Extra
Credit Teacher Home Purchase Assistance Program
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Purpose
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The
Extra Credit Teacher Home Purchase Assistance
Program
through the California Housing Finance Agency (CalHFA)
is offered to assist credentialed teachers at
low
performing schools purchase homes by
providing a below market rate loan and down payment
assistance.
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|
Status
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Taking
applications now. Application is made through a
CHFA approved lender.
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Maximum
Amount
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See
CalHFA
website for details
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REQUIREMENTS
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| Eligible
Applicants |
The
borrower must be a credentialed Teacher who works
at a low performing school and who is a
First Time Homebuyer* |
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Location
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Property must be located in California. For properties
located within the City of Oakland, this program
may be combined with the City of Oakland's
Public Safety and OUSD
Employees Down Payment Assistance Program.
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| Eligible
Properties |
Any single family dwelling, including condos, townhomes.
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Income
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See CalHFA
website for details |
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Occupancy
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Single-Family Dwelling. Owner-Occupied only.
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| Eligible
Uses |
Primary Residence
|
| Other
Requirements |
Borrower needs to agree to continue teaching
for five consecutive years at a low performing school.
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LOAN
/ GRANT DETAILS
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CHFA
first loan
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Interest
Rate:
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Fixed
below market rate.
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Term
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30
or 35 Years |
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CHFA
second loan
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Downpayment
Assistance
Amount |
Greater
of $15,000 or 3% of the sales price |
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Interest
Rate:
|
Forgivable
interest from 5% to 0% *See
note
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Term
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30
Years |
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HOW
TO APPLY
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| Status |
Available
Now |
| Deadline |
None |
| Process |
Visit the California
Housing Finance Agency's website for information
regarding current interest rates, a list of low performing
schools, a list of accepted credentials, and a list
of lenders that can help you. California Housing Finance
Agency's approved lenders will be able to pre-qualify
you and give you an idea of the price of the home
you can afford. Next contact a real estate professional
to show you homes in that price range. |
| Application |
N/A.
See lender for application. |
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MORE INFORMATION
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| Details |
*Note:
second loan interest - If the teacher or principal
remains employed at a low performing school continuously
for five years, the interest rate on the second
loan will be reduced progressively to zero percent
(0%) and remain there for the term of the loan.
Recapture
- Recapture is an IRS rule that may increase the
amount of tax you pay when you sell your home. The
amount of recapture will depend on the year in which
you sell, your income that year, and the amount
of gain you receive from the sale. If you sell the
house more than nine years after the closing date,
you will not have to pay additional taxes. Your
lender can provide more details.
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| Contact |
Christina
Morales
City of Oakland
Housing & Community Development
510.238.6984
For a list of lenders:
California
Housing Finance Agency's website
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