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Our loans with below market interest rates help people get into their first homes," Parker said. The innovative program provides eligible teachers and administrators a below market interest rate (currently 5%-6%) first loan, as well as a deferred second mortgage to cover down payment costs of $7,500 or three percent of the purchase price, whichever is greater. The Extra Credit Teachers Program provides a below market interest rate CHFA first loan, together with a forgivable interest CHFA second loan to assist qualified teachers and principals in the purchase of their first home. |
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