The following information is from CALHFA.
If you need down payment assistance or any other buyers assistance please contact us.
Temporary Suspension of CalHFA Programs
Effective immediately, CalHFA is suspending the following active CalHFA First Mortgage Fixed
Rate Loan Programs and Down Payment Assistance Programs:
• 30-Year Fixed Mortgage products, including:
Moderate Income
Low Income
Nonprofits & Affordable Housing Partnership Program (AHPP)
Extra Credit Teacher Program (ECTP)
• California Homebuyer’s Down Payment Assistance Program (CHDAP)
• Extra Credit Teacher Program (ECTP)
• School Facility Fee Down Payment Assistance Program (SFF)
These programs are being temporarily suspended as a result of the action taken by the Pooled
Money Investment Board (PMIB) on December 17, 2008. The PMIB loans money to state
agencies to advance program funds which will later be repaid through bond issuances. CalHFA
uses a PMIB loan to initially fund its Conventional 30-Year Fixed Mortgage and down payment
assistance programs. The recent PMIB action froze all such PMIB loans. It is anticipated that
this situation will continue until the State’s budget crisis is resolved.
The PMIB will meet again in early January, 2009. At that time, we may receive information as to
when these programs will be restored.
CalHFA will continue to accept reservations for loans under the Community Stabilization Home
Loan Program (CSHLP) and SMART Loan Program. However, please note that CHDAP funds
will not be available for use with these programs.
CalHFA’s Homeownership Division thanks you for your business and we look forward to
continuing to support your affordable housing loan needs. For questions about this bulletin,
contact CalHFA Homeownership Programs by phone 916.324.8088; by fax 916.324.6589; by
email at homeownership@
Showing posts with label Down Payment Assistance. Show all posts
Showing posts with label Down Payment Assistance. Show all posts
Monday, December 22, 2008
Wednesday, September 17, 2008
Corona City Council Down Payment Assistance
Amidst all the banking and lending turmoil, The Corona City Council is considering offering Down Payment Assistance to Corona residents. The Corona Redevolpment Agency is onsidering offering $1.5million in interest free loans for First Time Home Buyers.
We view this as a great step to helping Corona Families purchase one of the hundreds of vacant homes in Corona due to all the foreclosures. As of today, there are 523 homes under $300,000 compared to under 50 a few years ago. We believe this will be a great catalyst to the Real Estate Market in Corona. Although we think the Market is doing Great right now with Supply of Homes the lowest since spring of 2005 and the Sale of Homes the highest since the same time period.
They also offer a great incentive to keeping the buyer to stay in the city for up to 7 years. This allows the resident to get established in this great city. To qualify, buyers must meet income guidelines, be able to pay 3 percent of the home's value, and live in the home at least seven years or pay the city a share of any profits if they sell.
One of the main questions we have is how FHA will handle this Down Payment Assitance from Corona. FHA announced a few weeks ago that they will no longer consider Down Payment Assistance for FHA loans.
We will all have to stay tuned...
Click here to learn more fron the Press Enterprise article
If you are a First Time Home Buyer, please visit our website RobertandChristy.com and click on the Buyers Assistance tab for helpful information on buying a home.
Take care everyone and have a Blessed Day!
:)
We view this as a great step to helping Corona Families purchase one of the hundreds of vacant homes in Corona due to all the foreclosures. As of today, there are 523 homes under $300,000 compared to under 50 a few years ago. We believe this will be a great catalyst to the Real Estate Market in Corona. Although we think the Market is doing Great right now with Supply of Homes the lowest since spring of 2005 and the Sale of Homes the highest since the same time period.
They also offer a great incentive to keeping the buyer to stay in the city for up to 7 years. This allows the resident to get established in this great city. To qualify, buyers must meet income guidelines, be able to pay 3 percent of the home's value, and live in the home at least seven years or pay the city a share of any profits if they sell.
One of the main questions we have is how FHA will handle this Down Payment Assitance from Corona. FHA announced a few weeks ago that they will no longer consider Down Payment Assistance for FHA loans.
We will all have to stay tuned...
Click here to learn more fron the Press Enterprise article
If you are a First Time Home Buyer, please visit our website RobertandChristy.com and click on the Buyers Assistance tab for helpful information on buying a home.
Take care everyone and have a Blessed Day!
:)
Thursday, July 31, 2008
Housing & Economic Recovery Act
Higher permanent loan limits for conventional conforming and FHA will become effective Jan. 1, 2009; the Act calls for limits to increase to a maximum amount of $625,500, depending on the metropolitan area. Note: The temporary limits established in March will expire on Dec. 31, 2008.
§ FHA floor limits will remain the same at $271,050.
§ The VA guaranty will increase.
§ Minimum cash investment for FHA loans will increase to 3.5%.
§ A moratorium on risk-based pricing for FHA loans will go into effect Oct. 1, 2008.
§ Seller-funded Down Payment Assistance Programs with FHA loans will be terminated Oct. 1, 2008.
§ Condo processing for FHA loans will be streamlined.
§ FHA reverse mortgages (HECM): changes, among others, include higher loan limits, availability with purchase transactions, and a modification to the origination fee.
§ FHA floor limits will remain the same at $271,050.
§ The VA guaranty will increase.
§ Minimum cash investment for FHA loans will increase to 3.5%.
§ A moratorium on risk-based pricing for FHA loans will go into effect Oct. 1, 2008.
§ Seller-funded Down Payment Assistance Programs with FHA loans will be terminated Oct. 1, 2008.
§ Condo processing for FHA loans will be streamlined.
§ FHA reverse mortgages (HECM): changes, among others, include higher loan limits, availability with purchase transactions, and a modification to the origination fee.
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