CalHfa Expands Eligibility Criteria for Down-Payment Assistance

calHfa

 

CalHFA, a state-sponsored program that allows buyers to buy with little to no money down (i.e. Down-Payment Assistance), expands eligibility criteria to make program more accessible to more households.

Starting on January 16th 2018, CalHFA will allow every new applicant to be qualified under a single, more simplified, income limit — regardless of the number of people in the household, a change to a rule that previously limited the availability of this program.

This change does more than just simplify the eligibility, it also expands it to help those borrowers who, despite earning a higher income, have not been able to save for a down-payment, want to save their funds to buy furniture or appliances, or to improve the property. However, this program may not be the best fit for everyone.

Rates are slightly higher than that of a regular mortgage loan, and earned income limits have been adjusted, not removed. Local county limits are: Los Angeles-$128,300, Orange-$174,200, San Bernardino & Riverside-$128,700 each.

Too see if you may qualify for this or other programs, submit an inquiry under the “Contact Us” section.

 

Luis E. Carranza, “The Smart Agent”

AHWD-Certified Realtor ®

CA RE Lic#: 01989030

 

 

Source: http://www.calhfa.ca.gov/homeownership/bulletins/2018/2018-05.pdf

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