HOME BUYING ADVANTAGE FOR TEACHERS & SCHOOL EMPLOYEES!   Buying your first home on a teacher's salary can be tough...  Now it just got easier!

California's Extra Credit Teacher Program makes the dream of homeownership a reality for eligible teachers, administrators, staff members and classified employees who serve in high priority schools across the state--API ranking 1-5.

Through the California Housing Finance Agency, these special loan programs are offered to ease the burden of getting into a home for those who serve in our schools and who have not owned a home for the last 3 years.  

The CalHFA program offers a combination of loans, when used together, can make homeownership a reality for those working in the school systems. 

Borrowers must meet the following requirements:

1. Be currently employed in a public or charter school that scores in the lower 50% on the statewide Academic Performance Index, ranks 1-5.

2. Hold an appropriate credential for a teacher, administrator, staff member or classified employee.

3. Intend to work for three years continuously from the date of the loan in a high priority school.

4. Be a first time homebuyer defined as a person who has not owned and occupied their primary residence during the previous three years

5. Be within CalHFA-defined income limits

6. Occupy the property as a primary residence

7. Be a U.S. citizen or have permanent residence status

Additionally, the property must be within the CalHFA defined sales price limits and the property must be a single family residence (including condos and maufactured homes that meet the eligibility requirements.)

Summary: By utilizing this program teachers and other school employees may have the opportunity to purchase a home utilizing the special loan programs that may

- Be interest only for a short term,
- May allow you to pay for the home over 40 years instead of 30, lowering payments and easing impact of the monthly payment.
- May be combined with a small second loan to cover the downpayment or closing costs at a low interest rate that may possibly be deferred or on which you may pay NO interest.

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- The details of the loans are subject to change and current rates and programs should be verified by your approved lender LoanStar Financial.

California Housing Finance Agency

Created in 1975 as the state's affordable housing bank, the California Housing Finance Agency has invested over $14 billion in non-taxpayer funds to help more than 135,000 California families live in a home of their own with a mortgage they can afford. For more information, visit www.calhfa.ca.gov. 

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