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 Homebuyers 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 FHAs loan limit and CalHFAs sales price limits. Mortgage loans are limited to $417,000 under FHA guidelines, while CalHFAs 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.
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