CAL HFA Guidelines (1st Time Buyer Program)

Posted Mon Sep 22 12:23PM

1) calHFA

97% financing and up 3% down payment assistance, so essentially 100% financing.
Please do not misunderstand the term down payment assistance, this amount in financed as well, it is not a gift.
As with all loans above 80% loan to value, borrower pays PMI
File is underwritten twice once by lender and once by government entity because it is a government loan.
Recommended that file be pre- approved, esp. if requesting down payment assistance, before offer is extended because of turn times- at least 45 day close and sometimes longer
Underwriting and approval process have tighten guidelines- esp. regarding debt to income ratios
Interest rates in mid 6s to 7s depending on loan amount and other specifics of the scenario

Reader Comments

It is always a good option to pay 20% down to avoid the PMI but, that is not idea I believe in most cases because 20% of hard earned money is better kept in a home buyers pocket due to inconsistencies of the economy.

Jenna LLS
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Posted Sat Jan 08 11:49AM by Jenna

With all the trouble of the last year more people need to read this blog. It is perfect for those that needs advice handling today's economy in the buyers market. Thank you for the post and I'll be sure to pass the word.

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