imortgage-San Diego Helping Teachers Get “Extra Credit” with Mortgage Down Payment Assistance

SAN DIEGO - Sept. 19, 2013 - PRLog -- The San Diego branch of imortgage, California’s second largest purchase mortgage lender, is now helping teachers obtain down payment assistance with a new program called “Extra Credit Teachers Home Purchase Assistance” (ECTHP).

The ECTP provides a deferred-payment junior loan for eligible teachers, administrators, classified employees and staff members working in county/continuation or high priority schools in California. ECTP loans can only be used for down payment assistance, and range from $7,500 to $15,000, depending on the area where the mortgage is being purchased. They can only be combined with an eligible CalHFA first mortgage loan.

“imortgage is very excited to help hard-working teachers get help buying their first home,” said Michael Stowers, branch manager of imortgage-San Diego. “Although the qualification process can be complicated, our experts are making the process easier and smoother.”

Borrower eligibility requirements include:

·         Be a first-time homebuyer (or be a qualified veteran or be purchasing in a federally designated targeted area).

·         Occupy the property as a primary residence; non-occupant co-borrowers are not allowed.

·         CalHFA borrowers must complete homebuyer education counseling and obtain a certificate of completion through an eligible homebuyer counseling organization.

·         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.

·          Intend to work for three years.

Property Eligibility Requirements

·         Sales price of the home cannot exceed CalHFA’s sales price limits established for the county in which the property is located.

·         Be a single-family, one-unit residence, including approved condominium/PUDs.

Additional property guidelines also apply.

The CalHFA FHA is a first-time buyer mortgage loan program featuring loans insured by the Federal Housing Administration (FHA). It can be combined with either the California Homebuyer Down Payment Assistance Program (CHDAP) or the Extra Credit Teacher Program (ECTP) for down payment assistance.  The CalHFA FHA features a fixed interest rate throughout its 30-year loan term.

For more information, please contact Michael Stowers, branch manager of imortgage-San Diego at 619-928-0138 or Michael.stowers@imortgage.com.