Subordinate Loan Programs: Extra Credit Teacher Home Purchase Program (ECTP)

The ECTP is a deferred-payment junior loan that can only be used for down payment assistance for eligible teachers, administrators, classified employees and staff members working in county/continuation or high priority schools in California.

Provides junior loans that range from $7,500 to $15,000 – depending on the area where the home is being purchased. This loan can only be combined with an eligible CalHFA first mortgage loan. ECTP subordinate loans can only be used for down payment assistance.

Borrower must be a first time home buyer, occupy the property as a primary residence, complete home buyer education counseling, meet CalHFA income limits for this program, be currently employed in a County/Continuation or High Priority school. A High Priority school is defined as a public or charter school that has an Academic Performance Index (API) ranking of 1 through 5. Hold an appropriate credential for a teacher, administrator or staff member or be employed as a Classified Employee and intend to work for three years continuously from the date of the loan in a County/Continuation or High Priority school.

If you believe that you may qualify for this Extra Credit Teacher Home Purchase Program, and would like to speak with an approved lender, please contact Plaza Loans today. Applications are not accepted directly from individuals. Plaza Loans is a qualified CalHFA lender and will work with you to submit an application on your behalf.