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Housing Assistance

The Los Rios Community College District is committed to recruiting and retaining employees who contribute to the high quality of education at our colleges.  With the realization that purchasing a home in the Sacramento area can be a concern for those considering relocating to the greater Sacramento area, the following information is designed to provide you access to programs and information that can assist in buying a home in our area.

Interested in learning more about Sacramento?  A good resource is our Sacramento Metropolitan Chamber of Commerce at www.metrochamber.org.  Their website will help you to discover our diverse community, its arts and culture, historical landmarks, colleges and universities, professional sports, rivers, lakes and mountains…and our rich business community.

California State Teachers' Retirement System (CalSTRS) Home Loan Program (http://www.chl-mrb.com/CALSTRS/)

The goal of this program run by the California State Teachers' Retirement System is to sponsor home mortgage programs to provide its members with affordable and flexible mortgage credit.  The CalSTRS Home Loan Program can help by offering competitive rates on a variety of mortgage loan programs. 

Program overview:

  • Conventional 15 or 30 year Fixed Rate Program – Competitive rates are available for buying a new home or refinancing to meet your individual needs.  Mortgage loan amounts are available up to $650,000. 

  • Zero Down (95/5) – You can buy a new home without any money down. Mortgage loan amounts are available up to $450,000.

  • 80/17 Program – Qualifying for a larger home mortgage is now available because of the low payment during the 5-year second mortgage deferral period.  Mortgage loan amounts are available up to $550,000.

  • A free 45-day interest rate lock upon submission of your application, to protect you from rising rates. 

  • In the event interest rates fall after you have applied for your loan, CalSTRS offers you a one-time interest rate reduction (float down option) - saving you money.

For more information:
1-800-228-5453 (Mon. through Fri.; 8:00 AM to 5 PM Pacific)

California State Teachers' Retirement System

Public Service Office
P. O. Box 15275
Sacramento, CA 95851-0275

California Housing Finance Agency (CalHFA) Homebuyer Programs (http://www.calhfa.ca.gov/homebuyer/programs)

Extra Credit Teacher Home Purchase Program (ECTP)The ECTP helps make first-time homeownership a possibility for eligible teachers, administrators, staff members and classified employees who serve in California’s high priority schools.  

Program overview:
The ECTP provides a deferred-payment junior loan, for down payment assistance – from $7,500 to $15,000, depending on the location of the property, or 3% of the purchase price, whichever is greater – to qualified borrowers to be used for their down payment. This junior loan is only available when combined with a CalHFA first mortgage loan. If the first mortgage loan is CalHFA’s 30-Year Fixed Rate Loan Program, the interest rate on the first mortgage will be at a special reduced rate. Interest on the junior loan is deferred and may be reduced to zero if the borrower meets continued eligibility requirements. 

Check CalHFA ‘s website at www.calhfa.ca.gov  for a variety of other home ownership programs and down payment assistance loan programs including: 

  •  30-Year Fixed Rate Conventional Loan Program.  CalHFA's main first mortgage program. It is designed to enhance affordability and homeownership opportunities in the form of 30-year below market fixed rate loans up to 100% loan-to-value (LTV).

  •  interest only PLUSSM.  Designed to enhance affordability and homeownership opportunities by allowing borrowers to pay only the interest on their loan for a fixed period of time. After that, borrowers pay principal and interest at the same low interest rate.

  • 30-Year Fixed Rate Government Insured/Guaranteed Loan Program.  CalHFA's main first mortgage program intended for first-time homebuyers who meet specified low and moderate income limits and who are purchasing a new or existing home anywhere in California, using an FHA, VA or USDA insured/guaranteed loan.

  •  Affordable Housing Partnership Program (AHPP).  A joint effort by CalHFA and cities, counties, redevelopment agencies and housing authorities whereby a deferred payment subordinate loan from a locality is utilized by the first-time homebuyer to assist them with down payment and/or closing costs.

  • CalHFA Housing Assistance Program (CHAP).  Offers a deferred-payment junior loan of an amount up to the lesser of three percent (3%) of the purchase price or appraised value.

  • California Homebuyer's Downpayment Assistance Program (CHDAP).  Offers a deferred-payment junior loan of an amount up to the lesser of three percent (3%) of the purchase price or appraised value. 

  • High Cost Area Home Purchase Assistance Program (HiCAP).  Designed to assist first-time homebuyers in the highest housing cost areas of the state.

  • Homeownership In Revitalization Areas Program (HIRAP).  Designed to provide a deferred payment, simple interest rate second loan of an amount not to exceed six percent (6%) of the home sales price.

  • School Facility Fee Down Payment Assistance Program (SFF).  A conditional grant program that provides assistance to buyers of newly constructed homes throughout California.  

For More Information:
CalHFA Homeownership Division
P.O. Box 4034 , Sacramento, CA 95812
Phone: 800.789.2432
Email: homeownership@calhfa.ca.gov 

Smart Commute™ Mortgage Program / My Community™ Program
Fannie Mae, in partnership with the Sacramento Regional Transit District (RT), Flagstar Bank and the Sacramento Housing & Redevelopment Agency offers the Smart Commute™ Mortgage Program designed for prospective homebuyers in the Sacramento region.  

Program overview:
Smart Commute™ offers incentives for borrowers who purchase homes near public transit.  Residents who live near transit and use it to commute to work can save up to $250 a month on transportation costs.  These potential transportation savings can be applied towards the purchase of a home through Smart Commute™.   Smart Commute™ mortgages are available to any borrower who purchases a home within a half-mile from a light rail station or within a quarter-mile from a bus stop.    

For More Information:
Representatives of Flagstar Bank are available to answer questions and help potential homebuyers with the lending process.  The toll free number is 1-800-206-1012.   You can also speak with Michael Carroll at FannieMae to request information about any local lenders/banks who participate in this program at (916) 341-1242. 

Sacramento Housing & Redevelopment Agency (http://www.shra.org/Content/Housing) 

SHRA provides many different housing and homeownership opportunities for residents throughout the City and County of Sacramento.   Just some of the information regarding homeownership in the Greater Sacramento Area that you can find on their website includes:

  • Homeownership Guidelines (PDF document) – This is an extensive list of agency adopted guidelines for homeownership assistance programs and assisted homeownership projects.

  • Financial Help for Homebuyers – the SHRA website includes information on several ways to help residents become homebuyers including -

    • First-Time Homebuyers Program

    • Teacher Home Purchase Program

    • Target Area Home Buyer Program

    • Mortgage credit certificates

For information, please visit their website at the above link, or for general information you can contact the Agency at (916) 444-9210.