California Housing Finance Agency Celebrates Homeownership Month
Offers Multiple Programs to Help Buyers Achieve Dreams of Purchasing a Home
June 9, 2015
SACRAMENTO, June is National Homeownership month, the market is turning around and there are thousands of families who can now take advantage of low interest rates and down payment assistance to make the jump from renting to owning.
Homes are selling faster now than in recent months, which can pose a challenge for low to moderate income buyers. Fortunately, the California Housing Finance Agency, which has helped 155,000 families purchase homes, has the resources and tools that can help both first-time and experienced buyers realize their dreams of homeownership.
“The California Housing Finance Agency remains committed to making home buying a possibility for low to moderate income Californians,” said Tia Boatman Patterson, Executive Director of CalHFA. “We recognize that summertime is high season for potential buyers, and we are here to provide guidance and help educate homebuyers, real estate agents and lenders.
CalHFA offers several programs for first-time buyers, most notably the CalPLUS Conventional first mortgage loan. This program includes the Zero Interest Program (ZIP Extra) junior loan, which can help out with more than $10,000 in closing cost and down payment assistance, at zero interest, for first-time borrowers with good credit and steady income.
Buyers can also take advantage of the California Homebuyer’s Downpayment Assistance Program (CHDAP), which provides homebuyers with up to 3% of the purchase price to use for a down payment. Other useful programs include the Extra Credit Teacher Home Purchase Program, which is a special program for eligible teachers, administrators, and staff in California schools, and the CalHFA Energy Efficient Mortgage + Grant Program that assists with energy-efficient home improvements.
The amount of assistance varies by loan product, loan amount and borrower eligibility; but as an example, a family purchasing a $250,000 home could receive up to $14,000 in down payment assistance through the ZIP Extra program. By layering CHDAP on top of that, the family could get an additional $7,500.
Now is the time for buyers to start the process, whether that means learning what programs are available, starting their home search or getting pre-qualified with one of CalHFA’s preferred loan officers. CalHFA programs are available in all 58 counties of California.The California Housing Finance Agency was created in 1975 with the goal of helping more Californians find a place to call home. CalHFA's Single Family Lending division has financed more than $15 billion in lending to help more than 155,000 California families buy their homes. CalHFA is a self-supported state agency that doesn’t rely on taxpayer dollars. For more information on Single Family Lending programs and the full complement of CalHFA programs, visit www.calhfa.ca.gov or call toll free 877.9.CalHFA (877.922.5432).
Contact: Eric Johnson
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