California Housing Finance Agency (CalHFA) has been around for over 30 years providing services and mortgage products for first time buyers. CalHFA was chartered as the State’s affordable housing bank to make low interest rate loans through the sale of tax-exempt bonds. A completely self-supporting State agency, bonds are repaid by revenues generated through mortgage loans, not taxpayer dollars.

One thing many people miss about CalHFA is that they deal with many banks, providing bank owned and foreclosed homes to first time home buyers with special financing options.

Requirements are as follows:

1. Borrower must be a first-time homebuyer purchasing a primary residence intended for owner-occupancy.
2. Income limit apply: View Income limits for 2009
3. Sales Price Limits: View Sales Price Limits
4. Must be a U.S. citizen, permanent resident alien or other qualified alien.
5. Property must be a designated CalHFA REO.
6. Property must meet CalHFA and applicable mortgage insurer’s underwriting and property guidelines
7. Property must be vacant
8. Manufactured housing is NOT eligible
9. Lender must be on the CalHFA’s approved lender list for a lender in your area.
10. Must qualify for and meet the requirements of the CalHFA first mortgage loan, the lender, and the mortgage insurer/guarantor.

If you are interested in this program and have any questions, shoot me an email, or call, and I’ll provide you with everything you need.

List of available homes:

• SMART Loan Program Properties: This program includes CalHFA-owned properties that are eligible to be financed with CalHFA programs.
• CSHLP Program Properties: (all sales are pending) This program includes properties specifically for the CSHLP Program and are properties that are owned by CalHFA partners. The CSHLP provides a special, reduced interest rate on a 30-Year Fixed Mortgage on certain REO properties that are located in selected counties and ZIP codes in California. This first loan may also may be used with Fannie Mae eligible Community Seconds® programs (which are designated on CalHFA’s AHPP list as “CalHFA MBS Program Eligible”), to make owning your first home more affordable.
• Current CalHFA REO Property List (not eligible for CalHFA financing)