New CALFHA Rates
CALHFA 100% FINANCING AT 5.5% !!!
Readers will take note that I have recently been writing about the remaining options for 100% financing. Back in August, I wrote about the new California Housing Finance Agency’s (CalHFA) Community Stabilization Home Loan Program (CSHLP) which…
“began in July of this year and was funded by 0 mil in tax exempt bonds. It provides 100% financing at low 30 year fixed rates to qualified first-time buyers who select a property from a list of foreclosed homes. The list includes properties owned by lenders who have agreed to partner with CalHFA to offer reduced prices.”
You have to be a first time buyer and purchase a property from their list, but if you meet the guidelines and qualify, you get to finance 100% of the purchase price at a 5.5% 30 year fixed rate. Sweet!
The SMART Loan Program From CalHFA
Now, CalHFA has announced another first-time buyer program: the SMART Loan Program (I’m not sure what the acronym stands for). CalHFA has either bought or foreclosed on some additional properties because unlike the CSHLP list above, these are homes they own. Check that list of properties here.
In both cases, qualified first-time buyers need zero down payment and there is no minimum contribution of funds required. You can even combine CalHFA’s loans with other down payment assistance programs as available. There are sales price limits however; check those out here. And there income limits based on family size; check those out here.
And if you have further question, email or call me. If you qualify, I can get your approved quickly!