CalHFA Announces Interest Only PLUS Loan Program and HomeOpeners, A Mortgage Protection Program.SACRAMENTO Sacramento, city, United States Sacramento (săkrəmĕn`tō), city (1990 pop. 369,365), state capital and seat of Sacramento co., central Calif. , Calif. -- The California California (kăl'ĭfôr`nyə), most populous state in the United States, located in the Far West; bordered by Oregon (N), Nevada and, across the Colorado River, Arizona (E), Mexico (S), and the Pacific Ocean (W). Housing Finance Agency today announced two new innovative programs to make homeownership accessible to more Californians. CalHFA's new interest only PLUS loan will reduce mortgage payments by hundreds of dollars per month by allowing borrowers to pay interest only in the first five years of a 35-year, fixed-rate mortgage loan. Unlike other "interest only" loan programs that have rates that can balloon balloon, lighter-than-air craft without a propulsion system, lifted by inflation of one or more containers with a gas lighter than air or with heated air. During flight, altitude may be gained by discarding ballast (e.g. after the interest-only period, this loan comes with a guaranteed fixed interest rate for the entire 35-year term. HomeOpeners(SM), a Mortgage Protection Program, provides a benefit for borrowers who use CalHFA's mortgage insurance -- on interest only PLUS and all other CalHFA conventional first mortgage loans. With HomeOpeners(SM), homeowners may be able to have their monthly payments covered for up to six months if they lose their job. The payment protection is included at no additional cost. "With the increasing cost of real estate, the challenge for Californians to purchase their first home has never been greater," said Theresa Parker, Executive Director of CalHFA. "Together, these programs will help more Californians buy homes and, with HomeOpeners(SM), keep their homes -- even if they suffer short-term Short-term Any investments with a maturity of one year or less. short-term 1. Of or relating to a gain or loss on the value of an asset that has been held less than a specified period of time. unemployment." The new programs join CalHFA's lineup A criminal investigation technique in which the police arrange a number of individuals in a row before a witness to a crime and ask the witness to identify which, if any, of the individuals committed the crime. of specialized spe·cial·ize v. spe·cial·ized, spe·cial·iz·ing, spe·cial·iz·es v.intr. 1. To pursue a special activity, occupation, or field of study. 2. loans that help first-time homebuyers First-Time Homebuyer An IRA owner who is exempt from the early-distribution penalty (which applies to IRA distributions that occur before the IRA owner reaches age 59.5) for distributing funds from his or her IRA to buy, build, or rebuild a home when having had no interest in a achieve the dream of homeownership. The CalHFA interest only PLUS program offers a fixed interest rate for the entire 35 years of the loan. And the borrower knows exactly what their mortgage payment will be for the entire loan term, from day one. CalHFA's below-market mortgage rates are available to first-time homebuyers who meet certain requirements, including income and home sales price limits. "This exciting new program is going to open doors to thousands of California families who may have thought buying their first home was impossible," Parker said. "Homeowners will be able to lock in a lower mortgage rate, while not having to fear an increase in their interest rate over the term of the loan." The HomeOpeners(SM) mortgage protection program will be included -- at no extra cost -- on all CalHFA conventional first mortgage loans that have CalHFA mortgage insurance. The insurance may pay the borrower's monthly mortgage for up to six months if they lose their job. The insurance becomes effective 60 days after loan closing. "Often, people hesitate to purchase their first home because they fear that if they lose their job, they will lose their home as well," Parker said. "HomeOpeners(SM) offers peace of mind to our borrowers and will make homeownership a reality for Californians." The HomeOpeners(SM) will pay as much as $2,500 each month for up to six months and includes principal, interest, insurance and tax payments. The benefit, which is subject to certain restrictions, will extend for the first five years of the loan. The interest only PLUS loan and HomeOpeners(SM) Mortgage Protection Program are part of a series of new steps CalHFA is taking as it celebrates its 30th year serving Californians. "We are continuously looking for Looking for In the context of general equities, this describing a buy interest in which a dealer is asked to offer stock, often involving a capital commitment. Antithesis of in touch with. new ways to make homeownership more accessible for Californians," Parker said. "In our first 30 years, we've we've Contraction of we have. we've have helped more than 130,000 families buy their first homes. With these new initiatives, we are expanding our lending programs for borrowers." Established in 1975, the California Housing Finance Agency is celebrating 30 years of providing affordable housing in California. CalHFA has invested over $13 billion in non-taxpayer funds to help more than 130,000 California families live in homes of their own with a mortgage they can afford. For more information on CalHFA's 30 years of success and a complete description of the Agency's Homeownership, Multifamily and Mortgage Insurance Programs, visit www.calhfa.ca.gov See .gov and GovNet. (networking) gov - The top-level domain for US government bodies. or call 800-789-2432. -- HomeOpeners(SM) is a service mark of GE Mortgage Holdings, LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control |
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