Teachers Program

Teachers Mortgage program

Teachers Mortgage

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.

 

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