As the name suggests, the School Teacher Employee Assistance Program (or School Program for short) is meant to offer down payment assistance to eligible teachers, administrators, and other employees and staff members at K-12 public schools, charter schools, or county/continuation schools in California.
A junior loan for up to 4% of the sale price is offered as assistance funds. It must be put towards the down payment and/or closing costs. The interest rate on this loan varies, so the consumer should check for updated information.
Applicants must have a CalHFA mortgage loan. Location of the property plays a factor in approval.
In addition to being school employees, applicants must also be first-time homebuyers, be able to show proof of their employment, and finish a homebuyer education class.
As of 2020, the property must not have a purchase price of more than $765,000, and can be a single-family, one-unit residence, approved condominium/PUD (guesthouses, granny units and in-law quarters may be allowed), or a manufactured house on a permanent foundation.
Other programs in California:
- MyHome Assistance Program
- Brentwood Down Payment Assistance Program
- Emeryville First Time Homebuyer Loan Program
- GSFA Platinum Program
- CalHome Program
- First Home Mortgage Program
- Monterey County Down Payment Assistance Program
- Santa Ana Downpayment Assistance Program
- Riverside Down Payment Assistance Program