California Housing Finance Agency Increases the Income Limits

January 16, 2018

Big news came through the other day from the California Housing Finance Agency (CalHFA).  CalHFA helps qualified first time homebuyers get into homes by helping cover down payment and closing costs.  The new limits are much higher and now are simplified to just one limit per county whereas the old limits for each county were determined by the amount of people in the household.  For example, in Riverside County a family of 3 had an income limit of $81,900, but a family of 5 had a limit of $98,250.  Now the new limit in Riverside County is $128,700!  This limit increase now brings in some moderate-income families that are qualified and can afford to own a home but might not have the funds on hand to cover the costs to initially get in.

 

Some frequently asked questions about the program:

Q: What does it mean to be a “qualified first-time homebuyer?”

A: You can still be a first-time homebuyer even if you have owned a home in the past.  If you haven’t had any ownership in a home in at least 3 years you can be considered a first-time homebuyer.

Q: How much assistance can I get from this program?

A: You can receive up to 7.5% in down payment and closing cost assistance based off the purchase price or appraised value of the home, whichever is less.

Q: Am I able to get any extra monthly assistance with this program?

A: No.  This is not a public assistance program such as welfare where you get a monthly check or credits toward your home. You still be to be a qualified buyer and be able to make your monthly payments.  This program helps qualified buyers cover the initial costs to getting into the home.

Q: What does it mean to be a qualified buyer?

A: You must meet the credit requirements, show sufficient income to cover all of your monthly debts alongside making a mortgage payment, as well as some other qualifications

Q: How can I find out if I qualify?

A: You can contact one our helpful loan officers and they can assist you in seeing what you can qualify for.

 

 

 

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