The State of California offers a "School Teacher and Employee Assistance Program" through the California Housing Agency. This program can provide a loan of up to 4 % of the purchase price of the home for qualified school employees that are considered first-time home buyers.
The interesting thing about this program is they define first-time buyers as a person who "has not owned and occupied their own home in the last three years." That means you could have owned a home four years ago, sold it and be buying now. You must occupy the house. The loan must be used in conjunction with a CalHFA first mortgage loan.
This is a fantastic way to get into a house if you don't have enough saved to fund a down payment but can afford the monthly mortgage payment and other costs associated with owning a home. The loan may also be used for closing costs. Click here to access more specifics.
