CalHFA understands that buying a home is a huge responsibility; it is also a huge opportunity. Owning your home means you can paint the walls with your favorite color, plant flowers and vegetables if you choose and plant the seed for an investment in your future.Of course, before you leap into all of the benefits of homeownership, you should get prepared first. To help you get ready and get the most out of CalHFA’s loan programs and assistance, follow these easy steps.
Step 1 Learn about CalHFA’s financing options and eligibility requirements. Most people borrow the large amount of money they need to buy a home. This type of borrowing is called a first mortgage loan. There are also mortgage loans that can help out with down payment or closing costs, called junior loans. CalHFA has first and junior loan options for low to moderate income families, including low to zero interest rate down payment assistance loans.
Although many of our programs are for first-time homebuyers, you do not need to be a first-time homebuyer to use CalHFA's FHA and Conventional first mortgage loans. CalHFA does not accept loan applications directly. A CalHFA approved Lender will qualify you for a home loan, so you will need to apply with one of our Preferred Loan Officers or approved Lenders (See Step 2). You can find the details about CalHFA mortgage loans by clicking the “Loan Programs” tab above.
You’ll also want to look at our income limits, sales price limits, and other eligibility criteria. You can find out more by clicking on the “Borrower & Property Eligibility” tabs above. Another option is to use our Eligibility Calculator to see what programs are right for you. Don’t forget to check with your local housing authorities and agencies for additional down payment assistance that you can use with CalHFA’s first mortgage and down payment assistance loans to lower your overall monthly mortgage payment.
Step 2 Talk to a CalHFA Preferred Loan Officer to get pre-qualified for a loan amount. After determining if you are eligible for a CalHFA home loan, the next step is to speak to a knowledgeable loan officer and get pre-qualified to determine how much of a loan you can afford. You may also use a prequalification calculator to give you an idea of where you stand financially before contacting one of our Preferred Loan Officers.
Lenders will figure how much you can borrow based on a formula. This formula considers your gross income, current debts, new mortgage payment (including taxes and insurance), and credit. CalHFA teams up with a number of preferred loan officers who know all about our programs, financing, documentation, eligibility and other details. Click on the “Find a Loan Officer” tab above to contact a Loan Officer in your area.
Step 3 Attend a homebuyer education course if you are a first-time homebuyer. If you are a first-time homebuyer, and have been pre-qualified, you must attend a homebuyer education course. This education will help you understand the importance and responsibilities of homeownership. In order to obtain a CalHFA home loan, your loan officer must produce your certificate of completion from one of the following entities: Step 4 Figure out your needs and wants.
Make a list of the things you'll need to have in your home, and a list of things you’ll want in your home. Ask yourself how many bedrooms and bathrooms you'll need and get an idea of how much space you want. How big do you want the kitchen to be? Do you need lots of closets and cabinet space? Do you need a big yard for your kids and/or pets to play in? Once you've made a list of your must-haves, don't forget to think about the kind of neighborhood you want, types of schools in the area, availability of public transportation, the length of your commute to and from work, and the convenience of local shopping.
Take into account your safety concerns as well as the rate of home appreciation in the area. Choosing where you are going to live should be done with care. Step 5 Start looking for a home. This is the time to employ a real estate agent. A real estate agent will assist in finding a home within your budget and help you make an offer on the home. They’ll also know about open houses and help you through much of the paperwork involved in the home purchase.
Once you’ve found a home that fits most of your needs and is in your price range, make an offer through your real estate agent. If your offer is accepted, congratulations! If not, don’t lose heart, and don’t feel pressured into making an offer that’s outside your budget; there are other homes just waiting for the right new owner.See Also: Do It Right The First Time
An equipment is one of the largest investments you will ever make. Appliances are generally significant buys, and so are just one of your most vital parts of your home. You trust in appliances for every thing from cooking to cleansing, and particularly taking into consideration the amount of dollars you are going to be placing forth for it, it only makes sense that you would wish to make sure you make the most reasonable acquire.
Property appliances is really a term and that is utilized very commonly today but exactly what does it stand for? Residence appliances stand with the mechanical and electrical merchandise that are employed at your home with the performing of a standard house.
Click To View Links California First Time Home Buyer Grants are worth your review! Find the most home mortgage grants, programs and other down payment assistance available in California here. Purchasing a home in any state is an exciting prospect! Exciting and sometimes daunting! However, don't let yourself become overwhelmed with the process. It is my plan to give you some useful information in this article about home mortgage grants which will help you with this exciting and much sought after venture.
Would you like some help, like a good friend who can guide you through this process? Someone familiar with all aspects of buying a home and can answer your various questions. Click here if you would like this kind of assistance. California Grants for Home Buying To begin with, unfortunately, the State of California does not offer a California first time home buyer grant program for its residents.
But they do have some awesome down payment assistance programs. One is called the "My Home Assistance Program." This is a deferred payment loan, which means you can put off making the payments for a time. The loan amount can only be used for the down payment and closing costs and can be up to 3.5% of the purchase price of the house. There are other requirements and limitations, but is worth seeing if you qualify.
Another one is called the "Extra Credit Teacher Home Purchase Program (ECTC)." A cute title, since teachers offer extra credit to their students. Only those who work in K-12 public schools, charter schools, or county/continuation schools can use this program. That means anyone who works in the schools, like a janitor or someone in the cafeteria may benefit from this awesome option. Of course there are requirements and limitations to meet so do your homework.
Plus California offers a "Mortgage Credit Certificate Tax Credit Program (MCC)." This allows first time home buyers to take a portion of the interest they pay on the mortgage as a tax credit. This is awesome savings on your taxes. There is even a savings program called the "Individual Development Accounts (IDA)." It is a special savings account. How it works is you put money into the account and certain non-profits and banks match what you put in.
This allows you to have help saving money for the down payment and closing costs. Depending on the organization, some have matched 3 to 1, in other words for every dollar you put in they put in three dollars. Amazing opportunity for help, once again there are requirements and limitations you must consider to qualify. If you would like to learn more about these programs, you can check them out by clicking here.
It is important to note that there is a plethora of local first time home buyer grant programs available from specific counties and organizations in California. So be sure to check out the specific county your looking to buy in for any available programs to assist you. Federal Home Mortgage Grants However, the good news is that the federal government does offer grant assistance for first time home buyers in California.
This program is maintained by the United States Department of Housing and Urban Development and is called the Homes and Communities program. Their website contains useful information and applications. The website for the grant program maintained by the United States Department of Housing and Urban Development can be visited by using this link, HUD Grant Information. Additional Down Payment Assistance, Grants and Programs Another website I would recommend that you view is Visit the Government Grants.
This website offers a list of all federal government grant programs. It would be a good idea to take some time and browse through this site to see what it offers and the qualifications for application. Now you know about assistance programs for your state. You still need a mortgage that works with them. Finding a lender who understands your needs can be difficult. The FHA loan products are very flexible and work well with other assistance programs.
Would you like to know where you stand with their requirements? Learn what those requirements are by clicking here. Perhaps a grant is not available in your state. Or you do not qualify for one. Don't get discouraged. If you still want to save money, check out this page that discusses the zero down payment program. More California First Time Home Buyer Grants Support Thank you for visiting our website for first time home buyers.
Below you'll find more information to help you with grants for housing. Click here for additional information on California First Time Home Buyer Grants. This link will take you to the HUD website and you will see a map of the USA. Click on your state and then you'll find a list of the local counseling agencies in your own area. Please tell others about this FREE information. Everybody else on the web charges for this kind of stuff!! Leave California First Time Home Buyer Grants and return to the State Lists main page.
Go to House Buyer Solutions Home Page.