First Time Buyers
Sign up for the next free presentation to learn more about the First Time Home Buyer* assistance program offered by CalHFA.
*First Time Home Buyer refers to a home buyer whose name has not appeared on a trust deed in less than 3 years. So a person who sold their last home 3 or more years ago would be eligible. Keep reading for details.
The State of California has almost 16 billion dollars set aside to help the first time home buyer under its CalHFA program. You can read more about CalHFA by clicking on the above tab for First Time Home Buyers or going to CalHFA's website. My first time home buyer link has a sign-up sheet for free presentations by a CalHFA approved lender explaining how the program works and how it may be possible for low income and moderate income legal residents to get "silent second" low-interest loans to assist them into purchasing their first home.
The mission of Homeownership Programs is to provide affordable housing opportunities by offering below market interest rate mortgage programs to very low-to-moderate income first-time homebuyers. There are several unique features and programs offered which may fit the need of the prospective buyer:
Down Payment Assistance Programs
The California Homebuyer’s Downpayment Assistance Program (CHDAP) is designed to provide a deferred payment, simple interest rate junior loan of an amount up to three percent (3%) of the sales price or appraised value, whichever is less. The junior loan may be used for down payment or closing costs and may be combined with a CalHFA or non-CalHFA conventional or government first mortgage loan. For more information, see the CalHFA website at this link: http://www.calhfa.ca.gov/homeownership/programs/chdap.htm
The Extra Credit Teacher Program (ECTP) is designed to make homeownership a possibility for eligible teachers, administrators, classified employees and staff members working in high priority schools in California.
The ECTP is intended to help high priority schools attract and retain education professionals by offering an incentive in the form of down payment assistance for the purchase of a home anywhere in California.
The Program provides:
1. A deferred payment, junior mortgage loan for down payment assistance of an amount not to exceed the greater of $7,500 or 3% of the sales price, or; of an amount not to exceed the greater of $15,000 or 3% of the sales price in CalHFA-defined high cost areas .
2. A special reduced interest rate on the CalHFA 30-Year Fixed Mortgage or Government Insured/Guaranteed 30-year fixed Mortgage.
(The special reduced rate is not available on the CalHFA interest only PLUSSM or the 40-Year Fixed Mortgage loan programs.)
Interest on the junior loan is deferred and may be reduced to zero if the borrower meets continued eligibility requirements.
In addition, CalHFA will permit homebuyers to use other CalHFA-approved down payment assistance loans or grants to help in the acquisition of the home.
For more information, see the CalHFA website at this link: http://www.calhfa.ca.gov/homeownership/programs/ectp.htm
