Real Estate News

Public school employees in counties including Sacramento and Placer are eligible for mortgage aid

The Sacramento-based California Housing Finance Agency has expanded its Extra Credit Teacher Home Purchase Program, making more California K-12 public school employees eligible to receive as much as $15,000 in down payment assistance.

The down payment assistance comes as a loan, which recipients are not required to pay back until the home is refinanced or sold, or the mortgage is paid off.

The program, which has offered assistance to teachers, is being expanded to take in administrators and support staff such as aides, bus drivers, food services workers and janitors.

The program includes educators at public charter schools, school district offices and county continuation schools.

Under the ECTP, public school employees in 35 of California’s “high-cost” counties – including Sacramento, Placer, El Dorado and Yolo counties – could qualify for up to $15,000 or 3.5 percent of the sales price or appraised value, whichever is greater.

CalHFA cited California Association of Realtors data contending that less than one-third of families were able to buy a median-priced home of $516,000 in the state during the second quarter of 2016, with an annual salary of $101,000 necessary to make monthly payments, even with a 20 percent down payment.

The agency said the average starting salary for an elementary school teacher in California is less than $42,000 per year. The average annual salary is $69,000 for all public school teachers, according to industry reports.

In “non-high-cost” counties, public school employees could qualify for up to $7,500.

Recipients must meet county income limits, which are based on the number of people living in a home. For example, CalHFA said the income limit for a family of four using a CalHFA FHA first mortgage is $106,500 in Sacramento County.

For more information, go to or call 877-922-5432.

Mark Glover: 916-321-1184, @markhglover