Buy a Home in California with No Money Down (CalHFA)

Buy a Home in California with No Money Down (CalHFA)

Now is the perfect opportunity for First Time Home Buyers to take advantage of declining values in California. One thing stopping many buyers from getting into the market has been lack of a Down Payment. The State of California wants to help you bridge that gap and help you with the down payment so you can get your piece of the “California Dream”. Check out the video below with Nate Ellis"Mr. Danke Schoen" interviewing Sherri Kerth from CalHFA

For over 30 years, California Housing Finance Agency (CalHFA) has supported the needs of renters and first-time homebuyers by providing financing and programs that create safe, decent and affordable housing opportunities for individuals within specified income ranges. Established in 1975, CalHFA was chartered as the State’s affordable housing bank to make low interest rate loans through the sale of tax-exempt bonds. A completely self-supporting State agency, bonds are repaid by revenues generated through mortgage loans, not taxpayer dollars.

CalHFA offers Below Market Interest Rates and these are posted on their website. The rates are usually good for an extended period of time but will change with major shifts in the market. It has been my experience that they will raise rates faster in deteriorating markets than they lower rate in improving markets. You can lock in your rate for 30-90 days for the same cost. If you are buying a Newly Constructed Home you can lock in for up to 6 month. To be able to lock in your rate you must have a property in contract.

Highlights of the CalHFA Program

• Financing to 102% of Purchase Price with FICOs down to 620 (90% on Manufactured Homes)
• No Declining Market Hit
• No Hit for Condos
• No Minimum borrower contribution
• No Inspection report required (if not checked on contract)
• Can use with City Downpayment Assistance Programs
• Can use with CalHFA Down Payment Assistance Programs
• Below Market Interest Rates
• 30 yr, 40 yr and interest only options.
• Lock for 30-90 lock same cost.
• Fixed Lender fees
• MI can be petitioned for removal once the loan balance falls below 79.9% LTV
• Borrowers with limited Credit OK
• BK/Foreclosure OK after 3 yrs

• Non-Occupant Co-Signers OK

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