Friday, May 6, 2022
Calhfa New 10% forgivable 2nd for California 1st Time Buyers | Californ...
CalHFA fORGIVABLE EQUITY BUILDER LOAN is NOW available to California 1st Time Buyers. (haven't owned a home in 3 years)
10% forgivable 2nd after you live in the home for 5 years
No Non-Occ Co-Borrowers
Calhfa 1st | 640 Fico | 45% Debt Ratio
Very Restrictive Income Limits = 80% of median income (fannie mae look up link https://ami-lookup-tool.fanniemae.com...
Local Income Limits Orange County CA is 68,880.00 and San Bern / Riverside CA is 62,000.00
We don't see this being very useful in Southern California with home prices exceeding what a borrower with this income would qualify for. Would work Excellent in areas where you could buy a home for around 270-315K. Sales price will vary based on Income and debts. This is just an rough estimate to give you an idea of what the sales price would be on this program.
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