!
2014 Guide to CalHFA
Extra Credit Teacher Program
Educating and Empowering since 1988
www.FindMyWayHome.com
Licensed by ...
ECTP Under the Hood
★ CalHFA Introduction and Guidelines
★ First Time Homebuyer Requirement
★ Borrower & Property Requirem...
California Housing Finance Agency
Educating and Empowering since 1988
www.FindMyWayHome.com
Licensed by the Department of ...
California Housing Finance Agency
CalHFA First Time Homebuyer Loans
Official State of California
Educating and Empowering ...
Educating and Empowering since 1988
★ No Principle Residence for 3 Years
★ Can Own Other Properties (Tax Returns)
★ Qualif...
★ Must Be Owner Occupied within 60 Days
★ Must Not Exceed CalHFA Income Limits
★ Maximum 43% Debt to Income
★ Minimum 640 ...
★ Must NOT Occupy the Property
★ Must Not be on Title or Have Interest in Home
★ Will have Income, Assets, Liabilities & C...
★ Sales Price Limits by County
★ Single Family, One-Unit Residence Only
★ Condominiums Must Be FHA Approved
★ Lot Size Can...
Extra Credit Teacher Program
Educating and Empowering since 1988
www.FindMyWayHome.com
Licensed by the Department of Busin...
“The Extra Credit Teacher Home Purchase
Program (ECTP) is a deferred payment,
simple interest rate subordinate loan.”
!
- ...
Borrower Eligibility Requirements
California Housing Finance Agency
Educating and Empowering since 1988
www.BMCLB.com
Lice...
★ Fixed Rate* - Deferred Payments
★ Greater of $7,500 or 3% Sales Price
★ Greater of $15,000 or 3% - High Cost Area
★ 0% I...
CalHFA First Mortgage Programs
Educating and Empowering since 1988
www.FindMyWayHome.com
Licensed by the Department of Bus...
★ CalHFA FHA & CalPLUS
★ Both are FHA Insured Mortgages
★ Same Income Limits all Programs
★ Sales Price Limits by County
★...
★ CalPLUS Interest Rate is Higher
★ Zero Interest Program (ZIP) CalPLUS Only
★ Silent Second, Deferred for Life of Loan
★ ...
Mix & Match Assistance Programs
Educating and Empowering since 1988
www.FindMyWayHome.com
Licensed by the Department of Bu...
★ CalHFA CalPLUS + ZIP + ECTP
★ZIP = 3.5% of CalPLUS + $7,500 or $15,000
Stacking Options
Double Your Assistance
Mix & Mat...
Wrap Up & Take Aways
Educating and Empowering since 1988
www.FindMyWayHome.com
Licensed by the Department of Business Over...
★ $15,000 or 3% Price in High Cost County
★ $7,500 or 3% Price Everywhere Else
★ Approved Lender CalHFA
Quick Review
Extra...
★ 3 Years Most Recent Tax Returns
★ 2 Yr Residence & Proof of Rent
★ 2 Yr Employment same field
★ Complete Application & C...
Educating and Empowering since 1988
www.FindMyWayHome.com
Licensed by the Department of Business Oversight under the Calif...
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Broadview Mortgage Long Beach - California Extra Credit Teacher Program

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The Extra Credit Teacher Program (ECTP) is a down payment and closing cost assistance loan available to first time homebuyers. ECTP is offered by the California Housing Finance Agency (CalHFA), the State of California first time homebuyer assistance program. ECTP can also be used with the CalPLUS + ZIP, which provides an additional 3.5% of the loan amount that can be used along with the Extra Credit Teacher Program.

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Broadview Mortgage Long Beach - California Extra Credit Teacher Program

  1. 1. ! 2014 Guide to CalHFA Extra Credit Teacher Program Educating and Empowering since 1988 www.FindMyWayHome.com Licensed by the Department of Business Oversight under the California Residential Mortgage Lending Act License #4130745; Equal Housing Lender. Registered with the Nationwide Mortgage Licensing System and Registry, Broadview Mortgage #170528 Long Beach Branch DOB# 813K754 NMLS# 965157 !© Broadview Mortgage Long Beach. All Rights Reserved. Equal Housing Opportunity Lender Ask questions below, call (888) 808-8062 or email: ScottS@BroadviewMortgage.com
  2. 2. ECTP Under the Hood ★ CalHFA Introduction and Guidelines ★ First Time Homebuyer Requirement ★ Borrower & Property Requirements ★ ECTP Assistance Loan Guidelines ★ Mix & Match Opportunities ★ Documentation Checklist for Eligibility Educating and Empowering since 1988 www.BMCLB.com Licensed by the Department of Business Oversight under the California Residential Mortgage Lending Act License #4130745; Equal Housing Lender. Registered with the Nationwide Mortgage Licensing System and Registry, Broadview Mortgage #170528 Long Beach Branch DOB# 813K754 NMLS# 965157 !© Broadview Mortgage Long Beach. All Rights Reserved. Equal Housing Opportunity Lender Extra Credit Teacher Program Ask questions below, call (888) 808-8062 or email: ScottS@BroadviewMortgage.com
  3. 3. California Housing Finance Agency Educating and Empowering since 1988 www.FindMyWayHome.com Licensed by the Department of Business Oversight under the California Residential Mortgage Lending Act License #4130745; Equal Housing Lender. Registered with the Nationwide Mortgage Licensing System and Registry, Broadview Mortgage #170528 Long Beach Branch DOB# 813K754 NMLS# 965157 !© Broadview Mortgage Long Beach. All Rights Reserved. Equal Housing Opportunity Lender Ask questions below, call (888) 808-8062 or email: ScottS@BroadviewMortgage.com
  4. 4. California Housing Finance Agency CalHFA First Time Homebuyer Loans Official State of California Educating and Empowering since 1988 www.BMCLB.com Licensed by the Department of Business Oversight under the California Residential Mortgage Lending Act License #4130745; Equal Housing Lender. Registered with the Nationwide Mortgage Licensing System and Registry, Broadview Mortgage #170528 Long Beach Branch DOB# 813K754 NMLS# 965157 !© Broadview Mortgage Long Beach. All Rights Reserved. Equal Housing Opportunity Lender First Time Homebuyer Loans Ask questions below, call (888) 808-8062 or email: ScottS@BroadviewMortgage.com
  5. 5. Educating and Empowering since 1988 ★ No Principle Residence for 3 Years ★ Can Own Other Properties (Tax Returns) ★ Qualified Veterans Exempt ★ Federally Designated Target Area Exempt ★ Boomerang Buyers OK after 3 Years First Time Homebuyer Requirement California Housing Finance Agency CalHFA First Time Homebuyer Loans www.BMCLB.com Licensed by the Department of Business Oversight under the California Residential Mortgage Lending Act License #4130745; Equal Housing Lender. Registered with the Nationwide Mortgage Licensing System and Registry, Broadview Mortgage #170528 Long Beach Branch DOB# 813K754 NMLS# 965157 !© Broadview Mortgage Long Beach. All Rights Reserved. Equal Housing Opportunity Lender Ask questions below, call (888) 808-8062 or email: ScottS@BroadviewMortgage.com
  6. 6. ★ Must Be Owner Occupied within 60 Days ★ Must Not Exceed CalHFA Income Limits ★ Maximum 43% Debt to Income ★ Minimum 640 FICO ★ 8 Hours Homebuyer Education Class ★ Non-Occupant Co-Signers Allowed Borrower Requirements California Housing Finance Agency CalHFA First Time Homebuyer Loans Educating and Empowering since 1988 www.BMCLB.com Licensed by the Department of Business Oversight under the California Residential Mortgage Lending Act License #4130745; Equal Housing Lender. Registered with the Nationwide Mortgage Licensing System and Registry, Broadview Mortgage #170528 Long Beach Branch DOB# 813K754 NMLS# 965157 !© Broadview Mortgage Long Beach. All Rights Reserved. Equal Housing Opportunity Lender Ask questions below, call (888) 808-8062 or email: ScottS@BroadviewMortgage.com
  7. 7. ★ Must NOT Occupy the Property ★ Must Not be on Title or Have Interest in Home ★ Will have Income, Assets, Liabilities & Credit History Considered by Underwriters Non-Occupant Co-Signer Rules California Housing Finance Agency CalHFA First Time Homebuyer Loans Educating and Empowering since 1988 www.BMCLB.com Licensed by the Department of Business Oversight under the California Residential Mortgage Lending Act License #4130745; Equal Housing Lender. Registered with the Nationwide Mortgage Licensing System and Registry, Broadview Mortgage #170528 Long Beach Branch DOB# 813K754 NMLS# 965157 !© Broadview Mortgage Long Beach. All Rights Reserved. Equal Housing Opportunity Lender Ask questions below, call (888) 808-8062 or email: ScottS@BroadviewMortgage.com
  8. 8. ★ Sales Price Limits by County ★ Single Family, One-Unit Residence Only ★ Condominiums Must Be FHA Approved ★ Lot Size Cannot Exceed 5 Acres ★ Must Carry 2 Year Home Warranty Property Requirements California Housing Finance Agency CalHFA First Time Homebuyer Loans Educating and Empowering since 1988 www.BMCLB.com Licensed by the Department of Business Oversight under the California Residential Mortgage Lending Act License #4130745; Equal Housing Lender. Registered with the Nationwide Mortgage Licensing System and Registry, Broadview Mortgage #170528 Long Beach Branch DOB# 813K754 NMLS# 965157 !© Broadview Mortgage Long Beach. All Rights Reserved. Equal Housing Opportunity Lender Ask questions below, call (888) 808-8062 or email: ScottS@BroadviewMortgage.com
  9. 9. Extra Credit Teacher Program Educating and Empowering since 1988 www.FindMyWayHome.com Licensed by the Department of Business Oversight under the California Residential Mortgage Lending Act License #4130745; Equal Housing Lender. Registered with the Nationwide Mortgage Licensing System and Registry, Broadview Mortgage #170528 Long Beach Branch DOB# 813K754 NMLS# 965157 !© Broadview Mortgage Long Beach. All Rights Reserved. Equal Housing Opportunity Lender Ask questions below, call (888) 808-8062 or email: ScottS@BroadviewMortgage.com
  10. 10. “The Extra Credit Teacher Home Purchase Program (ECTP) is a deferred payment, simple interest rate subordinate loan.” ! - CalHFA Silent Second Mortgage California Housing Finance Agency CalHFA Extra Credit Teacher Program Educating and Empowering since 1988 www.BMCLB.com Licensed by the Department of Business Oversight under the California Residential Mortgage Lending Act License #4130745; Equal Housing Lender. Registered with the Nationwide Mortgage Licensing System and Registry, Broadview Mortgage #170528 Long Beach Branch DOB# 813K754 NMLS# 965157 !© Broadview Mortgage Long Beach. All Rights Reserved. Equal Housing Opportunity Lender Ask questions below, call (888) 808-8062 or email: ScottS@BroadviewMortgage.com
  11. 11. Borrower Eligibility Requirements California Housing Finance Agency Educating and Empowering since 1988 www.BMCLB.com Licensed by the Department of Business Oversight under the California Residential Mortgage Lending Act License #4130745; Equal Housing Lender. Registered with the Nationwide Mortgage Licensing System and Registry, Broadview Mortgage #170528 Long Beach Branch DOB# 813K754 NMLS# 965157 !© Broadview Mortgage Long Beach. All Rights Reserved. Equal Housing Opportunity Lender CalHFA Extra Credit Teacher Program Teachers, Administrators, classified employees and staff members working in either a county/ continuation schools or high priority schools* ★ *Academic Performance Index (API) 1-5 ★ “If it’s ranked (API 1-5) it’s eligible” ★ Emergency Teaching Credential ineligible Ask questions below, call (888) 808-8062 or email: ScottS@BroadviewMortgage.com
  12. 12. ★ Fixed Rate* - Deferred Payments ★ Greater of $7,500 or 3% Sales Price ★ Greater of $15,000 or 3% - High Cost Area ★ 0% Interest after 3 Years* ★ Must Use CalHFA First Mortgage Calculating Buyer Assistance California Housing Finance Agency Educating and Empowering since 1988 www.BMCLB.com Licensed by the Department of Business Oversight under the California Residential Mortgage Lending Act License #4130745; Equal Housing Lender. Registered with the Nationwide Mortgage Licensing System and Registry, Broadview Mortgage #170528 Long Beach Branch DOB# 813K754 NMLS# 965157 !© Broadview Mortgage Long Beach. All Rights Reserved. Equal Housing Opportunity Lender CalHFA Extra Credit Teacher Program Ask questions below, call (888) 808-8062 or email: ScottS@BroadviewMortgage.com
  13. 13. CalHFA First Mortgage Programs Educating and Empowering since 1988 www.FindMyWayHome.com Licensed by the Department of Business Oversight under the California Residential Mortgage Lending Act License #4130745; Equal Housing Lender. Registered with the Nationwide Mortgage Licensing System and Registry, Broadview Mortgage #170528 Long Beach Branch DOB# 813K754 NMLS# 965157 !© Broadview Mortgage Long Beach. All Rights Reserved. Equal Housing Opportunity Lender Ask questions below, call (888) 808-8062 or email: ScottS@BroadviewMortgage.com
  14. 14. ★ CalHFA FHA & CalPLUS ★ Both are FHA Insured Mortgages ★ Same Income Limits all Programs ★ Sales Price Limits by County ★ Rates & Fees set by CalHFA CalHFA First Mortgage Loans California Housing Finance Agency CalHFA First Time Homebuyer Loans Educating and Empowering since 1988 www.BMCLB.com Licensed by the Department of Business Oversight under the California Residential Mortgage Lending Act License #4130745; Equal Housing Lender. Registered with the Nationwide Mortgage Licensing System and Registry, Broadview Mortgage #170528 Long Beach Branch DOB# 813K754 NMLS# 965157 !© Broadview Mortgage Long Beach. All Rights Reserved. Equal Housing Opportunity Lender Ask questions below, call (888) 808-8062 or email: ScottS@BroadviewMortgage.com
  15. 15. ★ CalPLUS Interest Rate is Higher ★ Zero Interest Program (ZIP) CalPLUS Only ★ Silent Second, Deferred for Life of Loan ★ 3.5% of Total Loan Amount inc. UFMIP ★ Automatic Approval with CalPLUS CalPLUS with ZIP California Housing Finance Agency CalHFA First Time Homebuyer Loans Educating and Empowering since 1988 www.BMCLB.com Licensed by the Department of Business Oversight under the California Residential Mortgage Lending Act License #4130745; Equal Housing Lender. Registered with the Nationwide Mortgage Licensing System and Registry, Broadview Mortgage #170528 Long Beach Branch DOB# 813K754 NMLS# 965157 !© Broadview Mortgage Long Beach. All Rights Reserved. Equal Housing Opportunity Lender Ask questions below, call (888) 808-8062 or email: ScottS@BroadviewMortgage.com
  16. 16. Mix & Match Assistance Programs Educating and Empowering since 1988 www.FindMyWayHome.com Licensed by the Department of Business Oversight under the California Residential Mortgage Lending Act License #4130745; Equal Housing Lender. Registered with the Nationwide Mortgage Licensing System and Registry, Broadview Mortgage #170528 Long Beach Branch DOB# 813K754 NMLS# 965157 !© Broadview Mortgage Long Beach. All Rights Reserved. Equal Housing Opportunity Lender Ask questions below, call (888) 808-8062 or email: ScottS@BroadviewMortgage.com
  17. 17. ★ CalHFA CalPLUS + ZIP + ECTP ★ZIP = 3.5% of CalPLUS + $7,500 or $15,000 Stacking Options Double Your Assistance Mix & Match Assistance Programs Educating and Empowering since 1988 www.BMCLB.com Licensed by the Department of Business Oversight under the California Residential Mortgage Lending Act License #4130745; Equal Housing Lender. Registered with the Nationwide Mortgage Licensing System and Registry, Broadview Mortgage #170528 Long Beach Branch DOB# 813K754 NMLS# 965157 !© Broadview Mortgage Long Beach. All Rights Reserved. Equal Housing Opportunity Lender Ask questions below, call (888) 808-8062 or email: ScottS@BroadviewMortgage.com
  18. 18. Wrap Up & Take Aways Educating and Empowering since 1988 www.FindMyWayHome.com Licensed by the Department of Business Oversight under the California Residential Mortgage Lending Act License #4130745; Equal Housing Lender. Registered with the Nationwide Mortgage Licensing System and Registry, Broadview Mortgage #170528 Long Beach Branch DOB# 813K754 NMLS# 965157 !© Broadview Mortgage Long Beach. All Rights Reserved. Equal Housing Opportunity Lender Ask questions below, call (888) 808-8062 or email: ScottS@BroadviewMortgage.com
  19. 19. ★ $15,000 or 3% Price in High Cost County ★ $7,500 or 3% Price Everywhere Else ★ Approved Lender CalHFA Quick Review Extra Credit Awesomeness California Homebuyer Assistance Educating and Empowering since 1988 www.BMCLB.com Licensed by the Department of Business Oversight under the California Residential Mortgage Lending Act License #4130745; Equal Housing Lender. Registered with the Nationwide Mortgage Licensing System and Registry, Broadview Mortgage #170528 Long Beach Branch DOB# 813K754 NMLS# 965157 !© Broadview Mortgage Long Beach. All Rights Reserved. Equal Housing Opportunity Lender Ask questions below, call (888) 808-8062 or email: ScottS@BroadviewMortgage.com
  20. 20. ★ 3 Years Most Recent Tax Returns ★ 2 Yr Residence & Proof of Rent ★ 2 Yr Employment same field ★ Complete Application & Credit Review ★ Creative Lender is Key - Other Options Wrap Up & Take Aways California Homebuyer Assistance Documentation Checklist Educating and Empowering since 1988 www.BMCLB.com Licensed by the Department of Business Oversight under the California Residential Mortgage Lending Act License #4130745; Equal Housing Lender. Registered with the Nationwide Mortgage Licensing System and Registry, Broadview Mortgage #170528 Long Beach Branch DOB# 813K754 NMLS# 965157 !© Broadview Mortgage Long Beach. All Rights Reserved. Equal Housing Opportunity Lender Ask questions below, call (888) 808-8062 or email: ScottS@BroadviewMortgage.com
  21. 21. Educating and Empowering since 1988 www.FindMyWayHome.com Licensed by the Department of Business Oversight under the California Residential Mortgage Lending Act License #4130745; Equal Housing Lender. Registered with the Nationwide Mortgage Licensing System and Registry, Broadview Mortgage #170528 Long Beach Branch DOB# 813K754 NMLS# 965157 !© Broadview Mortgage Long Beach. All Rights Reserved. Equal Housing Opportunity Lender Ask questions below, call (888) 808-8062 or email: ScottS@BroadviewMortgage.com ! Thank You for Watching! Ask Questions or Check Eligibility Below

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