California Housing Finance Agency
Page 2

a) First Mortgage Loan Program - This type of first time homebuyer loan program could easily be one of the agency's most popular program as it caters to first time homebuyers who are seeking for a 30-year loan term and an interest rate that remains fixed throughout the entire 30 years.

b) CalHFA Targeted Areas Loan Program - This program is very much similar to the First Mortgage Loan Program in the manner that both programs offer homeownership opportunities in the form of a 30-year, fixed loan rate. They only differ in the sense that the CalHFA Targeted Areas Loan Program is only available in Federally Designated Targeted Areas only.

c) California Homebuyer's Downpayment Assistance Program (CHDAP) - This program can be used in conjunction with any other first time homebuyer program as it provides homebuyers with the opportunity to procure a deferred-payment subordinate loan in the amount of 3% of the purchase price or appraised value of their desired property.

d) School Facility Fee Down Payment Assistance Program (SFF) - This program is especially designed to provides assistance for down payment and/or closing costs to buyers of newly constructed homes throughout California and if the conditions of the program are met, the buyer might not have to repay the funds that have been administered under the program..

e) Section 8 Housing Choice Voucher Program - This program is funded by the United States Department of Housing and Urban Development. It enables qualified first time homebuyers to receive monthly assistance for homeownership expenses in lieu of monthly rent aid.

California Housing Finance Agency
  Back to Page 1

About The Author Michael Saunders is an editor of TopGovernmentGrants.com one the the most comprehensive Websites offering information on government grants and federal government programs. He also maintains Websites providing resources on environmental grants and grants for youth programs.

Additional Resources

category - Home Buying Programs

Government Grants for Housing Assistance
Do you have a bad credit record but want to get a house? the government just might help. Read this!...

---

Keystone Government Loan Program for Homebuyers in Pennsylvania
The Pennsylvania Housing Finance Agency has been running the Keystone Government Loan Program in which it intends to provide first mortgage financing on loans that are insured by the Federal Housing Administration, the Rural Development, and the Department of the Veterans' Affairs.

---

First Time Homebuyer Programs in California
The programs of CalHFA are constantly guided by its overall agency mission which is to "finance below market rate loans to create safe, decent and affordable rental housing and to assist first-time homebuyers in achieving the dream of homeownership."

---

California Homebuyer's Downpayment Assistance Program for First Time Home Buyers
The California Homebuyer's Downpayment Assistance Program is a deferred payment junior loan that can be used in conjunction with other CalHFA housing programs. It provides borrowers with funds amounting to 3% of the actual value of the property that they wish to inquire in order to cover the downpayment costs.

---