CalPLUS is an FHA-insured, first mortgage loan featuring a fully amortized fixed
interest rate with a maximum 30-year term and is combined with the CalHFA
Zero Interest Program (ZIP). ZIP is a deferred, zero-interest second loan up to
3.5% of the CalPLUS first mortgage loan amount and can only be used in
combination with CalPLUS for down payment assistance. CHDAP or ECTP can
also be combined with CalPLUS.
Extra Credit Teacher Home Purchase Program (ECTP)
ECTP is a deferred payment, forgivable interest subordinate loan for eligible
teachers, administrators, classified employees and staff members working in high
priority schools (API ranks 1-5), county schools or continuation schools
throughout California. ECTP can only be used for down payment assistance with
an eligible CalHFA first mortgage loan. See attached summary sheet for more
information.
Program Highlights for All Programs
・ Maximum Combined Loan-to-Value (CLTV) up to 103%
・ Borrower Minimum Required Investment based on credit score
・ Credit Score 640-679 $1,500
・ Credit Score > 680 $1,000
・ Required two-year home warranty protection policy
・ Required homebuyer education from CalHFA-designated provider
・ Ability to layer multiple programs
Let me know if you have any questions.
