New Home Loan Program Summaries

CalPLUS with ZIP

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.