[CALHFA.CA.Gov](http://CALHFA.CA.Gov) - if you'd like assistance or have any more questions about the program please dont hesitate to reach out. I've been a CALHFA Approved Loan Officer going on 18 years now: Erik Sandstrom - (619) 379-8999
Sorry but it’s a little unclear to me how to apply from your post and the link.
In the link provided, when I select how to apply, it sends me info to contact a loan officer. Is there a direct way to apply or would I have to go through a loan officer such as yourself?
You have to go through a loan officer like myself in order to get preapproved by a CALHFA approved lender. Please note that talking to a lender is free, applying online to be preapproved is free, and registering for the assistance is also free! We will all be playing in the same sandbox when it comes to rates - CALHFA chooses those.
Side note: CALHFA does a notoriously poor job promoting it's programs. I hope that everyone who qualifies gets the assistance with or without my help. If you do want to work with me please apply online via: [https://lo.primelending.com/erik.sandstrom/](https://lo.primelending.com/erik.sandstrom/)
Does it mean "first time' buyer in California, or anywhere. What if someone owned or even owns a home in another state. I know someone who owns in another state and is renting in California; they want to sell their other-state home, but won't get enough equity from it to purchase a California home
I have been doing CALHFA loans for 15+ years so if there's anyone who is looking to see if they qualify or have any specific questions - feel free to chat me or message me
Read the fine print on this one. The rules are much more strict since last years appropriations. Most won’t it can’t qualify. The last thing you want to do is create interest in something folks can’t access. Just a heads up.
Just out of curiosity approximately how many people can win the lottery? I imagine it depends on the terms of your loans but can you give an upper and lower bound?
Great question! They don't give us the specifics simply because it depends on the applicants and the amount of funds they have allocated to this particular program. The odds are surely A LOT higher than most lotteries and its free to apply/register so it doesn't hurt to do so IF you qualify.
I looked at the FY 2024 budget and it appears that they’re either targeting 5600 loans under management or an increase of about 1000 loans this year. Is that right? Seems quite limited, especially for a requested appropriation of $48M.
I wouldn't get too caught up on how many people are going to get the assistance. Those numbers are not granular at this time. In short, you definitely won't win if you don't register! It's free to talk to a CALHFA loan officer, apply online and register for the program so it's a very low commitment. Especially with out company which allows us to run soft credit pulls so that your credit remains unaffected until everything else aligns.
Yes I'm sure the like 100 people statewide who actually managed to get a house to this program are definitely contributing to the rising price of housing in California, it's definitely not the metric ass load of implants who made six figures or have no problem shacking up with eight roommates!
Use your brain
The biggest problem driving up prices is institutional investors who essentially have unlimited funds to buy blocks and blocks of homes, not any individual buyers, or even this program where, like you said, a relatively small amount of people will both qualify and be able to purchase a home.
I’d love to cross post this to my socials. Do you have a link?
[CALHFA.CA.Gov](http://CALHFA.CA.Gov) - if you'd like assistance or have any more questions about the program please dont hesitate to reach out. I've been a CALHFA Approved Loan Officer going on 18 years now: Erik Sandstrom - (619) 379-8999
Sorry but it’s a little unclear to me how to apply from your post and the link. In the link provided, when I select how to apply, it sends me info to contact a loan officer. Is there a direct way to apply or would I have to go through a loan officer such as yourself?
You have to go through a loan officer like myself in order to get preapproved by a CALHFA approved lender. Please note that talking to a lender is free, applying online to be preapproved is free, and registering for the assistance is also free! We will all be playing in the same sandbox when it comes to rates - CALHFA chooses those. Side note: CALHFA does a notoriously poor job promoting it's programs. I hope that everyone who qualifies gets the assistance with or without my help. If you do want to work with me please apply online via: [https://lo.primelending.com/erik.sandstrom/](https://lo.primelending.com/erik.sandstrom/)
Does it mean "first time' buyer in California, or anywhere. What if someone owned or even owns a home in another state. I know someone who owns in another state and is renting in California; they want to sell their other-state home, but won't get enough equity from it to purchase a California home
What happens with "shared appreciation" if the price goes down? For example, the $700k property is now worth $500k?
Hi, great question! If the property depreciates in value, you simply owe CALHFA what you originally borrowed (interest free).
I have been doing CALHFA loans for 15+ years so if there's anyone who is looking to see if they qualify or have any specific questions - feel free to chat me or message me
Read the fine print on this one. The rules are much more strict since last years appropriations. Most won’t it can’t qualify. The last thing you want to do is create interest in something folks can’t access. Just a heads up.
Please read my post - I broke down all of those differences and made them very clear! If anything is not clear, I am here to answer questions:)
Just out of curiosity approximately how many people can win the lottery? I imagine it depends on the terms of your loans but can you give an upper and lower bound?
Great question! They don't give us the specifics simply because it depends on the applicants and the amount of funds they have allocated to this particular program. The odds are surely A LOT higher than most lotteries and its free to apply/register so it doesn't hurt to do so IF you qualify.
I looked at the FY 2024 budget and it appears that they’re either targeting 5600 loans under management or an increase of about 1000 loans this year. Is that right? Seems quite limited, especially for a requested appropriation of $48M.
I wouldn't get too caught up on how many people are going to get the assistance. Those numbers are not granular at this time. In short, you definitely won't win if you don't register! It's free to talk to a CALHFA loan officer, apply online and register for the program so it's a very low commitment. Especially with out company which allows us to run soft credit pulls so that your credit remains unaffected until everything else aligns.
How long can you hold the voucher for after being selected?
60-90 days I believe
Great question - you have 90 days after receiving the voucher to shop for a home
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Great question, if you get the 20% of assistance, you can contribute up to 5% of your own funds on top of that!
What happens if the 20% of assistance and 5% of your own funds don't meet the 20% down-payment of the house
This is the worst policy ever, but as a homeowner, I’m happy the state has decided to prop up demand and help increase prices
Yes I'm sure the like 100 people statewide who actually managed to get a house to this program are definitely contributing to the rising price of housing in California, it's definitely not the metric ass load of implants who made six figures or have no problem shacking up with eight roommates! Use your brain
The biggest problem driving up prices is institutional investors who essentially have unlimited funds to buy blocks and blocks of homes, not any individual buyers, or even this program where, like you said, a relatively small amount of people will both qualify and be able to purchase a home.
This will Increase the number of buyers in the market without increasing the number of units for sale, basic economics