CalHFA MyHome CA Rates

Hi, I am Isabella with RateZen Mortgage. Most renters we speak with across Southern California can afford a monthly housing payment, because they are already paying high rent every single month. What stops them is the upfront cash needed for the down payment and closing costs. Today I am breaking down the CalHFA MyHome Assistance Program and how California first-time buyers work with RateZen Mortgage to bridge that upfront cash gap. First, what does first-time homebuyer mean to CalHFA? You do not have to be someone who has never owned a home in your life. Under CalHFA rules, a first-time homebuyer is anyone who has not owned and occupied their primary residence in the past three years. To qualify for CalHFA MyHome, every borrower on the loan must be an occupying first-time buyer, your household qualifying income must stay at or below the published CalHFA income limit for the county where you are buying, you must meet minimum credit and debt-to-income guidelines, and at least one borrower must complete an approved 8-hour homebuyer education course. Here is how the financing is structured. CalHFA MyHome is not a free grant; it is a deferred-payment junior loan, often called a silent second. When you pair it with a CalHFA FHA first mortgage, MyHome provides up to 3.5 percent of the purchase price or appraised value, whichever is less. When you pair it with a CalHFA Conventional first mortgage, it provides up to 3.0 percent. Because payments on that junior loan are deferred, you only make your primary mortgage payment plus taxes, insurance, and HOA each month. The silent second sits quietly behind your first mortgage and is due only when you sell the home, refinance the first mortgage, transfer title, or reach the end of the first mortgage term. Two honest things we tell every buyer up front at RateZen Mortgage: First, down payment assistance programs have specific interest rates, mortgage insurance rules, and county income caps set by the program, so we always compare CalHFA side-by-side against a standard 3 percent down HomeReady or Home Possible loan to see which one actually puts you in a better monthly position. Second, getting fully pre-approved before you tour homes makes your offer stand out to listing agents who worry assistance loans take too long. Want to know within 15 minutes whether you meet your county's CalHFA income limit and how the numbers look side-by-side? Click the button below to schedule a quick strategy call with Isaac Grajeda at RateZen Mortgage. RateZen Mortgage, a division of RateZen Mortgage, California DRE number 01948605, NMLS number 2089797. Call 424-RATE-ZEN, (424) 728-3936. Equal Housing Opportunity.

Quick reel transcript

Hi, I am Isabella with RateZen Mortgage. If saving for a down payment is the only thing keeping you from buying your first home in California, here is how the CalHFA MyHome Assistance Program works in plain English. Still renting in California because you think you need 20 percent down to buy your first home? CalHFA is the California Housing Finance Agency. If you are an eligible first-time homebuyer whose income falls within your county's CalHFA limit, you can pair a CalHFA first mortgage with a MyHome junior assistance loan. Here are the three facts every buyer should know. One: Under current CalHFA MyHome guidelines, that junior loan can provide up to 3.5 percent of the purchase price or appraised value on an FHA first mortgage, or up to 3 percent on a Conventional first mortgage, to put toward your down payment or closing costs. Two: It is a deferred-payment silent second. That means you do not make a separate monthly payment on that assistance loan while you live in the home. Instead, it is repaid later when you sell, refinance, or pay off your first mortgage. Three: You can also check whether you qualify to layer additional closing-cost help like CalHFA ZIP. Want to see if your income and target neighborhood qualify? Click the link below to book a quick strategy call with Isaac Grajeda at RateZen Mortgage. RateZen Mortgage, a division of RateZen Mortgage, California DRE number 01948605, NMLS number 2089797. Call 424-RATE-ZEN, (424) 728-3936. Equal Housing Opportunity.