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3 First Time Homebuyer Programs You Must Know in California

ADDED ON February 18, 2011 12 COMMENTS

Did you know there are first time homebuyer programs in California that provide down payment assistance?  Well, there are and especially if you live in these communities or in the Los Angeles, Orange County, Riverside, San Bernardino and San Diego county.

If you’re a looking for first time homebuyer programs in California, we’re sure you are seeing prices of home become more affordable and within home ownership reach.  When have we seen real estate prices and interest rates any better, right? Speaking of interest rates, did you also know rates for many first time homebuyers are as low3.625% -3.875%?   Yes, its true!

If you’re searching homes for sale in Los Angeles, Orange County, Riverside, San Bernardino and San Diego  you have the best of both worlds…affordability and down payment assistance programs to help qualify for your new home.

3 First Time HomeBuyer Programs You Must Know in California

1. California Housing Finance Agency (CalHFA FHA & CHDAP) – BEST PROGRAM

CalHFA FHA

The California Housing Finance Agency offers a below market mortgage option to first time homebuyers.  The CalHFA FHA 30-year Fixed Mortgage provides up to 96.5% financing with a low, fixed interest rate that never changes during the life of the loan.  This first mortgage can be combined with CalHFA’s down payment assistance programs for added benefit.

CHDAP, Down Payment Assistance That Works

CalHFA can also help with your down payment or closing cost.  Payments on these one-of-a-kind loans are deferred, meaning you don’t have to pay them back until you sell, refinance or pay off your home.

California Homebuyer’s Downpayment Assistance Program (CHDAP) – offers up to 3% down payment or closing cost assistance and can be combined with any of CalHFA’s first mortgages.

2. National Homebuyers Fund – CHF Platinum Grant

The CHF Platinum grant program provides down payment assistance for low-to-moderate income individuals and families purchasing a home. Homebuyers can receive up to 3% of their first mortgage to be used as a down payment and/or closing costs.

  • Primary residence, owner occupied
  • Does not have to be a first-time homebuyer
  • Minimum 620 credit score
  • Income limits apply
  • FHA loan only
  • 30-year fixed rate
  • Grant funds can not exceed 3% of the first mortgage
  • Grant funds can be used for down payment or closing costs

 

3. CRHMFA Homebuyers Fund (CHF) – CHF ACCESS

This is a very unique program being operated by all the lenders working under the California Rural Home Mortgage Finance Authority.  Similar to the federally guaranteed loans, the CHF ACCESS loan program requires the borrower to make a down payment of 3.5%.  The attractive part of this loan program is only .50%  is needed for down payment and  3% of it can be available at low interest rate of only 8.5%.

 

Voila and  there you have it.

The 3 Hottest First Time Homebuyer Programs in California with Down Payment Assistance for Inland Empire,  Los Angeles, Orange County, San Diego homebuyers.

There are many lenders that are not aware or choose to say, “there are no programs available” or “we can’t do those programs”   So, keep in mind, it’s important  to work with a lender that is approved and has knowledge of qualifying individuals for these programs.

For more information to schedule a showing or discuss selling your home contact Ric & Pamela Dizon, RE/MAX Tiffany Real Estate (714)698-9895

 

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12 Responses to “3 First Time Homebuyer Programs You Must Know in California”

  1. February 11, 2011 at 1:44 pm, Tweets that mention 3 First Time Homebuyer Programs You Must Know Before Buying a La Palma Home -- Topsy.com said:

    [...] This post was mentioned on Twitter by Ric Dizon, Ric & Pamela Dizon. Ric & Pamela Dizon said: 3 First Time Homebuyer Programs You Must Know Before Buying Home http://ow.ly/3UUli #realestate #orangecounty #losangeles #inlandempire [...]

    Reply

  2. March 01, 2011 at 4:14 am, Cypress Homes Eligible for CalHFA First Time Homebuyer Program | La Palma Homes for Sale said:

    [...] for sale in the Cypress CA real estate market eligible for CalHFA FHA First Time Homebuyer Program.  Search the Cypress MLS and contact your Cypress real estate professionals Ric & Pamela Dizon [...]

    Reply

  3. June 22, 2011 at 3:48 pm, Carolyn said:

    Hello,

    I previously owned a residence approximately a year and a half ago. I did a short sale on the property. It was disastrous to my credit.

    Is the National Homebuyer CHF Fund Platinum Grant available for those have previously owned a home in this 1 1/2 year time frame. If so, can you e-mail the link as I am interested in re-investing in a home.

    Thanks for your help,

    Carolyn

    Reply

    • June 22, 2011 at 4:33 pm, Ric & Pamela said:

      Good Morning Carolyn,
      Thank you connecting and sharing your comments. And sorry to hear how the short sale has affected your credit. NHF CHF Platinum program is an excellent program for someone who has previously owned a home within 3 years. However, with you scenario there is a waiting period of 3 years for an FHA loan (2 years for conventional loan) if you had either a foreclosure/pre-foreclosure/short sale. Hope this helps. – Ric & Pamela

      Reply

  4. August 09, 2011 at 10:40 pm, kathy crowley said:

    Are you aware of any programs available in Northern CA (specifically Sacramento?)

    Thanks!

    Reply

    • August 09, 2011 at 10:54 pm, Ric & Pamela said:

      Thanks for the reply. And absolutely, these programs are for the entire State of California. Except SCHFA.

      Reply

  5. August 14, 2011 at 1:09 am, La Palma Homes Eligible for 1% Downpayment Using CalHFA CHDAP said:

    [...] 3 First Time Homebuyer Programs You Must Know In California [...]

    Reply

  6. August 26, 2011 at 6:16 pm, Daniel said:

    I’m a first time home seeker working diligently as I have an above 700 on one of my Credit reports and below 700 on the other two. The other should be up over the next month. I’m single in the 70K-100k bracket with at least two years with the same company and would like to take advantage of these programs. What should be the next step i should take? Looking to purchase in the Temecula /Murrieta area of Socal. Any advice would be appreciated!

    Reply

    • August 26, 2011 at 7:20 pm, Ric & Pamela said:

      Good Afternoon Daniel, and thanks for taking the time and visiting Pamela and I — looks like your doing your due diligence. Your credit scores and income are great! Either of these programs have income limits, which makes it perfect for low to moderate income families. Lets first make sure your income does not exceed Riverside County limits. This is determined by the number of family members who will be living in the house you purchase. I recommend you speak with a lender, like myself, who specializes and is certified to do these types of programs. If you would like to chat feel free to call.

      Reply

  7. November 24, 2011 at 10:07 pm, condominium cebu said:

    I take pleasure in, cause I discovered exactly what I used to be having a look for. You have ended my four day lengthy hunt! God Bless you man. Have a nice day. Bye

    Reply

  8. February 07, 2012 at 1:10 am, Buy The Perfect Buena Park Home For Your Better Half This Valentines Day | La Palma Real Estate & Homes for Sale in Orange County - RIC & PAMELA DIZON said:

    [...] Generally these programs are offered by the local governments whether it could be country, state or the city.  However, there are certain non-profit organizations offering the down payment assistance programs too. In certain cases, the seller may himself offer the assistance to the buyers who qualify for mortgage but cannot make the down payment so as to sell the house faster.  The buyer should select a down payment assistance program that best fits his or her needs. [...]

    Reply

  9. March 10, 2012 at 7:38 am, huntington beach homes said:

    Wow! Thank you! I continuously needed to write on my website something like that. Can I implement a part of your post to my site?

    Reply

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