California Teachers and Employees

The Extra Credit Teacher Program provides for a 3% loan that can be used for down payment assistance for California Teachers that work in high priority schools.  The interest on this loan is waived after 3 years of working in a high priority school.  There are no payments due on this loan until you either refinance, sell, or pay off the first mortgage.

A high priority school is one that is defined as having an Academic Performance Index (API) ranking of 5 or below.  To find out if your school qualifies for this program - Search API Ranking Here

Who Qualifies for the CalHFA Extra Credit Teacher Program

For Teachers: (Credential held must be either a Preliminary or  Full Credential.  Intern Credentials and Emergency Permits are not eligible under the program.)

• Single Subject Teaching Credential
• Multiple Subject Teaching Credential
• Specialist Instruction Credential in Special Education
• Education Specialist Instruction Credential
• Standard Elementary Teaching Credential
• Standard Secondary Teaching Credential
• Standard Early Childhood Education Teaching Credential
• Standard Restricted Special Education Teaching Credential
• General Kindergarten-Primary Teaching Credential
• General Elementary Teaching Credential
• General Junior High Teaching Credential
• General Secondary Teaching Credential
• Special Secondary Teaching Credential in Art
• Special Credential for Teaching Exceptional Children
• Special Secondary Teaching Credential in Business Ed
• Special Secondary Credential for Teaching the Blind
• Special Secondary Teaching Credential in Homemaking
• Special Secondary Teaching Credential in Industrial Arts
• Special Secondary Credential for Teaching Lip Reading
• Special Secondary Teaching Credential in Music
• Special Secondary Limited Teaching Credential in Music
• Special Secondary Teaching Credential Limited in Agriculture
• Special Secondary Credential for Teaching the Partially Sighted Child
• Special Secondary Teaching Credential in Physical Education
• Special Secondary Speech Arts
• Special Secondary Teaching Credential in Correction of Speech Defects
• Special Secondary Credential for Teaching the Mentally Retarded

For Administrators :

• Administrative Services Credential
• General Secondary School Administration Credential
• Administrative Services Credential (Examination)
• General Secondary School Supervision Credential
• Standard Supervision Credential
• General Administration Credential
• Standard Administration Credential
• General Supervision Credential
• General Elementary School Administration Credential
• The Supervision Credential
• General Elementary School Supervision Credential
• General School Principal or Supervisor Credential

For Staff Members:

• School Nurse Credential
• Clinical or Rehabilitation Service Credential
• Pupil Personnel Services Credential - (e.g. School Counseling, School Social Work, School Psychology and Child Welfare and Attendance)
• Library Media Teacher Service Credential
• Designated Subjects Vocational Education Teaching Credential

There may be other qualifications, please feel free to Get More Info here or call us at 866-667-6724.

THIS PROGRAM HAS BEEN TEMPORARILY SUSPENDED - STAY TUNED FOR FURTHER INFORMATION

Program Summary: This Purchase Only loan provides for a first mortgage of 95% of the value of the home, and a deferred payment second mortgage of 5%.

Term: 30 Year term on both 1st and 2nd mortgages

CalSTRS Interest Rates: Check Today’s Rates Here

Conforming Loan Amount: Up to $417,000 (Up to $438,947 - 1st & 2nd combined)

Non Conforming 1st Loan Amount: Up to $617,500 (Up to $650,000 1st & 2nd combined)

Max Loan to Value (LTV) - 1st: 95%

Max Loan to Value (LTV) - 2nd: 5%

Max Combined Loan to Value (CLTV): 100%

Important LTV Note: LTVs must be exactly 95% and 5%

Loan Purpose: Purchase ONLY

Eligible Properties: Single Family Residence, Condominiums, Planned Urban Developments (PUD)

Down Payment: 3% (1% must be from borrower’s owen funds)

Sources of Closing Costs: Borrower’s own funds, seller contributions up to 3%, gift from relative, or unsecured grant from approved government agency.

2nd Mortgage: Deferred payments on the 5% 2nd mortage for the first 5 years. Interest rate is same as rate on 1st mortgage. Simple interest is accrued on 2nd mortgage and added to principle balance at the end of the 5 year deferred period. The new balance is then fully amortized for the remaining 25 years.

Own Other Properties: Borrower cannot own any other properties and only 1 CalSTRS mortgage at a time.

Minimum Credit Scores: 620 for Loan Amounts up to $400,000 / 680 for Loan Amounts between $401,000 and $650,000 (combined 1st & 2nd)