The California Housing Finance Agency – CalHFA offers a variety of loan programs to help homebuyers and first-time homebuyers purchase a home in California.
California First-Time Home Buyers Assistance: Here’s How It Works (PHOTO: TheBestNews)
California First-Time Home Buyers Assistance: How Does It Work?
The California Housing Agency has supported the needs of California first-time homebuyers by providing financing assistance program. CalHFA has access to a comprehensive selection of homebuyer assistance programs, specially to those California first-time homebuyers with low or moderate incomes. In California, you’re considered a first-time buyer if you haven’t owned or occupied any house in the city.
The CalFHA offers borrowers access to government-insured programs to help first time buyers obtain fixed rate loads with options in their down payments and closing cost assistance
The Dream For All Shared Appreciation Loan helps them with down payments. This is initially funded by the state for over $500 million according to the League of California Cities. According to Gov. Gavin Newsom they are scaling back the program in this year’s budget for $300 million.
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California Firs-Time Home Buyers Assistance: Are you Eligible?
If you are interested in applying the loan, you must be, according to the website:
- A first-time homebuyer, meaning you haven’t owned any house for the last three years.
- Non-occupants and Co-borrowers are not allowed.
- Occupy the property as a primary residence of California.
- CalHFA offers education counselling to obtain a certificate of completion for you to be eligible homebuyer of the program
- Must meet the CalFHA income limit for this program.
The program is offered through private loan officers, according to CalHFA.
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