Sacramento Real Estate Views

CalHFA Community Stabilization Home Loan Program

100% Financing Is Back for First Time Home Buyers

CalHFA has come out with a very attractive loan program for first time home buyers in California.  While it’s use is limited to those counties who have been hardest hit by the real estate downturn, its a very attractive program requiring NO contribution from the home buyer.

100% financing has been gone for quite some time, with exception to VA loans, and you’ll want to, if you qualify, get going with this program as soon as possible as these days loan programs seem to come and go on a whim.

Program Highlights

Loan terms:  5.5% interest, 30 year fixed, up to 103% of the loan to property value.

Must be a first time home buyer (defined as not having owned a home in the last 3 years).

FICO scores must be 680 or above.

Loan is available on qualified properties only.  Owner occupied homes only.

Homebuyer Education is required.  I’ve heard this is a short class on home ownership.

Borrower must be a U.S. citizen, permanent resident alien or qualified aliens.

Home must be in eligible property locations.   This includes ALL Sacramento County zip codes.

Now Is The Time

The Business Journal came out with an article that says from an affordability standpoint, over 74% of people in the region can now afford to buy a home.  The Sacramento region is affordable for almost 75% of all people who live here!  Click here to view the article.

There hasn’t been a time like this in years.  Housing prices are low, we may be at the bottom of the market right now, interest rates are low and now there is 103% financing available, with qualifications, for the first time home buyer to get into a home at an affordable payment in most cases for what you’d pay in rent to someone else!

NEWS FLASH: Since the beginning of the year, the average home price, click here, has steadily increased every two weeks.  As home prices go up, if this turns out to be a long term trend, you’ll be missing out on the best time to buy a home.  Now may be the best time to get the best deal possible. Don’t miss your chance to stimulate our economy!

Please contact me for more information.  Click here for more program details.

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