California First Time Home-buyers, government programs are available to help you with affordable home-ownership by offering a low, fixed interest rate and Down-payment Assistance for eligible borrowers. The program I'm most excited about is CalHFA FHA Loan Program, currently offering an interest rate of 4.125% today. Compare that to today's open market rate of about 4.75% on a FHA 30 year fixed rate.
How the program works
CalHFAFHA will finance up to 96.5% of the purchase price or appraised value, whichever is less. Then, if eligible, you combine this program with one of the allowed Down-payment Assistance or Closing Cost Assistance programs.
Program Eligibility
- Must be a First Time Home-buyer, meaning you have not owned AND occupied a home in the past (3) years.
- Meet CalHFA income limits established for the county in which the house is located
- Meet CalHFA sales price limits established for the county in which the house is located
- Must be a U.S citizen, permanent resident or other qualified alien
- Property types eligible are: Single Family, Condo or PUD (Units and Manufactured homes are not allowed)
- Home-buyer education is required, CalHFA will accept Home-buyers Education Certificates from Fannie Mae, Freddie Mac or HUD-approved Housing Counselor
- Other prgram requirements may apply
CalHFA FHA Loan Program Income Limits for Southern California
Sales Price Limits
County Household Size Income Maximum Non-Targeted Targeted
Los Angeles 1 or 2 $95,160 $656,775 $802,725
3+ persons $111,020
Orange 1 or 2 $111,600 $656,775 $802,725
3+ persons $130,200
San Diego 1 or 2 $99,120 $627,750 $767,250
3+ persons $115,640
Riverside 1 or 2 $79,920 $450,000 $550,000
3+ persons $93,240
San Bernardino 1 or 2 $79,920 $450,000 $550,000
3+ persons $93,240
Call me today! I can help you determine your CalHFA eligibility and purchasing power.
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