Stewart Brown Jr – Mortgage Loan Originator – Purchase or Refinance
| For more than 40 years, the California Housing Finance Agency (CalHFA) has supported the needs of renters and homebuyers by providing financing and programs so lower to moderate income Californians have a place to call home. Established in 1975, CalHFA was chartered as the state’s affordable housing lender. The Agency’s Multifamily Division finances affordable rental housing through partnerships with jurisdictions, developers and more, while its Single-Family Division provides first mortgage loans and down payment assistance to first-time homebuyers. CalHFA is a completely self-supporting state agency, and its bonds are repaid by revenues generated through mortgage loans, not taxpayer dollars.
CalHFA Loan Mission Statement: “To create and finance progressive housing solutions so more Californians have a place to call home.” CalHFA has several mortgage options to choose from that include down payment assistance in the form of second mortgages on:
CalHFA Loan Solution Features:
A CalHFA loan offers both Conventional and FHA options with or without down payment assistance and with or without closing cost assistance to provide maximum flexibility to you, the homebuyer. CalHFA MyHome 2nd: A Down Payment Assistance (DPA) program. This program is available for Conventional and FHA. It offers a 2nd mortgage that covers an amount up to the lesser of 3.5% (FHA) or 3% (Conventional) of the purchase price or appraised value to assist with your down payment. CalHFA Conventional or CalHFA FHA: Only allows for MyHome 2nd down payment assistance but has a slightly lower interest rate over CalPLUS. The borrower will need to bring closing costs to close a home loan. CalPLUS Conventional or CalPLUS FHA: Enables the option for closing cost assistance as well as the optional MyHome DPA program. The interest rate is slightly higher over the standard CalHFA program. CalHFA Zero Interest Program (ZIP): A subordinate loan that helps cover closing costs. It allows you to borrow 2% or 3% of the lesser of the purchase price or appraised value. 2% offers a better Conventional or FHA primary loan interest rate over the 3% option. This option requires the CalPLUS Conventional or CalPLUS FHA loan program. This 2nd or 3rd subordinate loan will have a 0% interest rate. Possible Home Loan Configurations: CalHFA’s subordinate loans are “silent seconds”, meaning payments on this loan are deferred so you do not have to make a payment on this assistance until your home is sold, refinanced or paid in full. This helps to keep your monthly mortgage payment affordable. CalHFA does not originate mortgage loans. This is not an offer to lend money nor a solicitation of a mortgage application by CalHFA. |
What is a California Housing Finance Agency (CALHFA) Down Payment Assistance Program?
| For more than 40 years, the California Housing Finance Agency (CalHFA) has supported the needs of renters and homebuyers by providing financing and programs so lower to moderate income Californians have a place to call home. Established in 1975, CalHFA was chartered as the state’s affordable housing lender. The Agency’s Multifamily Division finances affordable rental housing through partnerships with jurisdictions, developers and more, while its Single-Family Division provides first mortgage loans and down payment assistance to first-time homebuyers. CalHFA is a completely self-supporting state agency, and its bonds are repaid by revenues generated through mortgage loans, not taxpayer dollars.
CalHFA Loan Mission Statement: “To create and finance progressive housing solutions so more Californians have a place to call home.” CalHFA has several mortgage options to choose from that include down payment assistance in the form of second mortgages on:
CalHFA Loan Solution Features:
A CalHFA loan offers both Conventional and FHA options with or without down payment assistance and with or without closing cost assistance to provide maximum flexibility to you, the homebuyer. CalHFA MyHome 2nd: A Down Payment Assistance (DPA) program. This program is available for Conventional and FHA. It offers a 2nd mortgage that covers an amount up to the lesser of 3.5% (FHA) or 3% (Conventional) of the purchase price or appraised value to assist with your down payment. CalHFA Conventional or CalHFA FHA: Only allows for MyHome 2nd down payment assistance but has a slightly lower interest rate over CalPLUS. The borrower will need to bring closing costs to close a home loan. CalPLUS Conventional or CalPLUS FHA: Enables the option for closing cost assistance as well as the optional MyHome DPA program. The interest rate is slightly higher over the standard CalHFA program. CalHFA Zero Interest Program (ZIP): A subordinate loan that helps cover closing costs. It allows you to borrow 2% or 3% of the lesser of the purchase price or appraised value. 2% offers a better Conventional or FHA primary loan interest rate over the 3% option. This option requires the CalPLUS Conventional or CalPLUS FHA loan program. This 2nd or 3rd subordinate loan will have a 0% interest rate. Possible Home Loan Configurations: CalHFA’s subordinate loans are “silent seconds”, meaning payments on this loan are deferred so you do not have to make a payment on this assistance until your home is sold, refinanced or paid in full. This helps to keep your monthly mortgage payment affordable. CalHFA does not originate mortgage loans. This is not an offer to lend money nor a solicitation of a mortgage application by CalHFA. |
Reach out to me for further detailed information on CALHFA Down Payment Assistance loan programs.