CalHFA Celebrates National Homeownership Month by Expanding Services to More Californians.
SACRAMENTO Sacramento, city, United States
Sacramento (săkrəmĕn`tō), city (1990 pop. 369,365), state capital and seat of Sacramento co., central Calif. , Calif. -- With home prices continuing to rise, low to moderate income Californians may feel like they don't don't
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At $1.22 billion, CalHFA has exceeded its goal in first mortgage loans for fiscal year 2003-04 by $44 million. This means in just the last 12 months, the Agency has helped 6,576 California families open the door to first-time homeownership. CalHFA's primary down payment assistance program is also significantly above goal at $32.1 million assisting 5,311 families during the last fiscal year.
"Between the state, cities and localities there are so many programs that present affordable lending opportunities for first-time homebuyers First-Time Homebuyer
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See : Mysticism Parker, Executive Director of CalHFA. "Even in today's skyrocketing market, it is still possible for low to moderate income families to receive 100% financing with zero out of pocket expense to purchase their first home."
CalHFA recently expanded its High Cost Area Home Purchase Assistance Program (HiCAP) to offer special help to buyers in high cost areas from six to eight counties, with the addition of San Diego San Diego (săn dēā`gō), city (1990 pop. 1,110,549), seat of San Diego co., S Calif., on San Diego Bay; inc. 1850. San Diego includes the unincorporated communities of La Jolla and Spring Valley. Coronado is across the bay. and Ventura Ventura (vĕnt`rə), city (1990 pop. 92,575), seat of Ventura co., SW Calif., on the Pacific coast in a farm and oil region; inc. 1866. counties. This expansion increased production considerably; last fiscal year the Agency funded 287 HiCAP subordinate loans, this fiscal year CalHFA funded 996 HiCAP subordinate loans for a total of nearly $25 million.
Promoting affordability, CalHFA continues to support low income borrowers, with 74% of its first-time homebuyer loans made to borrowers with incomes at 80% or less of the area median incomes. CalHFA also directed efforts to California's teachers and other school employees by expanding their Extra Credit Teacher Program, which gives special financing to borrowers who serve in high priority schools. Since its inception, this program has invested nearly $117 million to help 582 California educators purchase their first homes.
Further, CalHFA reached out to Southern Californians by recently partnering with the Southern California Southern California, also colloquially known as SoCal, is the southern portion of the U.S. state of California. Centered on the cities of Los Angeles and San Diego, Southern California is home to nearly 24 million people and is the nation's second most populated region, Home Financing Authority, helping to finance more than $81 million in home loans for first-time homebuyers in Los Angeles Los Angeles (lôs ăn`jələs, lŏs, ăn`jəlēz'), city (1990 pop. 3,485,398), seat of Los Angeles co., S Calif.; inc. 1850. and Orange counties.
To assist Spanish-speaking customers, CalHFA added Spanish language Spanish language, member of the Romance group of the Italic subfamily of the Indo-European family of languages (see Romance languages). The official language of Spain and 19 Latin American nations, Spanish is spoken as a first language by about 330 million persons pages to its web site (www.calhfa.ca.gov) and developed new Spanish language printed materials that explain all Agency homeownership programs. And, for the 12th consecutive year, the majority of CalHFA loans went to minority first-time home buyers, furthering CalHFA's commitment to California's emerging populations.
CalHFA is the state's affordable housing bank, financing more than $13.3 billion in first mortgages to over 128,000 Californian families since CalHFA was established in 1975. The Agency is self-sustaining through the sale of mortgage bonds and receives no taxpayer funding.
"For CalHFA, every month is really a homeownership month because we help thousands of Californians buy their first home, every month of every year," said Parker. "Affordable housing is our business and we strive to help all Californians achieve the dream of homeownership."
More information about the California Housing Finance Agency is available on their very comprehensive web site (www.calhfa.ca.gov) or by calling 800-789-2432.