New CalFHA Loan to Help First Time Buyers

Posted on by

The California Housing Finance Agency (CalHFA) announced this week the launch of a new fixed-rate, 30-year, FHA-insured mortgage program for low- and moderate-income home buyers.

  • CalHFA provides financing and programs for low- and moderate-income Californians.  The program announced this week enables qualified, first-time home buyers in California to receive a 30-year mortgage with a fixed interest of approximately 4 percent.
  • The CalHFA program includes upfront mortgage insurance, which is required for most FHA- insured home loans.  Borrowers are eligible to use the California Homebuyer’s Downpayment Assistance Program, which can provide up to 3 percent of the purchase price of the home for down payment or closing costs.
  • In addition to being a first-time home buyer – defined under federal law as not having owned and occupied a home for the past three years – borrowers also must meet income limits, which vary by county and family size.
  • Borrowers also must purchase homes within FHA’s loan limit and CalHFA’s sales price limits.  Mortgage loans are limited to $417,000 under FHA guidelines, while CalHFA’s sales price limits vary by county.
  • Additionally, borrowers must meet the minimum credit score requirements and maximum debt-to-income ratios and complete a HUD-approved home buyer education program.

For more information click on over to Yuba Sutter Homes and Loans and look under the [Finance] tab. There you will also find calculators to help your planning and other resources.  For the fastest answers drop us an email or call 530 315-2808.

For more current news about real estate in the Yuba-Sutter area visit Yuba Sutter Home Buys and click the [Discussions and News] tab.

To read this month’s Yuba Sutter Real Estate click HERE.  To get your own copy delivered directly to your in box drop an email to subscribe@YubaSutterGrapevine.com.  And don’t forget you can always search for listings in privacy from Yuba Sutter Homes and Loans site.  Just click the [Buyer’s Menu] tab to get started.  To have us do the grunt work for you, email or call 530 315-2808 today.

Leave a Reply