Bay Area First time home buyers looking for a low down payment loan- Down Payment assistance is back

Bay Area First time home buyers looking for a low down payment loan- Down Payment assistance is back

The glass is half full for Bay Area first time home buyers looking for a no down payment loan.

In a move to help Bay Area home buyers CalHFA and FHA have partnered to offer a new zero down payment home loan.

The California Housing Finance Agency (CalHFA) has partnered with the Federal Housing Administration (FHA) to offer a fixed rate, 30-year FHA-insured mortgage to low- and moderate- income California families who purchase their first home. Benefits include below-market interest rates and affordable down payments.

According to CalHFA’s executive director, Steven Spears, many first-time homebuyers cannot meet the loan requirements of conventional lenders.

“This new program will help open the door to first-time homeownership for many California families,” he said. “With this program, CalHFA will return to being a significant provider of financing for first-time homebuyers and build on our 35-year track record on behalf of more than 155,000 California families.”

To be qualified as a first-time homebuyer, borrowers must not have owned or occupied a home for the past three years, according to federal law. Borrowers must also meet certain eligibility requirements, including income limits, a mortgage loan limit of $417,000, and a minimum credit score.

This is an amazing oppertunity for first time homebuyers currently renting. Through proper counciling Renters can take advantage of the lowest interest rates in decades AND low home prices.

Always seek the guidance of a qualified professional. For more information or a FREE pre qualification on this product and many more please contact me in the currious box to the right.

Subscribe to our daily mortgage market emails.

Have a Question?

Legal Disclaimer
Or give us a call
925-484-5363