The New and Renewed CalHFA Loans

The California Housing Financing Agency offers some great 1st time buyer opportunities. They have a conventional loan program, but might work easiest with FHA loans.

And, interest rates are even lower when combined with California Down Payment Assistance program (CHDAPP). The acronyms might get to you at first, but just remember you're allowed a 3% subordinate silent lien with this CHDAPP program which can work with any agency or non-agency 1st mortgage. If it's combined with a CalHFA loan, buyer gets an additional 1/8% lower interest rate (today's rate is 4.5%)--and only a 1% minimum contribution from buyer when combined with CHDAPP program.

Requirements:

First time Homebuyer, Income and Sales Price Limits (Los Angeles County: $95,160 annual income up to 2 people; up to $111,020 for 3 or more), Citizenship Requirement, Homebuyer Counseling, Owner Occupied for one unit (single family house or condominium).

Go to http://www.calhfa.ca.gov/homebuyer/information/borrower-requirements.htm for more information.

Please contact me for a lender approved for this program.

A few more buyer programs are located at http://www.juliahuntsman.com/down-payment-programs.html.