The Teachers Program is a deferred payment, simple interest rate subordinate loan.
Extra Credit Teachers program made easy /Frequently asked questions:
- Is it a GRANT?: NO. it is a simple interest loan that needs to be repaid.
- Who is Eligible: Be currently employed in a County/Continuation or High Priority school. (High priority is defined as a K through 12 public or charter school that has an Academic Performance Index statewide ranking of 1 through 5. Hold an appropriate credential for a teacher, administrator or staff member or be employed as a Classified Employee.
- What properties qualify: Single Family, one-unit residence, PUDS or approved condominiums that do not exceed the sale price limits.
- What properties do Not qualify: Multi unit properties, Manufactured housing, Land Trust, co-ops and non approved condominiums.
- How much is the assistance/loan: The lesser of 3% of the sale price or between $7500 – $15,000 depending on the area. Contact Colleen Craig for eligible areas.
- Are there Sale price limits? Yes, Sale price limits subject to county Contact Colleen Craig for current limits.
- Are there Income Limits? Yes, Income limits vary by county as well. Contact Colleen Craig for current limits.