CalHFA down payment assistance

Guest

kindly tell how the down payment assistance program, the school facility fee down payment assistance program from CalHFA works.

miller_st · Joined: 17 Jan 2007 Posts: 917 168.92 Dollars($)

This program is used to provide qualified buyers with assistance for purchasing their newly constructed houses.

Applicants receive a conditional grant based on partial/full rebate of the school facility fees paid by builder.

This assistance can be used for closing costs, down payment and any other cost which is part of buyer's first mortgage.

Miller

Guest

you need to know this:

california home buyers who are purchasing newly constructed single family house or condominiums are eligible to apply for the assistance program.

blue · Posted: Thu Jul 05, 2007 1:57 pm Post subject:

Hi Lehey,

Welcome to Mortgagefit discussion board.

To get the assistance:

You should be purchasing a newly constructed house.

Need to be first time home buyer.

Intend to occupy the home for the next 5 years.

Building permit should be issued on or after 1/1/2002.

In case of manufactured housing, it should meet the eligibility requirements.

Income should be within HCD defined income limits set for the county where the house will be.

Do let me know if you have any other questions.

Thanks
Blue

Niicss · Posted: Thu Jul 05, 2007 2:49 pm Post subject:

Few other points worth mentioning are that this assistance is available for purchase transactions only. Plus if buyer occupies the house for 5 years then the full grant amount is forgiven.

In a situation where the house is not occupied for the specified number of years then the grant would have to be repaid on pro rata basis.

Niicss

Guest

Thanks so much for the details all have provided, I have two more questions, how to know the HCD defined income limits and where to contact to get the application and other instructions, do you have the address, phone number

carnahandavid · Joined: 21 Dec 2006 Posts: 239 58.41 Dollars($)

Lehey,

Please have a look at this page to know about the income limits applicable in your area: http://www.calhfa.ca.gov/homeownership/limits/income/income-moderate.p df

You can contact CalHFA's Homeownership Division to know more about the down payment assistance program:

P.O. Box 4034 , Sacramento, CA 95812
Phone: 877.9.CalHFA
Email:-homeownership@calhfa.ca.gov

And can download the application form from this page: http://www.calhfa.ca.gov/homeownership/programs/sff_app-package.pdf

Guest

Get more info about sff dpa program like the sales price limits if purchasing the house in a designated economically distressed county & eligibility requirements for manufactured houses from here: www.calhfa.ca.gov/homeownership/programs/sff.htm

[Activated the link as it is a useful one]

larry · Joined: 27 Jun 2007 Posts: 3328 474.49 Dollars($)

Hi Lehey,

California Housing Finance Agency has set the income limits below the federal limits. The interest rates can vary depending on loan programs and income level. Generally they offer a reduced rate for buyers with low income and favorable rates for moderate income earner. To know the details of income limits, you can refer to http://www.calhfa.ca.gov/homeownership/limits/income/income-main.pdf

jenkin7 · Posted: Fri Jul 06, 2007 12:05 am Post subject:

Hello Lehey,

The SFF (School Facility Fee) program provides eligible home buyers with a partial or full rebate of the school facility fees paid by the home builder. The average rebate is approximately $3,500, but the amount may vary according to school district and square footage of the home. The help given is in the form of a conditional grant and not a loan. The full amount of the grant is forgiven if the buyer occupies their home for 5 years. But the grant must be repaid on a pro rata basis if the home is occupied by the owner for less than 5 years. The SFF programs and application checklist are available from the California Housing Finance Agency (CalHFA).

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