Teacher Home Purchase Program Debuts 

HOUSING and COMMUNITY SERVICES AGENCY

FOR IMMEDIATE RELEASE:PR 01-0 PR CONTACT: Julia Bidwell 714.480.2991 Ken Domer 714.480.2990 January 18, 2001

Teacher Home Purchase Program Debuts

Extra Credit Teacher Home Purchase Program to Benefit Orange County Teachers

(Santa Ana, CA) - The County of Orange and the Southern California Home Financing Authority are heralding the Extra Credit Teacher Home Purchase Program which makes home buying easier for the county’s full-time credentialed teachers, assistant principals and principals.

The program will provide a reduced 30-year fixed rate mortgage and $7,500 in downpayment assistance for qualified homes throughout Orange County. Eligible educators must commit to serve in designated low-performing schools according to the State Academic Performance Index (API). The Extra Credit Teacher Home Purchase Program was created by the State of California and is administered by the Counties of Orange and Los Angeles through the Southern California Home Financing Authority. Eligible educators’ incomes must not exceed $71,665 for a one- to two-person household and $82,414 for a household of three or more persons. The 30-year fixed rate mortgage is 7.2 percent with a first year buydown rate to 6.2 percent. The downpayment assistance can be used for non-recurring closing costs.

"With escalating home prices, we are proud to be in a partnership with the Southern California Home Financing Authority to make first-time home purchases a reality for our teachers," said Cynthia P. Coad, Chair of the Orange County Board of Supervisors. "This is an excellent way to attract and retain those in one of our most worthy professions: teaching."

As a method to outreach and explain the Extra Credit Teacher Home Purchase Program, officials from the County of Orange, Southern California Home Financing Authority and representatives of the participating lenders will hold a Teacher Housing Fair and Information Workshop on January 20 at Carr Intermediate School in Santa Ana. The program is from 10 am to 2 pm and consists of informal workshops and an opportunity to meet with individual participating mortgage lenders. Carr Intermediate is located at 2120 W. Edinger Avenue in Santa Ana, 92704. Interested teachers who are potential first-time homebuyers and teach at a school with an API of three or less, may call (714) 480-2899 to RSVP. The program is open to all qualified teachers in Orange County.

Extra Credit Teacher Home Purchase Program Housing Fair and Information Workshop

January 20 – 10 am to 2 pm

Carr Intermediate School, 2120 W. Edinger Avenue, Santa Ana, California 92704

County of Orange, Housing and Community Development Department
1770 North Broadway, Santa Ana, CA 92706 · (714) 480-2900 · www.ochousing.org