CalHFA Returns As Option For First-Time Buyers

Post by Ken Grech, a top Simi Valley real estate agent.  Search Simi Valley real estate listings. Here’s some highlights from an interesting article that was in today’s Sunday Ventura County Star paper written by Elizabeth Alvarez.

The California Housing Finance Agency recently announced updated programs to help first-time home-buyers. While this agency cannot offer a cure-all for the real estate market, this is a welcome bit of good news for consumers who are considering buying a home. First, to clear up a common confusion regarding mortgage lingo: First-time home-buyer is a technical term for ANY person who has not owned a primary residence in the last three years. Many people of all ages, including veterans, qualify for this loan-it is not reserved solely for young people buying their first home property.

The new CALHFA mortgage is offered in partnership with the Federal Housing Administration. The loan provides low and moderate income, first-time homebuyers with below market interest rates and affordable down payment option for thier home mortgage, among other benefits. Veterans also are eligible for CALHFA financing under the Heroes Earnings Assistance and Relief Tax Act.  This loan brings CALHFA back as significant provider of financing for first-time home-buyers, which, historically, is the reason why the agency was created. Through CALHFA’s down payment program, called California Homebuyer’s Downpayment Assistance Program, borrowers may qualify for up to 3 percent of the purchase price of the home for down payment or closing cost assistance.

To qualify, borrowers must qualify according to the following guidelines: Income limits-these vary by county and family size. For example, in Ventura County, a family of four may earn up to $122,500 annually; in Los Angeles County, a family of four may have a yearly income of up to $110,020. Loan limits and sales price limits-FHA mortgage loans limits are generally $417,000; sales price limits vary by county. Minimum credit score requirement of 620, and all borrowers must complete a home-buyer education program through a HUD-approved agency. For more information on this loan go to: http://www.calhfa.ca.gov or call, toll free 1-877-922-5432.

For any up to date listings or sales within the Simi Valley and/or Ventura County market please free to contact me at: 805-217-1368 or visit my website: www.simiishome.com

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