Vidya Sethuraman
India Post News Service
The CalHFA (California Housing Finance Agency) program is a state agency in California, United States, dedicated to providing affordable housing options and financial assistance to low-to-moderate income families and individuals. CalHFA offers various programs and services to help Californians achieve their dreams of homeownership. EMS briefing on March 12 discussed the program benefits and details, including eligibility, and how to apply for a chance to receive a program voucher.
Some of the key programs and services offered by CalHFA include:
Down Payment Assistance Programs: CalHFA provides down payment assistance programs to help eligible homebuyers cover the upfront costs of purchasing a home. These programs offer low-interest loans or grants to assist with down payment and closing costs.
First-Time Homebuyer Programs: CalHFA offers special programs tailored for first-time homebuyers, providing education, counseling, and financial assistance to help them navigate the home buying process and achieve homeownership.
Mortgage Loan Programs: CalHFA offers competitive mortgage loan programs with fixed or adjustable interest rates to eligible borrowers. These loans are designed to make homeownership more accessible and affordable for low-to-moderate income individuals and families.
Homeownership Education and Counseling: CalHFA provides homeownership education and counseling services to help potential homebuyers understand the responsibilities of homeownership, improve their financial literacy, and make informed decisions about purchasing and maintaining a home.
Affordable Housing Development: CalHFA works with local governments, developers, and nonprofit organizations to finance the development of affordable rental housing projects for low-income households across California.
Eric Johnson, Information Officer, Marketing and Communications Division, California Housing Finance Agency said this is the second round of funding for the program. In the first round of distribution last year, more than 2,000 first-time homebuyers were helped. In this aid, $250 million will be distributed to help first-time homebuyers buy houses. In order to distribute funds more fairly, a lottery will be used this year. Applicants must submit their applications between April 3 and 29, and CalHFA will gradually notify selected applicants in the first few weeks of May.
First, at least one person in the applicant must be a first-generation immigrant;
second, the owner of the applicant must be a first-time homebuyer (not owning a property in the past three years);
third, the applicant’s income must not exceed the local County median income of 120%. Before applying for enrollment, applicants must obtain an approval letter from a CalHFA-certified lender for the program that certifies that the applicant is eligible for the loan. During this process, the lender will evaluate the applicant’s income, status, and repayment ability, and issue a pre-approval letter to those who meet the qualifications.
For more information about this program, please visit the CalHFA website https://www.calhfa.ca.gov/dream/index.htm
