Special Home Buying Reaches Nearly 1,800 Teachers
from LAWatts.com
Nearly 1,800 teachers, administrators, classified employees, and other staff members who serve in California’s high priority schools (API Ranks 1-5) have taken advantage of the Extra Credit Teacher Program (ECTP), a special first-time home buying program administered by the California Housing Finance Agency.
The program was designed to bring quality teachers to the students who need them the most, and at the end of the day, enables them to go to the place they need the most—their own home.
Since the Extra Credit Teacher Program was launched in July 2001, the California Housing Finance Agency has financed more than $461 million in first mortgage loans and provided more than $19 million in down payment assistance through the program. These dollars add up to 1,790 educators who are now first-time homeowners, thanks to CalHFA and the ECTP.
This statewide financial program combines deferred down payment assistance, up to $15,000, with a 30-, 35- or 40-year first mortgage loan at a low interest rate. Interest on the down payment assistance loan is forgiven if the borrower remains employed at a high priority school for three years, and no payments are required on the second loan until the home is either sold, refinanced or paid in full.
Information: www.calhfa.ca. gov or (877) 9-CalHFA (877-922-5432).
link to article: http://www.lawattstimes.com/articles/2007/12/19/education/education1.txt
Want more information about CalHFA ECTP and other programs for first-time homebuyers? Call (323) 834.1434 or visit http://www.latmap.com
Since the Extra Credit Teacher Program was launched in July 2001, the California Housing Finance Agency has financed more than $461 million in first mortgage loans and provided more than $19 million in down payment assistance through the program. These dollars add up to 1,790 educators who are now first-time homeowners, thanks to CalHFA and the ECTP.
This statewide financial program combines deferred down payment assistance, up to $15,000, with a 30-, 35- or 40-year first mortgage loan at a low interest rate. Interest on the down payment assistance loan is forgiven if the borrower remains employed at a high priority school for three years, and no payments are required on the second loan until the home is either sold, refinanced or paid in full.
Information: www.calhfa.ca. gov or (877) 9-CalHFA (877-922-5432).
link to article: http://www.lawattstimes.com/articles/2007/12/19/education/education1.txt
Want more information about CalHFA ECTP and other programs for first-time homebuyers? Call (323) 834.1434 or visit http://www.latmap.com
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