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California Housing Finance Agency Suspends Programs / Down Payment Assistance

September 23rd, 2008 – In a shocking move today CalHFA temporarily suspends  most of thier first time home buyer programs leaving only the 30 year fixed and the Extra Credit Teacher Program:

Effective immediately and until the financial markets stabilize, the following CalHFA first

mortgage products are temporarily unavailable:

• 35-Year Fixed Rate Mortgage – interest only PLUSSM

• 40-Year Fixed Rate Mortgage

• HomeChoice Program

• New BLOCK Forward Commitments will not be issued, including forward commitments

for the Self-Help Builder Assistance Program (SHBAP)

Additionally the following subordinate loan programs are also temporarily unavailable:

• High Cost Area Home Purchase Assistance Program (HiCAP)

• CalHFA Housing Assistance Program (CHAP)

Effective September 23, 2008, the interest rate on all 30-Year Fixed Mortgages will be 6.750%.

This situation is being monitored daily and these rates and loan products are under continual

review. When conditions warrant, programs will be reinstated, announced by Program Bulletin

and posted on CalHFA’s website.

The attached interest rates are applicable to all loan reservations received by the Agency after

12:01 a.m. on September 23, 2008.

We fully expect that this is an extremely temporary move by CalHFA until the Federal Bail out plan is figured out.  CalHFA was recently funded and has no shortage of funds to lend as the program has recently recieved it new funding in August of this year.

The anticipation of the federal bail out is sweeping and has the potential to change how all mortgages are written in the future.  It is a little scary that CalHFA seems that there is little confidence in the federal government to get this resolved quickly and in a way that protects would protect thier current menu of first time home buyer products and down payment assistance programs.

If you have questions about this or any other down payment assistance programs that may be available in your area call us at 1-866-667-6724 .

Down Payment Assistance Finder

Tell us what you’re looking for and we will help you find a program that fits!

 

 

  Post Down Payment Finder
     
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(ctrl+select for multiples)
  Areas of interest:
  Best time to contact: select morning afternoon evening weekend
  When do you plan to sell/buy: select as soon as possible within 1 month within 3 months within 6 months within 9 months within 1 year after 1 year
  Price (low): 0 500 1000 1500 3000 5000 10000 20000 30000 40000 50000 60000 70000 80000 90000 100000 125000 150000 175000 200000 225000 250000 275000 300000 325000 350000 375000 400000 425000 450000 475000 500000 550000 600000 650000 700000 750000 800000 850000 900000 950000 1000000 1500000 2000000 2500000 3000000 3500000 4000000 4500000 5000000 5500000 6000000 6500000 7000000 7500000 8000000 8500000 9000000 9500000 10000000
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  Beds: select 1 2 3 4 5 6 7 8 9 10 or more
  Baths: select 1 1.5 2 2.5 3 3.5 4 4.5 5 or more
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