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CalHFA Reduces Interest Rates – August 8th, 2008

In such a volatile market as we’re in right now, on a day when conventional interest rates went up .125%, The California Housing Finance Agency in an unprecedented announcement reduced interest rates across the board.

Rate Reductions are as follows:

30 Year Fixed

  • Moderate Income Areas Reduced .125% to 6.75%
  • Low Income Areas Reduced .25% to 6.5%

35 Year interest only PLUS

  • Loan Amounts of $450,000 or Less Reduced .125% to 7%
  • Loan Amounts in excess of $450,000 Reduced .25% to 7.375%

40 Year Fixed Mortgage

  • Reduced .125% to 7%

Extra Credit Teacher Program

  • Reduced .25% to 6.25%
  • ECTP Down Payment Assitance – 5.25% (interest waived after 3 years)

With the CalHFA Community Stabilization Home Loan Program standing at 5.5% for a 30 Year fixed rate with ZERO down payment required (100% One loan financing with reduced mortgage insurance), CalHFA remains as one of the few remaining reliable and always available first time home buyer programs that allow over 90% loan to value.

Depending on your qualification, CalHFA has loan programs that allow for 0%, 1% & 2% down payment making this a very realistic alternative to the FHA 3.5% down payment requirement (as of October 1st)

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