OfflineI just visited a web site called Caifornia Housing Finance Agency which caters to low amd moderate income families who are 1st time buyers. For instance in LA county a 3+ person family has to make under %106,120 to qualify. The purchase price has to be under $729,750. And you have to live in it until SOLD or REFIED. They used to give 100% loans minus commission. Sounds like a good thing to tell your new buyer and sell them your house........ I thought Anita might like this if she doesn't already know it.
Jrgnsn
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jrgnsn
Cali people, take note.
"Obstacles can slow you down, but they can only stop you with your permission." Dean Graziosi (BARM pg 101)
"For I know the plans I have for you," declares the Lord, "plans to prosper you and not to harm you, plans to give you hope and a future." Jeremiah 29:11
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These are the typs of home Ownership programs they offer
First Mortgage Loan Programs
interest only PLUSSM
This conventional mortgage loan offers up to 95% financing and allows borrowers to pay only the interest for the first five years of a 35-year term. After that, borrowers pay principal and interest at the same low, fixed interest rate for the remaining 30 years.
30-Year Fixed Rate Mortgage
This conventional mortgage loan offers up to 95% financing with a 30-year term and a low, fixed interest rate.
40-Year Fixed Mortgage
This conventional mortgage loan offers up to 95% financing with a 40-year term and a low, fixed interest rate.
30-Year Fixed Government Insured/Guaranteed Mortgage
This program is for mortgage loans that are insured or guaranteed by FHA, VA or USDA and features a 30-year term with a low, fixed interest rate.
Down Payment & Other Assistance
CalHFA Housing Assistance Program (CHAP)
Offers a deferred-payment second loan of an amount up to the lesser of two percent (2%) of the purchase price or appraised value in CHAP designated areas.
http://www.calhfa.ca.gov/
California Homebuyer's Downpayment Assistance Program (CHDAP)
Offers a deferred-payment junior loan of an amount up to the lesser of three percent (3%) of the purchase price or appraised value.
High Cost Area Home Purchase Assistance Program (HiCAP)
Offers a deferred-payment second loan of an amount up to the lesser of four percent (4%) of the purchase price or appraised value.
Grants and Other Loan Options
School Facility Fee Down Payment Assistance Program (SFF)
A grant program that provides assistance to buyers of newly constructed homes throughout California. Please see the program description for special sales price limits that apply to this grant program.
Anita
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"FAILURE IS NOT AN OPTION"
CHFA is a really good program. The silent 2nd loan works really well when combinde with an FHA 1st.
Just be aware that they have a limited amount of money per year and when it's gone, it's gone.