Interest Rates Have Decreased in the Extra Credit Teacher Program, Reports Broadview Mortgage Long Beach

Eligible borrowers of the ECTP are offered money saving alternatives with reduced interest rates, says Broadview Mortgage Long Beach.

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Long Beach, California (PRWEB) March 26, 2014

Broadview Mortgage Long Beach offers assistance to borrowers who are qualified for the ECTP.

“Available through the California Housing Finance Agency (CalHFA), the Extra Credit Teacher Program helps fund down payment and/or closing costs for eligible teachers, administrators, classified employees and staff members working in California’s high priority schools, those with Academic Performance Index (API) ranks of 1-5.”

CalHFA has reduced the interest rate of the Extra Credit Teacher Program (ECTP).

The interest rate for the Extra Credit Teacher Program has been reduced from 5% to 3%. The interest rate will then decrease by 1% each year that the eligible borrower works in the high priority school. Once eligible borrowers have worked for three years in the qualified school or school district, the interest will be forgiven, adds Schang.