My name is Teresa Tims, president of TDR mortgage. I’m a professional home loan broker and consultant providing competitive pricing and knowledgeable assistance with all types of home loan mortgages available to you to include first time home loans.
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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