Last week on Tuesday, California Housing Finance Agency (CalHFA) announced that they now have $300m to loan out to Home Buyers throughout California!

Why is this Important?

It’s Important for 3 Reasons:

  • Zero Down Financing…Yes Zero Down!
  • Loan Limits for high balance conforming are up to $1,089,000 or $1,361,250 in Price in CA!
  • Income Limits in some areas like Santa Clara County are up to $300,000 per household!

THAT’S AMAZING!!!

For more info on California Housing Finance Agency (CalHFA) , please contact me or see below:

Benefits of Loan Program:

  • Zero Down
  • Closing Costs can be included in Loan.
  • Stop Wasting Money on Rent.
  • Build Wealth and Equity over time.

How Do You Qualify?

  • Must be First-Time Homebuyer (Cannot own in the last 3 years unless the property was a rental)
  • Income must be in CalHFA Income Limits (Santa Clara County has max income of $300k)
  • Property must be Owner Occupied.
  • Property can be House, Townhouse, or Condo.
  • Borrower must take 2 Educational Courses.
  • Property must be in California

Cal HFA Loan Examples:

Max Purchase Price $1,361,250 at 0 Down w/ Max High Balance Conforming Loan:

$6617/month – 1st Mortgage (Current 30 year fixed rate of 6.125% (APR 6.374, see notes below)
$ 0/month – 2nd Mortgage “No Payment”
$1418/month – Property Tax Paid Monthly
$ 100/month – Home Insurance Paid Monthly
$8135/month – Total Payment

Important Notes:
Second mortgage above has no payments. It’s required to be paid off upon sale of home to include, 20% of future appreciated value. The above price is based on $1,361,250 with $1,089,000 1st Mortgage (80% LTV) with a 2nd Mortgage of $272,250 with CalHFA loan (100% LTV).

Points based on 6.125% in rate has APR of 6.374% based on 2.623% Points. These points can be paid by seller and/or buyer. Interest rates and loan programs quoted are subject to change without notice or until locked and approved by lender. Loan amount based on Bay Area Loan Limits.

Max Purchase Price $907,750 at 0 Down on Max Conforming Loan Limit:

$4412/month – 1st Mortgage (Current 30 year fixed rate of 6.125% (APR 6.294, see notes below)
$ 0/month – 2nd Mortgage “No Payment”
$ 946/month – Property Tax Paid Monthly
$ 100/month – Home Insurance Paid Monthly
$5458/month – Total Payment

Important Notes:
Second mortgage above has no payments. It’s required to be paid off upon sale of home to include, 20% of future appreciated value. The above price is based on $907,750 with $726,200 1st Mortgage (80% LTV) with a 2nd Mortgage of $181,550 with CalHFA loan (100% LTV).

Points based on 6.125% in rate has APR of 6.294% based on 1.25% Points. These points can be paid by seller and/or buyer. Interest rates and loan programs quoted are subject to change without notice or until locked and approved by lender. Loan amount based on Bay Area Loan Limits.

Additional Notes: Points and closing costs can be included by changing the above loan structures. Contact us for more information at 650-465-8957 or at rob@101loan.com.

Lastly, please contact me with any questions.

Best Regards,

Rob McCarthy

Senior Mortgage Advisor

www.101Loan.com

rob@101loan.com

650-465-8957 c  408-377-4123 o  408-608-1921 f

101 Loan – 14435 C Big Basin Way, Saratoga, CA 95070

101 Loan LLC – CA DRE #01165697  NMLS #121019

101 Loan is an Associate of General Mortgage Capital Corporation

Products/Services/Accolades:

  1. Residential Financing for Purchases and Refinances on 1 to 4 unit properties.
  2. Reverse Mortgage Financing to include Conforming, Jumbo, HELOC Jumbo’s.
  3. Commercial & SBA Financing to include Multifamily, Office, Retail and Light Industrial.
  4. Access to over 50 banks with over 300 “Five Star” Reviews on Yelp, Google, Facebook and Linkedin.

Note: Interest rates and loan programs quoted are subject to change without notice or until locked and approved by lender.