Being a teacher isn’t easy – that much goes without saying.
Along with all the stress of teaching the next generation, most teachers tend to get pretty unfair pay.
If you are a teacher looking for a home in California, this can be an even more trying experience.
In a place like San Diego, where the real estate market is constantly changing and prices are rising, buying a home on a teacher’s salary can prove to be a nightmare.
Fortunately, there are programs out there that can help.
Whether it is the Sapphire Grant, the Help Grant, the Conventional 1% Down Payment mortgage loan or any of the CalHFA programs, you do not have to give up hope on finding your dream home.
The program I’m revealing today is, in fact, all about teachers and helping get them into the right homes.
From CalHFA comes the Extra Credit Teacher Home Income Purchase Program, or ECTP, that has been designed specifically for teachers, educators, and others involved in the education systems across California.
(For sake of brevity I will call it the ECTP from here on out...)
How does it work?
In essence, an eligible person can apply via an approved lender (or broker, in my case) for the ECTP.
An eligible person would be any current employee that is currently employed in a California K-12 public school, Charter school, county continuation school, or its school district.
You would also have to be a first-time homebuyer, which will be defined a bit later on in more detail, but this basically is someone who has never owned a home or hasn’t owned a primary residence in the last three years, from the time they are seeking to purchase a new home.
Let’s take a look, shall we?