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 offers a down payment assistance program specifically designed for qualifying teachers, administrators, classified employees and staff members of county/continuation or high priority schools in the state. 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. Applicants for ECTP must meet the following requirements:
  • They must be first-time homebuyers
  • They must occupy the home as their primary residence
  • Borrowers are required to successfully complete a homebuyer education counseling course
  • Homebuyers must be 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
  • In addition to borrower guidelines, there are some property requirements as well:
  • The home cannot exceed CalHFA's sales price limits established for the county.
  • The property must be a single-family, one-unit residence, including approved condominium/PUDs (Guest houses, granny units and in-law quarters may be eligible)
  • Manufactured housing on a permanent foundation is allowed when combined with a FHA first mortgage 
  • Condominiums must meet the guidelines of the first mortgage
  • There is a five acre maximum on the size of the property
  • Leaseholds/Land Trusts and Co-ops are not permitted
  • The property must meet the requirements of the mortgage insurer/guarantor

Down Payment Grants in California

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 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.

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.