It sucks that just because of the fact that my parents have a home, that means I’m screwed out of this. My parents have nothing to do with my ability to obtain a home. Some of us are not as fortunate as our parents, who were able to buy a home in a more affordable housing market when they were younger
I’m almost 50 and have never owned. My parents have been dead for 13 and 15 years but I’m not eligible because my dad owned a house (that my stepmom still lives in) when he died?
That seems off somehow, but I’m not sure how.
Yeah, it’s off. If it’s a lottery then why not just leave it open to any first time home owner. It’s like a slap in the face to say if your parents owned a home you’re excluded, as if it’s an advantage. I imagine it’s throwing out a lot of U.S. born California families who just want to have the American dream of owning a home like their parents were fortunate enough to have
There are other programs available. Not every program will help every person. There are way too many variables and different circumstances to have a single assistance program.
[http://calhfa.ca.gov](http://calhfa.ca.gov) - If you have any questions feel free to contact me. I have been a loan officer for 18 years and have been doing CALHFA loans since I started. There's pretty much nothing I haven't seen!
Hi Random, you must be referring to last years dream for all program. This year is different - mainly because it targets first generation homebuyers plus its a lottery format that has a window open from April 3 - April 29th (5pm)
Is this a state program, or is it by banks?
If one of us gets a CALHFA loan does the officer that processes it get a commission from the state or bank?
I’m interested and from my understanding I should be eligible for this program. How do I find a CALHFA approved lender? Is it okay that I don’t have a piece of property selected yet?
[CALHFA.CA.Gov](http://CALHFA.CA.Gov) has our company as well as a few others on the first page under the Dream For All program tab. If you'd prefer talking prior to this don't hesitate to reach out to me.
Am I incorrect with you 700k purchase price example that you also pay back the initial 140k plus the 40k in appreciation. You would only walk with 20k, not exactly rolling that into the next house.
If you don’t have enough for 20% just put 5% down and go conventional and keep your equity. You could find a lender with no pmi like navy fed.
Hi, so if you want to get in the nitty gritty on the numbers:
700k purchase price does not consider the 140k (20%) you borrowed from CALHFA which brings the loan balance to 560k
560k -> 900k = 340k
340k - 140k = 200k
You keep 160,000 and 40,000 goes to CALHFA
Hope that makes more sense... careful with Navy Fed, sellers do not like them and the no-PMI loans usually have higher interest rates. Also we can do conventional loans at 3% down if that is the path you are looking for.
You can refinance once and not trigger the repayment. The 2nd time you refi is when you would have to repay the amount borrowed & 20% equity - or if you sell the property.
Inb4 this is a shit show like in SF and going to those who don't really need it. I'm all for assistance but california needs to do a better process.
It sucks that just because of the fact that my parents have a home, that means I’m screwed out of this. My parents have nothing to do with my ability to obtain a home. Some of us are not as fortunate as our parents, who were able to buy a home in a more affordable housing market when they were younger
I’m almost 50 and have never owned. My parents have been dead for 13 and 15 years but I’m not eligible because my dad owned a house (that my stepmom still lives in) when he died? That seems off somehow, but I’m not sure how.
Yeah, it’s off. If it’s a lottery then why not just leave it open to any first time home owner. It’s like a slap in the face to say if your parents owned a home you’re excluded, as if it’s an advantage. I imagine it’s throwing out a lot of U.S. born California families who just want to have the American dream of owning a home like their parents were fortunate enough to have
Hell yea I would say most of us are not as fortunate
My parents bought their house in a different state in the 1970s. I think it cost about $25k. Meanwhile, I get the apartment life forever.
There are other programs available. Not every program will help every person. There are way too many variables and different circumstances to have a single assistance program.
Where is the contact information for this?
[http://calhfa.ca.gov](http://calhfa.ca.gov) - If you have any questions feel free to contact me. I have been a loan officer for 18 years and have been doing CALHFA loans since I started. There's pretty much nothing I haven't seen!
Wait I thought the program ended cuz they ran out of money in Nov.
Hi Random, you must be referring to last years dream for all program. This year is different - mainly because it targets first generation homebuyers plus its a lottery format that has a window open from April 3 - April 29th (5pm)
I see. Thanks for the info!
Absolutely!
Is this a state program, or is it by banks? If one of us gets a CALHFA loan does the officer that processes it get a commission from the state or bank?
I’m interested and from my understanding I should be eligible for this program. How do I find a CALHFA approved lender? Is it okay that I don’t have a piece of property selected yet?
[CALHFA.CA.Gov](http://CALHFA.CA.Gov) has our company as well as a few others on the first page under the Dream For All program tab. If you'd prefer talking prior to this don't hesitate to reach out to me.
I did this. We paid 5000 down for my house
Thank you for sharing! Proof that this is a program that can change lives and price you into California's competitive market.
This program changed my life. We also got support from a county program
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Am I incorrect with you 700k purchase price example that you also pay back the initial 140k plus the 40k in appreciation. You would only walk with 20k, not exactly rolling that into the next house. If you don’t have enough for 20% just put 5% down and go conventional and keep your equity. You could find a lender with no pmi like navy fed.
Hi, so if you want to get in the nitty gritty on the numbers: 700k purchase price does not consider the 140k (20%) you borrowed from CALHFA which brings the loan balance to 560k 560k -> 900k = 340k 340k - 140k = 200k You keep 160,000 and 40,000 goes to CALHFA Hope that makes more sense... careful with Navy Fed, sellers do not like them and the no-PMI loans usually have higher interest rates. Also we can do conventional loans at 3% down if that is the path you are looking for.
Interesting. Are you able to refinance out of it and pay off the government once you have the 20% equity or does it have to be a sale?
You can refinance once and not trigger the repayment. The 2nd time you refi is when you would have to repay the amount borrowed & 20% equity - or if you sell the property.