If you are a first-time buyer, or if you haven't owned a home in the last three years, this may be your opportunity to shop the LOW prices in the market today!
The California Housing Finance Agency (CalHFA) announced this week the launch of a new fixed-rate, 30-year, FHA-insured mortgage program for low- and moderate-income home buyers.
CalHFA provides financing and programs for low- and moderate-income Californians. The program announced this week enables qualified, first-time homebuyers - defined under federal law as not having owned and occupied a home for the past three years - in California to receive a 30-year mortgage with a fixed interest of approximately 4 percent.
Borrowers are eligible to use the California Homebuyer’s Downpayment Assistance Program, which can provide up to 3 percent of the purchase price of the home for down payment or closing costs.
In addition to being a first-time home buyer, borrowers also must meet income limits, which vary by county and family size. Call me to see if you qualify. Borrowers also must purchase homes within FHA’s loan limit and CalHFA’s sales price limits. Mortgage loans are limited to $417,000 under FHA guidelines, while CalHFA’s sales price limits vary by county.
Additionally, borrowers must meet the minimum credit score requirements and maximum debt-to-income ratios and complete a HUD-approved home buyer education program.
For more information on whether or not this new CalHFA program can help you with your first-time home purchase, contact me!
