The California Housing Finance Agency has started a new program to help first-time homebuyers receive thousands of dollars in downpayment assistance.
Through CalPLUS, qualified low- to moderate-income buyers can receive a 30-year fixed-rate mortgage that includes a zero interest second loan that buyers can use for a downpayment.
The downpayment loan can be for as much as 3.5% of the first mortgage amount. It does not have to be repaid until the home is sold, refinanced or paid in full.
“Since its inception, CalHFA has focused on helping Californians become homeowners, strengthening communities and neighborhoods,” said Claudia Cappio, executive director. “Down payments continue to be one of today’s biggest obstacles for first-time homebuyers. This new program is aimed at bridging that gap for California families.”
A family taking out a $200,000 mortgage, for example, could receive up to $7,000 in down payment assistance through the zero interest program.
CalPLUS can be combined with other state and federal programs that help to offset downpayment or mortgage costs.
For more information, visit www.calhfa.ca.gov or call (877) 922-5432.