Broadview Mortgage Reports: CalHFA Expands Their First Loan Programs to Non First-Time Homebuyers

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Advantageous Loan Programs will now be available to most prospective homebuyers in California due to said expansion.

CalHFA has officially extended their accessibility to more Californians. On June 16th, 2014, the California Housing Finance Agency (CalHFA) notified all of its approved lenders that they would be expanding their first loan programs “in an effort to provide more affordable financing opportunities for [all of] California’s homebuyers” (CalHFA). Broadview Mortgage is proud to say that it is one of CalHFA’s approved lenders. This new adjustment will be effective immediately.

This program expansion refers to First Loan Programs only and does not include CalHFA’s down payment assistance programs. CalHFA’s down payment assistance programs include the California Homebuyer’s Downpayment Assistance Program (CHDAP), Extra Credit Teacher Program (ECTP), and the Mortgage Credit Certificate (MCC). These three programs will remain exclusive to first time homebuyers. However, Broadview Mortgage offers the Broadview Community Access program to non-first time homebuyers, and only requires a small down payment of 5%. More information about Broadview Community Access can be obtained here.

There are certain requirements for the non-first time homebuyer to meet prior to obtaining said first loan with CalHFA. The borrower must not have an ownership in any residential dwelling by the time the loan with CalHFA closes. CalHFA also requires that all existing CalHFA and partner guidelines such as income limits and sales price limits be met as well. All of CalHFA’s first mortgage programs can be found http:// on their website, as well as each program’s set of guidelines.

This is a great opportunity for prospective homebuyers and will allow many more Californians the ability to obtain advantageous loan programs. For more information on any of the programs discussed in this release, contact a loan officer at Broadview Mortgage today at 1-714-464-2945, or a CalHFA representative at 1-916-326-8033.

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Brittany Williams