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California First-Time Buyer Programs
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In spite of the headlines, there are opportunities for first-time
home buyers to achieve homeownership throughout our county, sometimes
even for 0% down. The State of California offers fixed interest, below
market loans; in order to qualify, you must not have owned a home within
the last three years. Because Ventura County is designated as a High
Cost Area, down payment assistance is available beginning at $15,000.
The state defines a first-time buyer as someone who has not owned a
home in the last three years. If you own a mobile home, and rent the
land, you also qualify as a first-time buyer.
Take note of these income limits for moderate-income families! Income
limits increase with the size of the family.
- A family of two can earn up to $96,700
- A family of three can earn up to $112,840
The state program offers the following:
- $15,000 for your down payment (deferred payment load; a
"silent second")
- Low interest 30, 35, and 40-year fixed loans
- 3% of purchase price towards closing costs. Through this program,
teachers and employees of public schools (k-12) at low-performing
schools qualify for additional funds and even lower interest rates.
Homes and townhouses that qualify for this program are available with
prices ranging from $275.000 to $561.939 for our county.
These programs are different from city and county programs in that
there is no shared equity, and buyers can buy a home or townhouse in any
area of California. These state programs can also be combined with the
benefits of CALPERS programs. Find out more about these excellent
programs at the Web site: http://www.FirstTimeHomeBuyerVentura.com |
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| The California Housing Finance
Agency offers below market interest rate first mortgage programs and a
variety of down payment assistance programs to eligible first-time
homebuyers, which can turn your dreams of homeownership into reality.
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Eligibility
requirements for CalHFA programs and general procedures for first-time
homebuyers:
General Information for first-time homebuyers:
Once you determine your eligibility with CalHFA, visit the program
descriptions page to find a program that fits your needs. After
choosing a program, you should take the information you have gathered to
a CalHFA-approved lender to apply for a loan using a CalHFA program. Homebuyers
interested in applying for financing should contact one of CalHFA's approved
lenders.
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FIRST MORTGAGE LOAN
PROGRAMS
CalHFA
Conventional Loans
- interest
only PLUSSM
This conventional mortgage loan offers up to 100% financing
and allows borrowers to pay only the interest for the first
five years of a 35-year term. After that, borrowers pay
principal and interest at the same low, fixed interest rate
for the remaining 30 years.
- 40-Year
Fixed Mortgage
This conventional mortgage loan offers up to 100% financing
with a 40-year term and a below market, fixed interest rate.
- 30-Year
Fixed Mortgage
This conventional mortgage loan offers up to 100% financing
with a 30-year term and a below market, fixed interest rate.
Government
Insured/Guaranteed Loans
OTHER PARTNERSHIPS AND
PROGRAM OPTIONS
- HomeChoice
Program Information
A statewide program designed to assist low-and-moderate-income
borrowers who are disabled, or have family members with
disabilities living with them, in purchasing their first home.
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DOWN PAYMENT ASSISTANCE LOAN
PROGRAMS
- Affordable
Housing Partnership Program (AHPP)
A joint effort by CalHFA and cities, counties, redevelopment
agencies and housing authorities whereby a deferred payment
subordinate loan from a locality is utilized by the first-time
homebuyer to assist them with down payment and/or closing
costs.
- Extra
Credit Teacher Home Purchase Program (ECTP)
A
below market interest rate CalHFA first loan, together with a
forgivable interest CalHFA junior loan to assist eligible
teachers, administrators, staff members and classified
employees to purchase their first home.
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