Down Payment Assistance programs make a big difference for Californians
SACRAMENTO, Calif.–(BUSINESS WIRE)–Coming up with a down payment has become one of the biggest barriers to homeownership in California and across the nation, and the California Housing Finance Agency (CalHFA) is helping thousands of Californians overcome that barrier. The Agency helped more than 11,000 low- and moderate-income residents buy their first homes in Fiscal Year 2018-19, the most ever in its 44-year history.
CalHFA continues to expand its product offerings and terms to provide more financing solutions and to reach even more potential homebuyers. This year saw the addition of manufactured housing to the portfolio of eligible construction types and the simplification of income calculation, leading to easier paperwork and faster turn times for lender partners.
To celebrate National Homeownership Month in June, and to further our commitment to sustainable homeownership, CalHFA distributed 800 coupons for free homebuyer education and counseling. Studies by the U.S. Department of Housing and Urban Development have shown that homebuyers who complete a course like CalHFA’s have a much lower likelihood of defaulting on their loans and going into foreclosure.
“With the Governor’s current focus on housing, I’m very pleased that we’ve been able to help so many people find a home they can afford,” said CalHFA Executive Director Tia Boatman Patterson. “Providing sustainable and affordable homeownership opportunities is a significant piece of our continuing mission.”
The coming year will bring even more opportunity for homebuyers in California. The Agency will debut a program that allows its innovative financing to be used in conjunction with the Department of Housing and Urban Development’s Indian Home Loan Guarantee Program to provide assistance to those purchasing on Native American tribal lands. September will also see the return of a U.S. Department of Agriculture (USDA) loan program to help borrowers in rural areas with up to 100% financing.
Although there are challenges ahead in combating California’s affordable housing crisis, when CalHFA expands its homeownership program offerings to more Californians, the Agency is indeed demonstrating its continued efforts to finance progressive housing solutions so more Californians have a place to call home.
Visit CalHFA’s website for links to find a loan officer or learn more about homebuyer education options.
The California Housing Finance Agency was created in 1975 with the goal of helping more Californians find a place to call home. CalHFA’s Single Family Lending Division has invested more than $27 billion to help more than 185,000 families buy their first home with a mortgage they can afford. CalHFA is a self-supporting state agency that doesn’t rely on taxpayer dollars to fund its operations. For more information on CalHFA programs, and how we are creating progressive financing solutions for affordable housing in California, visit www.calhfa.ca.gov or call toll free at 877.9.CalHFA (877.922.5432).