|
The CSHLP offers a below market rate, conventional first mortgage loan to first-time homebuyers purchasing select real estate owned (REO) properties in specific California communities.
How The Program Works
The CSHLP provides a special, reduced interest rate on a 30-Year Fixed Mortgage on certain REO properties that are located in selected counties and ZIP codes in California. This first loan may also be combined with the California Homebuyer's Downpayment Assistance Program (CHDAP) for down payment and closing cost assistance, to make owning your first home more affordable.
Program Elements
|
Requirements
|
Details and Reference Sources
|
|
First-Time Homebuyer
|
Borrower must be a first-time homebuyer purchasing one of these select properties within California. Borrower must be a first-time homebuyer purchasing a primary residence intended for owner-occupancy.
You are considered a first-time homebuyer if you have not owned and occupied a home in the past three (3) years.
|
|
Property Eligibility
|
- Existing Single family, one unit residence, including condo/PUDs
- Manufactured housing is not allowed with this program
|
|
Eligible Property Locations
|
Current property list
| Designated County |
Eligible Zip Codes |
| Alameda |
| 94601 |
94602 |
94603 |
94605 |
| 94606 |
94607 |
94608 |
94609 |
| 94610 |
94611 |
94612 |
94618 |
| 94619 |
94621 |
|
|
|
| Contra Costa |
All ZIP codes |
| Los Angeles |
|
| Merced |
All ZIP codes |
| Monterey |
All ZIP codes |
| Riverside |
All ZIP codes |
| Sacramento |
All ZIP codes |
| San Benito |
All ZIP codes |
| San Bernardino |
|
| San Joaquin |
All ZIP codes |
| Stanislaus |
All ZIP codes |
|
Special Reduced
Interest Rate |
5.50%
See sample APR below |
|
Income Limits
|
Refer to CalHFA's income limits established for the county in which the borrower is purchasing.
|
|
Sales Price Limits
|
Refer to CalHFA's published sales price limits for the county in which the borrower is purchasing.
|
|
Citizenship
|
Be a U.S. citizen, permanent resident alien or other qualified alien
|
|
Available Through Approved Lenders
|
Refer to CalHFA's approved lender list for a lender in your area.
|
|
Other Requirements
|
Homebuyer education is required for all borrowers using the CSHLP.
Other program requirements may apply; please contact an approved lender for more details. |
Truth In Lending Disclosures
This sample is for illustrative purposes only. It does not reflect any specific loan's terms.
| Loan Type |
Loan Amount |
Term |
Interest Rate* |
APR* |
Est. Monthly Pmt. |
| CSHLP |
$200,000 |
30 Years
(360 Months) |
5.50% |
6.1856% |
$1,492.24 |
*Interest rate is for comparison only. Sample APRs include typical finance charges, such as lender fees and mortgage insurance. This sample is for illustrative purposes only. It does not reflect any specific loan's terms. APRs quoted by approved CalHFA private lenders may vary.
For More Information
To learn more about the CSHLP, contact us at:
CalHFA's Homeownership Division at 916-324-8088
Email: homeownership@calhfa.ca.gov
P.O. Box 4034 , Sacramento, CA 95812
Homebuyers interested in applying for financing, should contact one of CalHFA's approved lenders.
|
;)
;)
Hey you points w - - - e !! Be sure and share this with the peoples' in your office like Susie and Kelli !!