & district employees
- Assistance increased to 4% of sales price
- Up to $660,000 maximum sales price
This program replaces the Extra Credit Teacher Program (ECTP).
Who’s Eligible for the California School Program?
You may be eligible for the California School Program if you are a teacher, administrator, school district employee and staff members working for any California K-12 public school. This includes Charter schools and county/continuation schools.
CalHFA (California Housing Finance Agency) has rolled out a second bombshell announcement in 2018. The first bombshell came January 2018, when they lifted income restrictions based on the size of your family.
Eligible buyers can get up to 4% of the sales price, at a below market interest rate, deferred interest, silent second loan.
There are no payments due on a silent second loan, and the money can be used to pay down payment or closing costs.
Applicants must be a first time home buyer. The definition of a first time home buyer is that you cannot have owned a primary residence in the past 3 years.
Stacking Assistance Programs Together
With the California School Program added to the lineup, and the expanded availability of CalHFA’s CalPlus, ZIP, and MCC programs, first time home buyers have many options to overcome the hurdle of down payment and closing costs.
CAN be stacked with the NEW Teacher Program
- CalHFA Conventional first mortgage program
- CalPLUS Conventional first mortgage PLUS 3% or 4% zero interest silent second
- CalFHA FHA first mortgage program
- CalPLUS FHA first mortgage PLUS 3% or 4% zero interest silent second
- MCC – Mortgage Credit Certificate – dollar for dollar tax credit for first time home buyers
CANNOT be stacked with the NEW Teacher Program
- CalHFA MyHome Assistance Program cannot be used with the California School Program
The CalHFA MyHome Assistance program can be used with any of the above first mortgage, ZIP, and MCC programs, just not with the California School Program.
Apply for California School Program
This overhaul to the extra credit teacher program offers much more assistance, to many more first time home buyers in California.
Ask me any questions you have about these programs in the comments section below. I will be instantly notified and typically answer questions very quickly.
If you’re ready to see if you’re eligible for this exciting new down payment and closing cost assistance program, Apply Below…