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California
First-Time Buyer Special
Program 1:
Interest Only
PLUS
This is a great new program for qualified first-time homebuyers
in California. It is a conventional 35-year fixed rate loan with
an interest-only payment option for the first five (5) years. This program requires
no
down payment and features a below market interest rate that does not
change during it's 35 year term.
Program
highlights:
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No down
payment required
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35-year
fixed rate
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Below market
interest rate
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Interest
only payment for the first 5 years
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Interest
rate does not change during it's 35-year term
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Property
Seller may
help pay Buyer's non-recurring closing costs up to 3% of
the sales price
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Some
of the Requirements and Restrictions
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First-Time
Homebuyer
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Borrower must be a
first-time homebuyer purchasing a primary
residence. Be
a first-time homebuyer, which is defined as a
person(s) who has not had an ownership interest in
their primary residence during the previous three
years.
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Income Limits
(call)
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Moderate income limits established for the county
in which the borrower is purchasing. Please call
for current income limits.
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Sale Price Limits
(call)
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Sales price limits for the county in
which the borrower is purchasing. Please call for
current sales price limits.
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Citizenship
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Be a U.S. citizen,
permanent resident alien or other qualified alien
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Property
Requirements
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Single family,
one unit residence, including condo/PUDs
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A
Guide to Recapture
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A
tax that the borrower may have to pay if they sell
or transfer title of their home during the first
nine years of ownership. Please consult your tax
advisor.
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Other restrictions
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Applicable program guidelines and
restrictions.
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Program 2: Extra Credit Teacher Home Purchase Program
(ECTP)
Eligible
Teachers, Administrators, Classified Employees, and Staff
Members
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May be
combined with Program 1 (Interest Only PLUS)
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Additional
down payment assistance - the greater of $15000 or 3% of
the sales price
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Below market
interest
rate that can be reduced to 0%
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Deferred
payments for 30 years or until the first mortgage is
disturbed
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Agree to
3-year continuous employment in a High Priority School -
API Ranks 1-5
Eligible
Credential List
For Teachers:
- Single Subject Teaching
Credential
- Multiple Subject
Teaching Credential
- Specialist Instruction
Credential in Special Education
- Education Specialist
Instruction Credential
- Standard Elementary
Teaching Credential
- Standard Secondary
Teaching Credential
- Standard Early Childhood
Education Teaching Credential
- Standard Restricted
Special Education Teaching Credential
- General
Kindergarten-Primary Teaching Credential
- General Elementary
Teaching Credential
- General Junior High
Teaching Credential
- General Secondary
Teaching Credential
- Special Secondary
Teaching Credential in Art
- Special Credential for
Teaching Exceptional Children
- Special Secondary
Teaching Credential in Business Ed
- Special Secondary
Credential for Teaching the Blind
- Special Secondary
Teaching Credential in Homemaking
- Special Secondary
Teaching Credential in Industrial Arts
- Special Secondary
Credential for Teaching Lip Reading
- Special Secondary
Teaching Credential in Music
- Special Secondary
Limited Teaching Credential in Music
- Special Secondary
Teaching Credential Limited in Agriculture
- Special Secondary
Credential for Teaching the Partially Sighted Child
- Special Secondary
Teaching Credential in Physical Education
- Special Secondary Speech
Arts
- Special Secondary
Teaching Credential in Correction of Speech Defects
- Special Secondary
Credential for Teaching the Mentally Retarded
For Administrators
:
- Administrative Services
Credential
- General Secondary School
Administration Credential
- Administrative Services
Credential (Examination)
- General Secondary School
Supervision Credential
- Standard Supervision
Credential
- General Administration
Credential
- Standard Administration
Credential
- General Supervision
Credential
- General Elementary
School Administration Credential
- The Supervision
Credential
- General Elementary
School Supervision Credential
- General School Principal
or Supervisor Credential
For
Staff Members:
- School Nurse Credential
- Clinical or
Rehabilitation Service Credential
- Pupil Personnel Services
Credential - (e.g. School Counseling, School Social
Work, School Psychology and Child Welfare and
Attendance)
- Library Media Teacher
Service Credential
- Designated Subjects
Vocational Education Teaching Credential
For
Classified Employees:
Classified Employee means an employee of a school
district, employed in a position not requiring
certification qualifications.
Other
Options for 100% Financing
First-time buyer program is also available with 30 and
40-year fixed rate, fully-amortized loan.
This program
is generally for first-time buyers with good credit and can
fully document their income and assets. To apply, please call
Michael at (562) 924-5400 Ext. 227
Loan
conditions and restrictions apply. Not all borrowers will qualify.
Rates and terms may change without notice.
Licensed by the
California Department of Real Estate. License No. 01329525 |
