County Homebuyer Help for Teachers 

HOUSING and COMMUNITY SERVICES AGENCY

FOR IMMEDIATE RELEASE: PR 0113 PR CONTACT: Ken Domer 714.480.2990 Julia Bidwell (714) 480-2991 September 17, 2001

County Homebuyer Help for Teachers

Second Year Brings Increased Funding for Most Successful Extra Credit Teacher Home Purchase Program in State

(Santa Ana, CA) -Coming off of a year in which 29 teachers purchased homes in Orange County with the help of the County’s Extra Credit Teacher Home Purchase Program, the County of Orange Housing & Community Development Department (H&CD), in coordination with the CEO/Public Finance Office and Southern California Home Financing Authority (SCHFA), announce that $15 million more in home purchase funds are available to assist qualified teachers, assistant principals, and principals who teach at low performing schools. The Extra Credit Teacher Home Purchase Program offers a 30 year fixed mortgage rate of 6.25% with a $4,000 down payment assistance gift and a $3,500 down payment assistance loan. Qualified teachers, assistant principals, and principals must be credentialed and serve or commit to serve for five years at an Orange County school with an Academic Performance Index (API) rating of 1, 2, or 3. The $15 million will assist approximately 75 applicants to purchase a home and will be issued in $5 Million increments.

"The success of the Extra Credit Teacher Home Purchase Program is evident by the 29 teachers who can now call Orange County home," declared Cynthia P. Coad, Chair of the Board of Supervisors. "With these new funds, Orange County can help those who dedicate their lives to the worthy profession of education realize the dream of homeownership."

The Extra Credit Teacher Home Purchase Program is a first come, first served program. To apply for a home loan, eligible teachers, assistant principals, and principals must call a participating mortgage company (attached). Applicants must also have a combined family income that does not exceed $74,766 for one or two person households or $85,981 for three or more person households. Homes can be located anywhere in Orange County. More information can be obtained from the H&CD website at http://www.ochousing.org or calling (714) 480-2870 to request material.

"With the best performing program in the state, we are proud to offer Orange County educators the opportunity to gain their first home," stated Paula Burrier Lund, H&CD Director.

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Attachments : Program Features, Requirements, and List of Qualifying Credentials