Found you money to help you buy your home

Interviewing Molly Ellis (Lender Training Specialist with CalHFA)

In this episode we are discussing CalHFA Schools Program: Down Payment Assistance
    - for First Time Home Buyers

 The School Teacher and Employee Assistance Program (School Program) is a deferred payment, simple interest rate subordinate loan that is combined with a CalHFA first mortgage. Your low to moderate income first-time homebuyer can use this loan for downpayment and/or closing cost assistance. The School Program loan provides up to 4.0% of the sales price or appraised value of the property, whichever is less, and must be recorded in second lien position. CalHFA allows qualified homebuyers to layer other FHA-approved or Fannie Mae Community Second subordinate loans or grants to maximize affordability (with the exception of MyHome )

CalHFA Defn: First Time Home Buyer:
     -  is a borrower who has not had an ownership interest in any principal residence during the previous three years.