News Wire: Even Teachers Need Extra Credit

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

LATMAP Orientation Meeting

A Success Story: Teacher, Amy Bouse

November 29, 2006


Amy Bouse has been a teacher for the past 8 years at Santa Monica High School. As she researched various homeownership assistance programs for teachers on the Internet, she stumbled upon the Los Angeles Teachers Mortgage Assistance Program (LATMAP).

Ms. Bouse decided to attend CFRC’s 8-hour homebuyer’s seminar on a Saturday, where she learned about various loan programs available to her and about the pre-approval process. "This was my second and much better homebuyer’s seminar…I learned about expectations for real estate agents and a great rebate program for teachers," said Ms. Bouse.

Through LATMAP she also met two program partners: Joseph Guzman from National City Mortgage, and Iris Land from Prudential CA Realty. The partners helped Ms. Bouse through every step of the homeownership process, including qualifying her for a loan and helping her find a home.

Ms. Bouse recently closed on her purchase, a 2 bedroom condominium located in Southwest Los Angeles. The home has great amenities and charm, including hardwood floors, and built in cabinets. But her favorite place is the terrific backyard that offers the privacy, serenity, peace and escape that she longs for at the end of her day.