California Housing Finance Agency opens loan program to all buyers

Posted by BoNhia Lee on June 16, 2014 

The California Housing Finance Agency is making a change to its first mortgage programs to help more families buy a home.

Starting Monday, the agency will remove its first-time homebuyer requirement.

“CalHFA’s mortgage loans will now provide more low- to moderate-income families across the state with affordable opportunities to purchase homes with fixed-rate mortgages and downpayment assistance programs,” said Claudia Cappio, the agency’s executive director.

The agency’s lending programs offer:

- a first mortgage for 97% of the value of the home and a second mortgage loan that acts as the 3% downpayment.

- access to no interest and low-interest downpayment assistance loans that don’t have to be repaid until the house is sold, refinanced or the mortgage is paid off.

- energy efficient grant to be used for upgrades and federal tax credits. 

Buyers must meet income qualifications and take homebuyer education courses. For more information, visit www.calhfa.ca.gov.

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