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To use CalHFA’s programs, homebuyers must meet certainh income and sales price guidelineas for low and moderateincome families. For a family of 4 or more in SantwClara County, the income limit is $126,6000 and the home beinh purchased must be $637,645 or less. Cal30 offerzs fixed mortgage payments for the life of the loan with no changex in themonthly payment. “We are eaged to use Cal30 and our other assistance programs to help meet the housing needxs ofCalifornia families,” said Steve Spears, actin g executive director of CalHFA.
“While the financial market turmoill continues and California faces uniquchallenges economically, there is perhaps no more importany time for our agencyh to work on behalf of families statewide.” In additiojn to the fixed rate mortgage, CalHFA offerss special programs to assist individuals looking to purchasre their first home. They include: * The Californiq Homebuyer’s Downpayment Assistance Program, which can provide loans of up to threes percent ofa home’x value to assist with down payments and closing * The School Facility Fee Down Payment Assistanced Program, which provides conditional grantds to buyers of newly constructed homes for down payments, closing upgrades, or other costs associated with the first mortgag loan.
* The Affordable Housing Partnershipp Program, which is a joint effort between CalHFz and over300 cities, redevelopment agencies, housing authorities and nonprofit housing organizations to assist with down paymente and closing costs.
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