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UPDATE: >> CalHFA Decision Date - Will First Time Home Buyers get their loans programs back?

As I reported last month, CALHFA, temporarily suspended new applications because of the deficit in the California State Budget.

California Housing Finance Agency (CalHFA) has supported the needs of First Time Home Buyers by providing financing and programs that create safe, decent and affordable housing opportunities for individuals within specified income ranges.

On December 17, 2008, we were notified that CalHFA did not have funds to continue offering many of their home loan programs. These programs were designed to get First Time Home Buyers into a home with little or no money down.

Read The Orignial Blog >>

I wanted to give you an update, since this greatly affects many First Time Home Buyers in the Sacramento area.

Mark Your Calendars!

The Pooled Money Investment Board meets again on February 16th, and a decision on the disbursement of funds will be made.

The PMIBloans money to state agencies to advance program funds which will later be repaid through bond issuances. CalHFA uses a PMIB loan to initially fund its Conventional 30-Year Fixed Mortgage and down payment assistance programs.

We really all need to cross our fingers here!

Although there are other 0% Down Payment Loan Programs available in the Sacramento area, CalHFA offered many benefits that others could not.

Although CalHFA has suspended some of its loan programs, it continues to work to find ways to help Californians purchase their first home.

What if we told you there are 100% loan programs available right now for First Time Home Buyers?
There is a catch though!

Let me introduce The SMART Loan Program!...

The SMART Loan Program offers a special reduced interest rate and up to 100% Loan-To-Value financing for certain properties owned by CalHFA (The Catch!). Low and moderate income, First Time Home Buyers who meet CalHFA's minimum eligibility requirements and are purchasing a SMART Loan Program property may qualify for 30-year fixed rate loan at a special interest rate.

See Homes Available in Your Area! >>

Here are the requirements for the Buyer:

Requirements	Details and Reference Sources
First-Time Home Buyer	Borrower must be a First Time Home Buyer purchasing a primary residence intended for owner-occupancy. Please note: CalHFA considers you a First Time Home Buyer if you have not owned and occupied your own home during the last 3 years. All borrowers must have completed home buyer education counseling and received a certificate of completion through an eligible home buyer counseling organization. Live in the home you are purchasing for the entire term of the loan, or until the home is sold or refinanced. Meet credit, income and loan requirementsof the CalHFA lender and the mortgage insurer. Be a citizen or other national of the United States or a qualified alien. See Additional Borrower Requirements >>
Income Limits	Income limits for the Counties of... SACRAMENTO - PLACER - EL DORADO - YOLO 1 or 2 Persons 3+ Persons Moderate Income $ 85,200 $ 99,400 Low Income $ 42,600 $ 48,990 See Other Countie's Income Limits >>
Sales Price Limits	Sales Price Limits for the Counties of... SACRAMENTO - PLACER - EL DORADO - YOLO $580,000 See Other Countie's Sales Price Limits >>
Citizenship	Be a U.S. citizen, permanent resident alien or other qualified alien
Property Eligibility	Property must be a designated CalHFA REO. See property list >> Property must meet CalHFA and applicable mortgage insurer's underwriting and property guidelines Property must be vacant Manufactured housing is NOT eligible See Additional Property Requirements >>
Available Through Approved Lenders	WE ARE AN APPROVED LENDER... by the way! See Other Approved Lenders in Your Area >>