Teachers are responsible for guiding our youth and educating the next generation, yet many seem to be overworked, underpaid, and underappreciated. Fortunately, CalHFA has a program specifically for teachers to show some well-deserved appreciation – their new School Program The main purpose of this program is to reward the hardworking teachers and staff who serve in California’s public schools. You don’t have to be a teacher to receive this benefit either. It also applies to any staff member serving in one of California’s public schools. The program is a deferred payment, simple interest rate subordinate loan that is combined with a CalHFA first mortgage. CalHFA allows for qualified borrowers to layer other FHA-approved or Fannie Mae Community Second subordinate loans or grants to maximized affordability.
School Program Features:
- Up to 4% of the sales price or appraised value for down payment or closing cost assistance
- Deferred payments
- School Program can be combined with CalPLUS- first mortgage loans with exclusive, zero interest closing cost assistance.
- Program eligibility is for teachers, administrators, school district employees and staff members working in any California public school.
- Applicants must also be first-time homebuyers, defined as not having home ownership within the last 3 years.