CalHFA School Teacher and Employee Assistance Program (STEAP)

CalHFA School Teacher and Employee Assistance Program (STEAP) is a deferred second loan for homebuyers in California. Up to 3.5% of purchase price as a deferred-payment silent second (2.5% interest) for K-12 California public/charter school employees including teachers, administrators, and support staff. Must be used with CalHFA first mortgage. Up to 3.5% of purchase price in assistance. no monthly payments on DPA. Funding comes from State.

CalHFA School Teacher and Employee Assistance Program (STEAP) is deferred, so no payments are due until the home is sold, refinanced, or the first mortgage is paid off. Repayment is triggered by Sale, refinance, or payoff of first mortgage. The assistance is recorded in Second position. Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

CalHFA School Teacher and Employee Assistance Program (STEAP) is open to first-time homebuyers and homebuyers who will live in the home as their primary residence. "First-time homebuyer" usually means not having owned a home in the last three years, but the program sets its own definition. On credit, the program states: Minimum 660 FICO score required for all borrowers. A homebuyer education course is required, through HUD-approved homebuyer counseling agency. Residency requirement: Primary residence; must be employed at CA K-12 public or charter school. Citizenship or immigration status: U.S. citizen, permanent resident alien, or other eligible non-citizen. Must be employed by K-12 public school, community college, or county/state education agency; must use CalHFA first mortgage; school must be in targeted area.

CalHFA School Teacher and Employee Assistance Program (STEAP) limits household income to 120% of the area median income, which varies by county and household size. Contact program provider for current income limits. The limit applies to total household income, not only the borrower’s. The program lists a maximum household size of 8. Area median income figures are published by HUD and updated annually, so check the current table for the county before relying on a number.

CalHFA School Teacher and Employee Assistance Program (STEAP) caps the purchase price at $765,000. Eligible property types include Single-family (1-4 unit), FHA-approved condominium, townhome/PUD. New construction is eligible. Manufactured homes are eligible.

CalHFA School Teacher and Employee Assistance Program (STEAP) names educators among the groups it serves. Being named here means the program mentions the group, not that membership alone qualifies an applicant — the rest of the eligibility rules still apply.

CalHFA School Teacher and Employee Assistance Program (STEAP) serves homebuyers purchasing anywhere in California.

Applications for CalHFA School Teacher and Employee Assistance Program (STEAP) go through the administering agency, which publishes the current terms and the application steps on its own site. Funds are reserved through CalHFA Lender Portal (CLMS). Hey Prescott is not a lender and does not accept applications; this page describes the program so a homebuyer can take it to a lender or housing counselor.