CalHFA gives first-time homebuyers an attractive option in Orange County California Real Estate!
CalHFA is pleased to announce a new 30-year mortgage, insured by the Federal Housing Administration. According to CalHFA, this is the CalHFA’s flagship mortgage loan product to get them back in business,
and being offered to first-time homebuyers. In addition, CalHFA has made some improvements to the California Homebuyer’s Downpayment Assistance Program (CHDAP) that makes it even more attractive
The CalHFA FHA mortgage is, at first look, simple enough: a 30-year loan with a fixed rate. It stands out for two reasons, though. One, it carries a below market interest rate, the result of ongoing bond
negotiations between CalHFA and the US Treasury. Two, when combined with CalHFA’s CHDAP or AHPP (Affordable Housing Partnership Plan) programs, the rate may drop even lower, currently giving a 0.125%
break for CHDAP and 0.25% break for AHPP. They have also made some changes to the underwriting and documentation requirements for CHDAP, so its standards conform to the standards of the first mortgage.
CHDAP now only requires a 1% buyer contribution instead of the previous 3%. In addition, the School Facility Fee Down Payment Assistance Program has returned. This program gives a conditional grant to
purchasers of newly constructed homes in California, to be used for down payment, closing costs, upgrades, or any other aspect of the purchase. The grant averages about $5,000, and if the qualified buyer stays
in the property for three years, it does not need to be repaid. CalHFA continues to be dedicated to safe, responsible lending. A FHA loan requires a 620 credit score, and every borrower must undergo homebuyer
counseling. This FHA loan product, along with their down payment programs, represents a new beginning for CalHFA as they move forward after the extremely challenging events of the past few years. With powerful
products like these, CalHFA is poised to open doors for new homebuyers, and fund possibilities for the future once again.
This article is courtesy the "California Housing Finance Administration (CalHFA)"
Larry Weichman is President and Broker of Costa Mesa-based real estate powerhouse Weichman Realtors,"the most trusted name in Costa Mesa Real Estate". Larry and his highly-trained team of professionals have proudly served Costa Mesa since 1976. For questions about an upcoming sale or purchase, call him directly at 714-241-4532 or email your questions to Larry@TeamWeichman.com. Be sure to visit Larry Weichman in Costa Mesa CA for the latest news and information on the Costa Mesa real estate market. Lic #00573423
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