Purchase Money

This page is dedicated to First Time Home Buyers and the purchase of a new Primary Residence in California

In these page you will find detailed programs for people looking buying a new home or their first home that are qualified to make a mortgage payment but do not have the necessary funds for a down payment.

 9 Steps to Home Ownership Video

HomePath

This special financing is available on Fannie Mae homes with the following logo:

The benefits include:

• Low down payment and flexible mortgage terms (fixed-rate, adjustable-rate, or interest-only)
• You may qualify even if your credit is less than perfect
• Available to both owner occupiers and investors
• Down payment (at least 3 percent) can be funded by your own savings; a gift; a grant; or a loan from a nonprofit organization, state or local government, or employer
• No mortgage insurance*
• No appraisal fees
• Also eligible for HomePath Renovation Mortgage (see details below)

HomePath® Renovation Mortgage Financing

This special financing is available on Fannie Mae homes with the following logo:

Available only on homes you make your primary residence and offers these benefits:

• Financing to fund both your purchase and light renovation
• Low down payment and flexible mortgage terms (fixed-rate or adjustable-rate)
• Down payment (at least 3 percent) can be funded by your own savings; a gift; a grant; or a loan from a nonprofit, state or local government, or employer
• No mortgage insurance*

HomePath Guidelines

CalHFA

The California Housing Finance Agency's mission 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.

· Created by State Legislature in 1975

· CalHFA is not a direct Lender

· Purchase CalHFA first-time homebuyer loans from Lenders as an investor

· Loans are facilitated through CalHFA’s network of approved lenders and affordable housing partners.

CalHFA Guidelines

CalPERS

Who is CalPERS?

· CalPERS is the California Public Employees Retirement System created in 1931 by state legislation and became operational for retirement benefits for state employees in 1932. In 1939, public agency and classified school employees were allowed toparticipate.

It is:

· The largest pension fund in the US

· Assets in excess of $162 Billion

· Over 1.6 million members.

· CalPERS is available only to CalPERS members.

· Borrower must participate in the CalPERS fund.

· As of June 30, 2008 CalPERS provided benefits to over 1,126,133 active and inactive members and over 476,252 retirees.

CalPERS Guidelines

CHF

Who they are…

· In 1993, a group called the “Regional Council of Rural Counties or RCRC” (made up of 30 rural counties in CA) formed the California Rural Home Mortgage Finance Authority (CRHMFA) aka as Cal Rural to help increase homeownership opportunities.

· In 2002, CRHMFA sponsored the Homebuyers Fund, Inc., now known as CHF.

Who they serve…

· Families and individuals who can afford a mortgage loan but do not have the resources for the down payment and closing costs

What they provide…

· CHF offers financing up to 99.50% designed to increase homeownership opportunities to low-to-moderate income individuals and families in CA.,

CHF Guidelines