New CalHFA Programs for First Time Home Buyers

Whittier first time home buyers have a great opportunity now to buy a home with a down payment as low as 1%, when using the CalHFA (California Housing Finance Agency) new programs for first time home buyers.

The CalHFA FHA Loan Program offers below market interest rates. As of today, September 28, 2010, the rate for the CalHFA FHA loan is 4.00%.

You can find today's interest rates on the CalHFA Current Interest Rates page.

Program Highlights

• FHA-insured loan
• 30-year fixed interest rate
• Minimum 620 credit score
• Interest rate lock option

Lower interest rates currently available when combined with CalHFA-eligible down payment and/or closing cost assistance program(s)

CHDAP (California Homebuyer's Downpayment Assistance Program) allows first time home buyers to buy a home for as little as 1% of the purchase price coming from their own money.

CHDAP allows first time home buyers to obtain up to 3% of the purchase price or appraised value of the home as a secondary loan, at an interest rate of 3.25%.

What's the catch? All first time home buyers who want to use the CalHFA programs must complete a HUD approved home buyer education course.

Check the full Buyer Requirements page to see if you may be eligible.

I know three lenders in Whittier that work with the CalHFA programs for first time home buyers who can help you. Just give me a call and I'll help you connect with one of them so you can start the process and be on your way to becoming a first time home owner.

Bob Willis
Prudential California Realty
(562) 639-9400