Sometimes a potential first time buyer can make a house payment with no issues, but can't buy a house because they don't have the funds required for down payment and closing costs.
CalHFA was founded 40 years ago and helps responsible borrowers with good credit purchase their first home by providing access to affordable first mortgages and down payment assistance. CalHFA offers an array of mortgage financing and down payment assistance. The combined Down Payment Assistance programs can provide up to 8% of the purchase price, with a maximum CLTV of 105%. Many people have good credit and a steady job, but haven’t saved up enough for a private bank’s down payment requirement. CalHFA develops programs to address the down payment and closing cost needs of those first time buyers and there are no costs to the seller .
The interest rate on the CalHFA Conventional or FHA is fixed throughout the 30-year term.This loan is combined with either the MyHome Assistance Program (MyHome), Zero Interest Program (ZIP) or the Extra Credit Teacher Program(ECTP).
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**Terms subject to change without notice. Does not constitute an offer, nor a guarantee to lend.
low interest rates and refinance