Get in the Housing Market Now with CAL HFA
UPDATE: The program has been paused, but buyers should stay in touch with their lender if it reopens. It is wise to invest in real estate early, but the hurdle is often pulling together enough funds for down payment. Are you looking to purchase a home but struggling to save up for a down payment? The California Housing Finance Agency (Cal HFA) offers a Dream for All program that funds 20% of the home purchase price. Cal HFA becomes an investor in your dream. This loan does not need to be paid back until the homeowner sells, refinances or transfers the property. The homeowner pays the original loan amount plus 20% of the appreciation on the home at time of payoff. Here's what you need to know to take advantage of this program:
- Determine your eligibility: The program is available to first-time homebuyers and those who haven't owned a home in the last three years. Your household income must be within the program limits, and you must meet the credit score and debt-to-income requirements.
- Attend a homebuyer education course: Before you can apply for the program, you must complete a homebuyer education course. The course will teach you about the homebuying process, budgeting, credit, and more.
- Get pre-approved for a mortgage: You'll need to obtain pre-approval for a mortgage from a Cal HFA-approved lender. The lender will review your income, credit score, and other factors to determine how much you can afford to borrow.
- Apply for the down payment assistance program: Once you're pre-approved for a mortgage, you can apply for the down payment assistance program. Cal HFA will review your application and determine if you're eligible for the program.
- Find a home and close the deal: With the assistance of your lender and a real estate agent, you'll find a home that meets your needs and budget. Once you've found the right home, you'll close the deal and move in.
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