CalHFA First-Time Homebuyers Program

Updates

CalHFA First-Time Homebuyers Program

CalHFA A Dream For All Program

CalHFA through the State of California is assisting first-time homebuyers by giving them 20% of a home's purchase price to use as a down payment with 0% interest. 20% of the home's purchase price is given as a loan. When you sell the house, you pay back the 20% plus 20% of the home's appreciation.

CalHFA A Dream For All Program are offering a limited amount of loans and the spaces fill up quickly.

Borrower Requirements:

  • First time home buyers (or you haven't owned a home in the last 3 years)
  • Occupy the property as a primary residence
  • 680 minimum FICO
  • Meet Income Limits
    • LA County: $180,000
    • OC County: $235,000
    • SD County: $211,000

Property Requirements:

  • Be a Single-Family, one unit residence including condominiums/PUDs. (Guest houses, granny units and in-law quarters may be eligible)
  • Condominiums must meet the guidelines of the first mortgage.
  • Must be livable/be able to occupy in first 60 days post closing

Things to Know:

  • 20% loan (at 0% interest loan)
  • 6.125% Fixed Rate
  • You're allowed to refinance one time
  • When you sell the house, you pay back the 20% plus 20% of the home's appreciation (Capped 2.5 x value if it does appreciate)
  • If the home does not appreciate you only pay the 20% loan, the government makes no money
  • If you take a loss on the property, you still pay back the 20% loan

We are here to answer any questions you might have. Call or text if you think this could be the right fit for you.

805.402.9788

 


Let’s Talk

You’ve got questions and we can’t wait to answer them.