As an example, the California Housing Finance Association (CalHFA) provides a lineup of resources including grant programs, home loans for teachers with flexible guidelines and credit score requirements, first mortgage loans, and homebuyer education courses.
Teacher Home Loan Programs California
Grants of up to $6,000 are available. The qualification criteria for this teacher home-buying program depend on the state of your residence. For example, all teachers in Delaware (grade Pre-K through 12), as well as school staff and administrators will qualify for a minimum $1,000 non-repayable grant. In addition to receiving a grant, teachers might also qualify for down payment assistance.
It is important to take note that these homes are only available for five days. The smart first step to purchasing a home through this program would be to get pre-approval on a home loan for teachers. Once pre-approved, you can contact one of the designated agents to provide you with a list of homes that become available in your area. If you are interested in buying a specific house, your choice will be submitted to the program. If more than one teacher is interested in the same house, the selection will be made by random lottery.
To qualify for this home-buying program, you have to be employed as a full-time teacher at a state-accredited public or private school. This school must provide direct services to students from pre-kindergarten to 12th grade. In addition to this, this teacher home-buying program requires you to serve students in the area where the home you want to purchase is located.
The Extra Credit Teacher Home Purchase Program (ECTP) is a teacher home-buying program provided by the California Housing Finance Agency (CHFA). This home-buying program is aimed at providing down payment assistance for teachers, administrators, classified employees, and staff members who qualify.
The ECTP provides a deferred home loan for teachers who are eligible applicants. These loans range between $7,500 and $15,000. It is important to note that this junior loan can only be combined with an eligible CHFA first mortgage loan.
There are many different types of mortgage loans, down payment assistance programs and grants available to teachers and educators. Some are targeted toward certain groups of buyers, designed to give back to teachers and other public service officials. Some of these programs can be combined with discounted mortgages to help make buying a home even more affordable for educators.
The Teacher Next Door (TND) program offers grants and down payment assistance to public service professionals and teachers. The TND program is an all-inclusive service provided by a private agency for financing single-family homes while you receive a large selection of discounts and incentives including:
The Good Neighbor Next Door (GNND) home financing program is funded through the U.S. Department of Housing and Urban Development (HUD) to help teachers and other civil servants buy a home. This program helps build up communities in designated revitalization areas. Qualified teachers buying a HUD home can receive a 50% discount off the listing price of a home.
Government home loans are mortgages that are funded through the federal government. These loans are ideal for first-time home buyers, borrowers who purchase in rural areas and current or former members of the military. These loans typically come with more flexible eligibility requirements and low money down options.
The School Teacher and Employee Assistance Program provides up to 3.5% down payment assistance to eligible first time homebuyers. Eligible buyers must be employed at any K-12 California public or charter school, school district offices, and county or continuation schools. STEAP is available to all employees including teachers, administrators, school district employees, and support staff Members.
The ECTP home buyer assistance program is offered through the California Housing Finance Agency (CalHFA). ECTP gives eligible teachers, support staff, administrators, food service, and janitors who are first time homebuyers for down payment assistance in the form of a silent second deferred payment junior loan.
CalHERO is an EXCLUSIVE home loan for teachers, educators, and school employees/staff at private and public schools, colleges, and universities. CalHERO was developed to provide an alternative home loan benefit for CalSTRS members. Ever since the CalSTRS program administrator and master servicer chose to not renew their home loan program.
CalSTRS 80/17 Refinance. CalHERO can also be used to refinance and consolidate a CalSTRS 80/17 combo loan in which the 2nd mortgage payment is about to adjust and make your monthly payments INCREASE! Current teachers with a CalSTRS 80/17 loan should read be proactive and take action by reading this.
The Good Teacher Next Door program is actually a nationwide home buying program that enables teachers to purchase homes for 50% off the listed sale price. This program is officially referred to as the Good Neighbor Next Door (GNND).
Homeloanartist.com, & Brad Yzermans are not affiliated with or representing FHA, VA, CalHFA, USDA, FNMA or any other government agency. All content copyright 2020 homeloanartist.com. Patriot Pacific Financial Corp & Brad Yzermans are licensed to lend in California.
The school year has gotten off to an exciting start for Kennedy High Digital Arts teacher Mitzi Perez, who with her fiancé recently moved into their first home in the district where she teaches, during the same week she welcomed new students into her classroom.
The house was built as part of a Richmond Community Foundation home renovation program, which aims to help first-time homebuyers such as teachers to live in the city where they work. Jim Becker, executive director of the foundation, said his organization is especially interested in bringing teachers and other school employees into the program.
Jim Becker, left, executive director of the Richmond Community Foundation, speaks to West Contra Costa Unified teacher Mitzi Perez and her fiancé Anthony Caro inside their new home, which was built through a program funded by the foundation.
Kennedy High School teacher Mitzi Perez, left, reviews information from the West Contra Costa Unified housing fair with Downer Elementary teacher Diana Ortega, right. Perez, who recently purchased a home through the CalHFA School Program, has been sharing details about how she qualified to buy her house with other interested teachers.
Another housing finance entity in California also provides down payment assistance (DPA) to teachers in California. Through the GSFA Platinum Program, current members of the California State Teachers Retirement System or University of California Retirement Plan, employees of a California accredited private, charter or public school district or California State University, Junior College or Private College, including school administration and staff, are eligible for a down payment assistance GIFT, up to 5 per cent of the first mortgage loan amount. The down payment assistance gift never has to be repaid through the GSFA Platinum Program.
Congratulation Mitzy and to all the teachers who have accomplished this goal and dream to have their own home. This is great information.I would like to ask if this home assistant programs apply to all teachers from traditional and charter schools. What is the process? I would like to get information to share it with teachers in general, no matter what school they are teaching. Please let me know.
Golden State Finance Authority, another housing finance entity in California, also provides down payment assistance (DPA) to teachers in California. Through the GSFA Platinum Program, current members of the California State Teachers Retirement System or University of California Retirement Plan, employees of a California accredited private, charter or public school district or California State University, Junior College or Private College, including school administration and staff are eligible for a down payment assistance GIFT, up to 5 percent of the first mortgage loan amount. The down payment assistance gift never has to be repaid through the GSFA Platinum Program. You can find out more information online at or call (855) 740-8422.It is important that homebuyers know there are several options for assistance.
Depending on taxes and insurance and mortgage insurance this loan will be between $3,500 and $3,800 a month! Please write an article explaining how a teacher can make these kind of payments? Does her spouse make enough to support this?
CalSTRS is not an actual lender, rather they invest in mortgage notes which are then are paid back to the CalSTRS pension fund. The CalSTRS combo home loan is a very effective purchase loan program for teachers in the Inland Empire counties of Riverside, San Bernardino, San Diego, Orange County, and Los Angeles.
We are a direct lender committed to providing low down payment and other government assistance loan programs such as CalSTRS, CalPERS, CalHFA, down payment assistance programs from the city, county, and state levels, FHA, VA, USDA, and other community lending programs.
Law enforcement officers, teachers (pre-Kindergarten through 12th grade) firefighters and emergency medical technicians can contribute to community revitalization while becoming homeowners through HUD's Good Neighbor Next Door Sales Program. HUD offers a substantial incentive in the form of a discount of 50% from the list price of the home. In return, an eligible buyer must commit to live in the property for 36 months as his/her principal residence.
Check the listings for your state. Follow the instructions to submit your interest in purchasing a specific home. If more than one person submits an offer on a single home a selection will be made by random lottery. You must meet the requirements for a law enforcement officer, teacher, firefighter or emergency medical technician and comply with HUD's regulations for the program. 2ff7e9595c
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