The Extra Credit Teacher Home Purchase Program (ECTP) grants eligible applicants a deferred junior loan ranging between $7,500 and $15,000, which can only be combined with an eligible first mortgage loan from the California Housing Finance Agency.

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Extra Credit Teacher Home Purchase Program

Financial Assistance for Homebuyers in California

The California Housing Finance Agency’s (CalHFA’s) Extra Credit Teacher Home Purchase Program (ECTP) is specifically designed to provide down payment assistance for qualifying teachers, administrators, classified employees and staff members of county/continuation or high priority schools in the state.

Available Assistance:
The Extra Credit Teacher Home Purchase Program (ECTP) grants eligible applicants a deferred, junior loan ranging between $7,500 and $15,000, which can only be combined with an eligible CalHFA first mortgage loan. Approval is contingent on the area in which the property is being purchased.

Eligibility Requirements:
In order to be considered eligible for ECTP, all applicants must meet certain requirements. They must be first-time homebuyers, employed in a county/continuation or high priority school in California (They must be able to show appropriate credentials of their employment). Applicants must intend to continue work for three years continuously from the date of the loan in the school. Borrowers are required to successfully complete a homebuyer education counseling course.

Property Guidelines:
Any property purchased under the program must serve as the borrower’s primary residence, and cannot exceed CalHFA's sales price limits established for the county. Eligible property types include single-family, one-unit residences, approved condominium/PUDs (guesthouses, granny units and in-law quarters may be eligible), manufactured housing on a permanent foundation (when combined with an FHA first mortgage). The property cannot exceed 5 acres and must meet the requirements of the mortgage insurer/guarantor. Leaseholds/Land Trusts and Co-ops are not permitted.
 

Down Payment Grants in California

The City of Brentwood offers first-time homebuyers the Down Payment Assistance Program (DAP), which provides funds that go toward the down payment and/or closing costs. Assistance comes in the form of a deferred payment loan program for first-time homebuyers.

The CalHome Program provides applicants up to 17 percent of the total property price for down payment assistance, and 4 percent (up to $10,000) in closing costs assistance. These funds come in the form of a loan with 3 percent simple interest per year, accrued annually.

The California Homebuyer’s Downpayment Assistance Program is a deferred-payment junior loan that grants applicants up to 3% of the purchase price or appraised value of the property, which can be put towards the down payment and/or closing costs. 

The City of Downey has partnered with the local housing non-profit organization Neighborhood Housing Services (NHS) to provide down payment assistance in the form of a $60,000 loan, via the Downey First-time Homebuyer’s Program.

​The First Time Homebuyer Loan Program that was established by the City of Emeryville  provides down payment assistance to households at or below moderate income. This initiative gets individuals out of the renter’s trap by helping them to pay the heavy, upfront costs of purchasing a home.

The Extra Credit Teacher Home Purchase Program (ECTP) grants eligible applicants a deferred junior loan ranging between $7,500 and $15,000, which can only be combined with an eligible first mortgage loan from the California Housing Finance Agency.

Under the First Home Mortgage Program, applicants can receive up to 4 percent of the total first mortgage amount to be put toward paying the down payment and closing cost assistance. This assistance comes in the form of a grant, which has no repayment terms.

Califonia’s Golden State Finance Authority (GSFA) created the Platinum Program, which provides low-to-moderate income California homebuyers with down payment and/or closing cost assistance to help them achieve their goals of purchasing a home.

The FTHB Program provides down payment assistance in the form of a loan, the maximum amount of which may not exceed the lesser of the maximum HOME subsidy limit, 20 percent of the purchase price, or the amount needed as determined by underwriting criteria. The maximum loan amount will never exceed the amount of the primary loan.

The MyHome Assistance Program offers applicants a deferred-payment junior loan up to 3% of the purchase price/appraised value of the mortgaged property in order to help make the down payment or pay the closing costs.

CalHome Grant in order to help individuals achieve their dreams of homeownership. This program funds the Riverside Down Payment Assistance Program, which provides first-time homebuyers up to $50,000 to help pay the hefty, upfront costs on their new homes.

Santa Ana’s Downpayment Assistance Loan Program provides eligible applicants up to $40,000 to be put toward the down payment on their new home. These funds are available on a first-come, first-served basis, in the form of a zero-interest loan.

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