What is CalHFA California Dream Loan Program?
The CalHFA California Dream Loan Program is designed to help first-time homebuyers purchase a home with no down payment required. The program provides eligible borrowers with 20% of the purchase price of the home as a deferred-payment junior loan. This loan is due and payable upon sale, transfer, refinancing, or repayment of the first mortgage.
Who is eligible for CalHFA California Dream Loan Program?
The CalHFA California Dream Loan Program is available to first-time homebuyers who meet certain income requirements. The income restriction for Orange County is up to $235,000, while for Los Angeles County, it’s up to $180,000. Additionally, borrowers must have a minimum credit score of 640 and meet other loan program requirements. Income cannot exceed limits.
What are the benefits of CalHFA California Dream Loan Program?
One of the main benefits of the CalHFA California Dream Loan Program is that it allows first-time homebuyers to purchase a home with no down payment required. This can be a significant hurdle for many people who are trying to save up for a down payment while paying rent or other expenses. Additionally, the program provides a deferred-payment junior loan, meaning that borrowers don’t have to worry about making payments on the loan until they sell, transfer, refinance, or repay the first mortgage.
I will guide you through the application process and help you determine if you are eligible for the program.
Conclusion
The CalHFA California Dream Loan Program is a great opportunity for first-time homebuyers who are struggling to save up for a down payment. With the program’s deferred-payment junior loan, borrowers can purchase a home with no down payment required and focus on building equity in their home. If you’re interested in learning more about the program or applying, contact me direct.
Kindest Regards, Christine Furnari