First Time Homebuyer Programs in California

by: Michael Saunders

The California Housing Finance Agency, otherwise known as CalHFA, is an independent agency in the State of California that has been providing financial assistance to low and moderate income Californians in an attempt to help them seek safe, decent and affordable housing opportunities.

The programs of CalHFA are constantly guided by its overall agency mission which is to "finance below market rate loans to create safe, decent and affordable rental housing and to assist first-time homebuyers in achieving the dream of homeownership."

In line with this mission, the California Housing Finance Agency has constituted the establishment of the California Homebuyer's Downpayment Assistance Program, more commonly referred to as CHDAP.

The California Homebuyer's Downpayment Assistance Program is a deferred payment junior loan that can be used in conjunction with other CalHFA housing programs. It provides borrowers with funds amounting to 3% of the actual value of the property that they wish to inquire in order to cover the downpayment costs.

The CalHFA has stipulated guidelines that needs to be met when it comes to applying for its programs. In this case, if a borrower wants to qualify for the California Homebuyer's Downpayment Assistance Program, he/she must be:

  (continued...)

First Time Homebuyer Programs in California
  Page 2

About The Author Michael Saunders is an editor of TopGovernmentGrants.com one the the most comprehensive Websites offering information on government grants and federal government programs. He also maintains Websites providing resources on artist grants and children grants.

Additional Resources

category - Home Buying Programs

Keystone Home Loan Program For First Time Homebuyers in Pennsylvania
The Pennsylvania Housing Finance Agency has been administering the Keystone Home Loan Programs For First Time Homebuyers within the State of Pennsylvania.

---

Downpayment Assistance Program for the First Time Home Buyers in North Carolina
The programs and activities of the North Carolina Housing Finance Agency are constantly geared towards the satisfaction of the best interest of its target population, which is why all their endeavors are carefully guided by their overall agency mission which is "to create affordable housing opportunities for North Carolinians whose needs are not met by the market."

---

California Housing Finance Agency
The California Housing Finance Agency, otherwise known as CalHFA, is an independent, self-supporting agency that was chartered to as the State's affordable housing bank to make low interest rate loans through the sale of tax-exempt bonds; with these bonds being repaid by revenues generated through mortgage loans, instead of taxpayer dollars.

---

Connecticut Housing Finance Agency Mortgage Programs for Military, Police and Teachers
The Connecticut Housing Finance Agency has established the Mortgage Programs for Military, Police and Teachers so as to provide reasonable housing opportunities to veterans and active duty service members of the United States Military, the National Guard, along with teachers and police officers who are assigned in under-served areas.

---