First Time Home Buyer

 Programs in California

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The state agency created by the legislature in California to offer first time home buyer programs is the California Housing Finance Agency. Here is a summary of the current first time home buyer programs that are offered:

The CHDAP offers down payment assistance for first-time homebuyers who meet specified moderate income limits.

How The Program Works

The CHDAP provides a deferred-payment junior loan – up to 3% of the purchase price, or appraised value, whichever is less – to qualified borrowers to be used for their down payment or closing costs. This junior loan may be combined with a CalHFA or non-CalHFA first mortgage loan. This junior loan can not be combined with the Extra Credit Teacher Program (ECTP) or the Homeownership In Revitalization Areas Program (HIRAP).
 

For complete details on these first time home buyer programs available to California residents, the contact information is:

CalHFA Homeownership Division
P.O. Box 4034 , Sacramento, CA 95812
Phone: 800.789.2432
Email: homeownership@calhfa.ca.gov

 You should also visit the California Housing Finance Agency website.

Se also the First Time Home Buyer Grants page.

Best Lender For First Time Home Buyer Loans

Unfortunately, some lenders do not like to work with first time home buyers (due to not having a track record), and prefer instead to only provide mortgages to people who have previously owned a home. If you do not need help with the down payment and are not in need of any state program, search for a lender that has great rates, an easy online application, and welcome first time home buyers. Additionally find one that has not been as severely hurt by the subprime mortgage crisis and are still approving the majority of applications.

 

Other First Time Home Buyer Programs & Resources