No Down Payment For First Time Homebuyers in California
Are you dreaming of owning your first home in California but worried about the high costs? The California Housing Finance Agency (CalHFA) is here to help make your dream a reality through its “Dream For All Shared Appreciation Loan” program. In this article, we’ll explore this fantastic First Time Home Buyer Program, its benefits, and why working with dedicated first-time buyer lenders and real estate agents is crucial for success.
A new first time homebuyer program was released by CalHFA on March 27th 2023.
It is probably one of the most robust and generous first time homebuyer program in decades and is creating quite a buzz in the real estate and mortgage communities.
Understanding the CalHFA Dream For All Shared Appreciation Loan Program
The CalHFA Dream For All Shared Appreciation Loan program is designed to assist first-time homebuyers in California. It offers a deferred loan that can cover up to 20% of the purchase price, helping you with down payment and closing costs. This can be a significant relief for those looking to enter the competitive California housing market.
Quick Access to Funds
One thing to keep in mind is that funds for this program can be limited and tend to come and go quickly. Therefore, it’s essential to stay informed and act promptly. You can check the availability of funds through the following links:
- Preferred Loan Officer list: [CalHFA Preferred Loan Officers](https://www.calhfa.ca.gov/apps/PLO/)
- Approved Lenders: [CalHFA Approved Lenders](https://www.calhfa.ca.gov/apps/approvedlenders/)
- Approved Wholesale Lenders/Brokers: [CalHFA Approved Wholesale Lenders/Brokers](https://www.calhfa.ca.gov/homeownership/brokers.htm)
Education is Key
To qualify for this program, homebuyer education is required. Additionally, borrowers must complete CalHFA homebuyer education specifically tailored for Shared Appreciation loans. This education ensures that you are well-informed and prepared for the responsibilities of homeownership.
Contact Information
Should you have any questions or need assistance, you can reach out to the CalHFA program providers at the following contact points:
- Single Family Lending** – p: 916.326.8033, email: sflending@calhfa.ca.gov
- Customer Service / Loan Production / Lender Training** – p: 916.326.8033, email: lendertraining@calhfa.ca.gov
- Secondary Marketing** – p: 916.326.8824, email: ratelocks@calhfa.ca.gov
- Mortgage Access System (MAS)** – email: massupport@calhfa.ca.gov
- CalHFA Training Contacts** – Training Email: lendertraining@calhfa.ca.gov
- Molly Ellis – 916.326.8680, email: mellis@calhfa.ca.gov
- Leanne Walker – 916.326.8690, email: lwalker@calhfa.ca.gov
- Catherine Relyea – 916.326.8077, email: crelyea@calhfa.ca.gov
The Importance of Dedicated First Time Buyer Lenders and Real Estate Agents
While the CalHFA Dream For All Shared Appreciation Loan program provides a valuable opportunity for first-time homebuyers, navigating the complexities of buying a home in California can still be challenging. That’s where dedicated first-time buyer lenders and real estate agents come in.
Experienced professionals in this field understand the unique needs of first-time buyers and can guide you through the entire process, from finding the right property to securing the best financing options. Their expertise can save you time, money, and stress.
Ultimately, the CalHFA Dream For All Shared Appreciation Loan program is a fantastic opportunity for first-time homebuyers in California whenever funds are available. However, to maximize your chances of success and ensure a smooth home-buying experience, it’s crucial to work with dedicated first-time buyer lenders and real estate agents who can provide expert guidance every step of the way. With their assistance, you can unlock the door to your dream home and embark on the exciting journey of homeownership in the Golden State.