The Extra Credit Teacher Program (ECTP) is a down payment and closing cost assistance loan available to first time homebuyers. ECTP is offered by the California Housing Finance Agency (CalHFA), the State of California first time homebuyer assistance program. ECTP can also be used with the CalPLUS + ZIP, which provides an additional 3.5% of the loan amount that can be used along with the Extra Credit Teacher Program.

1. !
2014 Guide to CalHFA
Extra Credit Teacher Program
Educating and Empowering since 1988
www.FindMyWayHome.com
Licensed by the Department of Business Oversight under the California Residential Mortgage Lending Act License
#4130745; Equal Housing Lender. Registered with the Nationwide Mortgage Licensing System and Registry,
Broadview Mortgage #170528 Long Beach Branch DOB# 813K754 NMLS# 965157
!© Broadview Mortgage Long Beach. All Rights Reserved. Equal Housing Opportunity Lender
Ask questions below, call (888) 808-8062
or email: ScottS@BroadviewMortgage.com

2. ECTP Under the Hood
★ CalHFA Introduction and Guidelines
★ First Time Homebuyer Requirement
★ Borrower & Property Requirements
★ ECTP Assistance Loan Guidelines
★ Mix & Match Opportunities
★ Documentation Checklist for Eligibility
Educating and Empowering since 1988
www.BMCLB.com
Licensed by the Department of Business Oversight under the California Residential Mortgage Lending Act License
#4130745; Equal Housing Lender. Registered with the Nationwide Mortgage Licensing System and Registry,
Broadview Mortgage #170528 Long Beach Branch DOB# 813K754 NMLS# 965157
!© Broadview Mortgage Long Beach. All Rights Reserved. Equal Housing Opportunity Lender
Extra Credit Teacher Program
Ask questions below, call (888) 808-8062
or email: ScottS@BroadviewMortgage.com

3. California Housing Finance Agency
Educating and Empowering since 1988
www.FindMyWayHome.com
Licensed by the Department of Business Oversight under the California Residential Mortgage Lending Act License
#4130745; Equal Housing Lender. Registered with the Nationwide Mortgage Licensing System and Registry,
Broadview Mortgage #170528 Long Beach Branch DOB# 813K754 NMLS# 965157
!© Broadview Mortgage Long Beach. All Rights Reserved. Equal Housing Opportunity Lender
Ask questions below, call (888) 808-8062
or email: ScottS@BroadviewMortgage.com

4. California Housing Finance Agency
CalHFA First Time Homebuyer Loans
Official State of California
Educating and Empowering since 1988
www.BMCLB.com
Licensed by the Department of Business Oversight under the California Residential Mortgage Lending Act License
#4130745; Equal Housing Lender. Registered with the Nationwide Mortgage Licensing System and Registry,
Broadview Mortgage #170528 Long Beach Branch DOB# 813K754 NMLS# 965157
!© Broadview Mortgage Long Beach. All Rights Reserved. Equal Housing Opportunity Lender
First Time Homebuyer Loans
Ask questions below, call (888) 808-8062
or email: ScottS@BroadviewMortgage.com

5. Educating and Empowering since 1988
★ No Principle Residence for 3 Years
★ Can Own Other Properties (Tax Returns)
★ Qualified Veterans Exempt
★ Federally Designated Target Area Exempt
★ Boomerang Buyers OK after 3 Years
First Time Homebuyer Requirement
California Housing Finance Agency
CalHFA First Time Homebuyer Loans
www.BMCLB.com
Licensed by the Department of Business Oversight under the California Residential Mortgage Lending Act License
#4130745; Equal Housing Lender. Registered with the Nationwide Mortgage Licensing System and Registry,
Broadview Mortgage #170528 Long Beach Branch DOB# 813K754 NMLS# 965157
!© Broadview Mortgage Long Beach. All Rights Reserved. Equal Housing Opportunity Lender
Ask questions below, call (888) 808-8062
or email: ScottS@BroadviewMortgage.com

6. ★ Must Be Owner Occupied within 60 Days
★ Must Not Exceed CalHFA Income Limits
★ Maximum 43% Debt to Income
★ Minimum 640 FICO
★ 8 Hours Homebuyer Education Class
★ Non-Occupant Co-Signers Allowed
Borrower Requirements
California Housing Finance Agency
CalHFA First Time Homebuyer Loans
Educating and Empowering since 1988
www.BMCLB.com
Licensed by the Department of Business Oversight under the California Residential Mortgage Lending Act License
#4130745; Equal Housing Lender. Registered with the Nationwide Mortgage Licensing System and Registry,
Broadview Mortgage #170528 Long Beach Branch DOB# 813K754 NMLS# 965157
!© Broadview Mortgage Long Beach. All Rights Reserved. Equal Housing Opportunity Lender
Ask questions below, call (888) 808-8062
or email: ScottS@BroadviewMortgage.com

7. ★ Must NOT Occupy the Property
★ Must Not be on Title or Have Interest in Home
★ Will have Income, Assets, Liabilities & Credit
History Considered by Underwriters
Non-Occupant Co-Signer Rules
California Housing Finance Agency
CalHFA First Time Homebuyer Loans
Educating and Empowering since 1988
www.BMCLB.com
Licensed by the Department of Business Oversight under the California Residential Mortgage Lending Act License
#4130745; Equal Housing Lender. Registered with the Nationwide Mortgage Licensing System and Registry,
Broadview Mortgage #170528 Long Beach Branch DOB# 813K754 NMLS# 965157
!© Broadview Mortgage Long Beach. All Rights Reserved. Equal Housing Opportunity Lender
Ask questions below, call (888) 808-8062
or email: ScottS@BroadviewMortgage.com

8. ★ Sales Price Limits by County
★ Single Family, One-Unit Residence Only
★ Condominiums Must Be FHA Approved
★ Lot Size Cannot Exceed 5 Acres
★ Must Carry 2 Year Home Warranty
Property Requirements
California Housing Finance Agency
CalHFA First Time Homebuyer Loans
Educating and Empowering since 1988
www.BMCLB.com
Licensed by the Department of Business Oversight under the California Residential Mortgage Lending Act License
#4130745; Equal Housing Lender. Registered with the Nationwide Mortgage Licensing System and Registry,
Broadview Mortgage #170528 Long Beach Branch DOB# 813K754 NMLS# 965157
!© Broadview Mortgage Long Beach. All Rights Reserved. Equal Housing Opportunity Lender
Ask questions below, call (888) 808-8062
or email: ScottS@BroadviewMortgage.com

9. Extra Credit Teacher Program
Educating and Empowering since 1988
www.FindMyWayHome.com
Licensed by the Department of Business Oversight under the California Residential Mortgage Lending Act License
#4130745; Equal Housing Lender. Registered with the Nationwide Mortgage Licensing System and Registry,
Broadview Mortgage #170528 Long Beach Branch DOB# 813K754 NMLS# 965157
!© Broadview Mortgage Long Beach. All Rights Reserved. Equal Housing Opportunity Lender
Ask questions below, call (888) 808-8062
or email: ScottS@BroadviewMortgage.com

10. “The Extra Credit Teacher Home Purchase
Program (ECTP) is a deferred payment,
simple interest rate subordinate loan.”
!
- CalHFA
Silent Second Mortgage
California Housing Finance Agency
CalHFA Extra Credit Teacher Program
Educating and Empowering since 1988
www.BMCLB.com
Licensed by the Department of Business Oversight under the California Residential Mortgage Lending Act License
#4130745; Equal Housing Lender. Registered with the Nationwide Mortgage Licensing System and Registry,
Broadview Mortgage #170528 Long Beach Branch DOB# 813K754 NMLS# 965157
!© Broadview Mortgage Long Beach. All Rights Reserved. Equal Housing Opportunity Lender
Ask questions below, call (888) 808-8062
or email: ScottS@BroadviewMortgage.com

11. Borrower Eligibility Requirements
California Housing Finance Agency
Educating and Empowering since 1988
www.BMCLB.com
Licensed by the Department of Business Oversight under the California Residential Mortgage Lending Act License
#4130745; Equal Housing Lender. Registered with the Nationwide Mortgage Licensing System and Registry,
Broadview Mortgage #170528 Long Beach Branch DOB# 813K754 NMLS# 965157
!© Broadview Mortgage Long Beach. All Rights Reserved. Equal Housing Opportunity Lender
CalHFA Extra Credit Teacher Program
Teachers, Administrators, classified employees
and staff members working in either a county/
continuation schools or high priority schools*
★ *Academic Performance Index (API) 1-5
★ “If it’s ranked (API 1-5) it’s eligible”
★ Emergency Teaching Credential ineligible
Ask questions below, call (888) 808-8062
or email: ScottS@BroadviewMortgage.com

12. ★ Fixed Rate* - Deferred Payments
★ Greater of $7,500 or 3% Sales Price
★ Greater of $15,000 or 3% - High Cost Area
★ 0% Interest after 3 Years*
★ Must Use CalHFA First Mortgage
Calculating Buyer Assistance
California Housing Finance Agency
Educating and Empowering since 1988
www.BMCLB.com
Licensed by the Department of Business Oversight under the California Residential Mortgage Lending Act License
#4130745; Equal Housing Lender. Registered with the Nationwide Mortgage Licensing System and Registry,
Broadview Mortgage #170528 Long Beach Branch DOB# 813K754 NMLS# 965157
!© Broadview Mortgage Long Beach. All Rights Reserved. Equal Housing Opportunity Lender
CalHFA Extra Credit Teacher Program
Ask questions below, call (888) 808-8062
or email: ScottS@BroadviewMortgage.com

13. CalHFA First Mortgage Programs
Educating and Empowering since 1988
www.FindMyWayHome.com
Licensed by the Department of Business Oversight under the California Residential Mortgage Lending Act License
#4130745; Equal Housing Lender. Registered with the Nationwide Mortgage Licensing System and Registry,
Broadview Mortgage #170528 Long Beach Branch DOB# 813K754 NMLS# 965157
!© Broadview Mortgage Long Beach. All Rights Reserved. Equal Housing Opportunity Lender
Ask questions below, call (888) 808-8062
or email: ScottS@BroadviewMortgage.com

14. ★ CalHFA FHA & CalPLUS
★ Both are FHA Insured Mortgages
★ Same Income Limits all Programs
★ Sales Price Limits by County
★ Rates & Fees set by CalHFA
CalHFA First Mortgage Loans
California Housing Finance Agency
CalHFA First Time Homebuyer Loans
Educating and Empowering since 1988
www.BMCLB.com
Licensed by the Department of Business Oversight under the California Residential Mortgage Lending Act License
#4130745; Equal Housing Lender. Registered with the Nationwide Mortgage Licensing System and Registry,
Broadview Mortgage #170528 Long Beach Branch DOB# 813K754 NMLS# 965157
!© Broadview Mortgage Long Beach. All Rights Reserved. Equal Housing Opportunity Lender
Ask questions below, call (888) 808-8062
or email: ScottS@BroadviewMortgage.com

15. ★ CalPLUS Interest Rate is Higher
★ Zero Interest Program (ZIP) CalPLUS Only
★ Silent Second, Deferred for Life of Loan
★ 3.5% of Total Loan Amount inc. UFMIP
★ Automatic Approval with CalPLUS
CalPLUS with ZIP
California Housing Finance Agency
CalHFA First Time Homebuyer Loans
Educating and Empowering since 1988
www.BMCLB.com
Licensed by the Department of Business Oversight under the California Residential Mortgage Lending Act License
#4130745; Equal Housing Lender. Registered with the Nationwide Mortgage Licensing System and Registry,
Broadview Mortgage #170528 Long Beach Branch DOB# 813K754 NMLS# 965157
!© Broadview Mortgage Long Beach. All Rights Reserved. Equal Housing Opportunity Lender
Ask questions below, call (888) 808-8062
or email: ScottS@BroadviewMortgage.com

16. Mix & Match Assistance Programs
Educating and Empowering since 1988
www.FindMyWayHome.com
Licensed by the Department of Business Oversight under the California Residential Mortgage Lending Act License
#4130745; Equal Housing Lender. Registered with the Nationwide Mortgage Licensing System and Registry,
Broadview Mortgage #170528 Long Beach Branch DOB# 813K754 NMLS# 965157
!© Broadview Mortgage Long Beach. All Rights Reserved. Equal Housing Opportunity Lender
Ask questions below, call (888) 808-8062
or email: ScottS@BroadviewMortgage.com

17. ★ CalHFA CalPLUS + ZIP + ECTP
★ZIP = 3.5% of CalPLUS + $7,500 or $15,000
Stacking Options
Double Your Assistance
Mix & Match Assistance Programs
Educating and Empowering since 1988
www.BMCLB.com
Licensed by the Department of Business Oversight under the California Residential Mortgage Lending Act License
#4130745; Equal Housing Lender. Registered with the Nationwide Mortgage Licensing System and Registry,
Broadview Mortgage #170528 Long Beach Branch DOB# 813K754 NMLS# 965157
!© Broadview Mortgage Long Beach. All Rights Reserved. Equal Housing Opportunity Lender
Ask questions below, call (888) 808-8062
or email: ScottS@BroadviewMortgage.com

18. Wrap Up & Take Aways
Educating and Empowering since 1988
www.FindMyWayHome.com
Licensed by the Department of Business Oversight under the California Residential Mortgage Lending Act License
#4130745; Equal Housing Lender. Registered with the Nationwide Mortgage Licensing System and Registry,
Broadview Mortgage #170528 Long Beach Branch DOB# 813K754 NMLS# 965157
!© Broadview Mortgage Long Beach. All Rights Reserved. Equal Housing Opportunity Lender
Ask questions below, call (888) 808-8062
or email: ScottS@BroadviewMortgage.com

19. ★ $15,000 or 3% Price in High Cost County
★ $7,500 or 3% Price Everywhere Else
★ Approved Lender CalHFA
Quick Review
Extra Credit Awesomeness
California Homebuyer Assistance
Educating and Empowering since 1988
www.BMCLB.com
Licensed by the Department of Business Oversight under the California Residential Mortgage Lending Act License
#4130745; Equal Housing Lender. Registered with the Nationwide Mortgage Licensing System and Registry,
Broadview Mortgage #170528 Long Beach Branch DOB# 813K754 NMLS# 965157
!© Broadview Mortgage Long Beach. All Rights Reserved. Equal Housing Opportunity Lender
Ask questions below, call (888) 808-8062
or email: ScottS@BroadviewMortgage.com

20. ★ 3 Years Most Recent Tax Returns
★ 2 Yr Residence & Proof of Rent
★ 2 Yr Employment same field
★ Complete Application & Credit Review
★ Creative Lender is Key - Other Options
Wrap Up & Take Aways
California Homebuyer Assistance
Documentation Checklist
Educating and Empowering since 1988
www.BMCLB.com
Licensed by the Department of Business Oversight under the California Residential Mortgage Lending Act License
#4130745; Equal Housing Lender. Registered with the Nationwide Mortgage Licensing System and Registry,
Broadview Mortgage #170528 Long Beach Branch DOB# 813K754 NMLS# 965157
!© Broadview Mortgage Long Beach. All Rights Reserved. Equal Housing Opportunity Lender
Ask questions below, call (888) 808-8062
or email: ScottS@BroadviewMortgage.com

21. Educating and Empowering since 1988
www.FindMyWayHome.com
Licensed by the Department of Business Oversight under the California Residential Mortgage Lending Act License
#4130745; Equal Housing Lender. Registered with the Nationwide Mortgage Licensing System and Registry,
Broadview Mortgage #170528 Long Beach Branch DOB# 813K754 NMLS# 965157
!© Broadview Mortgage Long Beach. All Rights Reserved. Equal Housing Opportunity Lender
Ask questions below, call (888) 808-8062
or email: ScottS@BroadviewMortgage.com
!
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