| Temporary Suspension of Some CalHFA Programs |
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The Pooled Money Investment Board (PMIB) voted on December 17, 2009 to defer all bond expenditures from the Pooled Money Investment Account (PMIA) until the State's budget shortfall is resolved. This freezes any disbursements from the PMIA until they meet again in January 2009.
The result of this is that CalHFA must temporarily discontinue several programs. CalHFA will suspend purchases of 30-Year Fixed Rate Mortgages until we receive an update and clarification from the PMIB. CalHFA will also temporarily discontinue the Extra Credit Teacher Home Purchase Program (ECTP), California Homebuyers Down Payment Assistance Program (CHDAP), School Facility Fee Down Payment Assistance Program (SFF) and Affordable Housing Partnership Program (AHPP).
Please note that the 100%-financed Community Stabilization Home Loan Program (CSHLP) and SMART Program will still be accepting loans through the usual channels. Down payment assistance from non-CalHFA sources will continue to be accepted.
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Here's a list of programs currently available:
· American Dream Down Payment Initiative (ADDI) - 6% Down Payment Assistance for Low Income First Time Homebuyers within the City of Los Angeles.
· City of Los Angeles Housing Department's Mortgage Credit Certificate Program (MCC) - Allows an eligible homebuyer to claim an annual federal income tax credit and is applied to a portion of the total mortgage interest paid every year for the duration of the first mortgage loan.
· SRAR First Time Home Ownership Grant - Southland Regional Association of Realtors currently offers a $4000 grant to low- and moderate-income buyers who purchase a home in the San Fernando Valley. Funds are available after the close of escrow and there are no repayment requirements.
· FHA (Federal Housing Administration) Loans - Offers a first mortgage with 3½ % down payment required and up to 6% in seller paid closing costs or repairs.
Contact: Jason Hector, Real Estate Broker (818) 357-9658
www.jasonhector.com
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Don't forget the $7500 federal first time homebuyer interest free loan as well to hopefully be replaced by the stimulus bill before congress which is much improved for homeowners