As you all know I lend across the country but am also a very highly recommended lender here across California.
CalHFA, an amazing program that assists with down payment and closing costs which in most cases we're able to close with less than 1% of the purchase price. It's provided many people that wouldn't normally qualify because of asset situation the ability to qualify and become homeowners. This program hits really close to home and I've done a large majority of these transactions for friends and family.
Call me now if you have more questions: 619-379-8999 or [email protected]
What has changed with CalHFA?
Starting December 16th they will be reducing the incentive on the 2nd lien. Normally it would provide 3.5% of the sales price of the home as incentives for d own payment. They will be changing that to only 3% for locks effective after December 16th - if you've been on the fence the time is now to take action if you can find a property in time to meet that deadline. There's a little over a month left so I'm trying to be as proactive as I can.
CalHFA also has a 2nd lien that assists with either 2% or 3% of the loan amount that will cover most of the closing costs as well (can't forget about those, right?) It's basically a win, win. You don't have competition between lenders because it's a bond program and the interest rates are phenomenal and NOT credit driven.
- First time homebuyers only: no title interest in the past 3 years
- 660 FICO (raised from 640)
- 45% max back end debt ratio (good for people with little debt)
- Must take homebuyer education (this is easy)
- Income less than 172,000.00 statewide (if lower you may qualify for another program available)
As mentioned earlier, GIVE ME A CALL! 619-379-8999. This is a bond program so they can pull incentives at any time. Even if you have a question just reach out, no question is a dumb one.