104 - First-Time Homebuyer Programs

In Episode #104 we take a deep dive on all the assistance programs available to first-time homebuyers here in California. A representative from the California  Housing Finance Agency (CalHFA) joins us.

Topics covered include:

CalHFA Down Payment Assistance Programs

• MyHome Assistance Program
• California Dream for All Shared Appreciation Loan Program

Please note: On October 13, 2023, Eric Johnson from CalHFA released a video with the latest on the Dream For All shared appreciation loan program and address some of the misinformation that has been shared and posted about the program’s return. Watch the video at: https://www.youtube.com/watch?v=biT21WUCbII. 

CalHFA Government Loan Programs

• CalHFA FHA Loan Program The CalHFA FHA Program is an FHA-insured loan featuring a CalHFA 30-year fixed interest rate first mortgage.
• CalPLUS FHA Loan Program The CalPLUS FHA program is an FHA-insured first mortgage with a slightly higher 30-year fixed interest rate than our standard FHA program and is combined with the CalHFA Zero Interest Program (ZIP) for closing costs.
• CalHFA VA Loan Program The CalHFA VA program is a VA-insured loan featuring a CalHFA fixed interest rate first mortgage. This loan is a 30-year fixed interest rate first mortgage.
• CalHFA USDA Program The CalHFA USDA Program is a USDA Guaranteed first mortgage loan program, which can be combined with the MyHome Assistance Program (MyHome). This loan is a 30-year fixed interest rate first mortgage.

CalHFA Conventional Loan Programs

• CalHFA Conventional Loan Program The CalHFA Conventional program is a first mortgage loan insured through private mortgage insurance on the conventional market. The interest rate on the CalHFA Conventional is fixed throughout the 30-year term.
• CalPLUS Conventional Loan Program The CalPLUS Conventional program is a conventional first mortgage with a slightly higher 30 year fixed interest rate than our standard conventional program and is combined with the CalHFA Zero Interest Program (ZIP) for closing costs.

Other CalHFA Programs

• Section 184 Indian Home Loan Guarantee Program Members of federally recognized tribes can take advantage of CalHFA financing no matter where they choose to live in California! Combine with grants, gifts or tribal assistance to maximize your homebuying power.
• Limited 203(K) Option Program that allows homeowner with CalHFA mortgage to roll up to $35,000 in repairs into mortgage payment.
• Free Housing Counseling Program Through CalHFA’s NMS Housing Counseling Program, a network of HUD-certified housing counselors across California provide free, confidential education and connections to resources. By contacting a HUD-approved housing counseling agency, you will speak with a counselor who is specially trained and certified by the U.S. Department of Housing and Urban Development to help you assess your financial situation, evaluate options and find programs and resources to help keep you on track, orget you back on track.