First time home buyers in Temecula, Murrieta, and other parts of Riverside and San Diego County just received another boost in their efforts to make the big move from first time homebuyer to first time homeowner.
The California Housing Finance Agency (CALHFA) just announced their new CALHFA FHA loan program.
The program offers a number of features designed to help low to moderate income families achieve their dream of homeownership.
- 4% interest rate - You just saved $89/mo over prevailing FHA rates (based on $200,000 loan amount)
- Down payment assistance in the form of a CHDAP second mortgage at 3.25% (may be used for down payment assistance or closing costs). When used interest rate is 3.875%
- When combined with a qualified down payment assistance program an interest rate of 3.75% may be available. (Riverside County FTHB program qualifies)
- To qualify you cannot have owned a home in the last 3 years, meet the income requirements based on family size and qualify for the first mortgage based on your income and credit, and be purchasing a home within the maximum sales price limits for your county.
- May be combined with special Riverside County tax credit for first time home buyers
- Program is available for new and resale homes
CalHFA does not lend money directly to consumers. CalHFA works through and uses approved private lenders to qualify consumers and to make all mortgage loans
For more information on the CALHFA first time home buyer program