Agency helped more than 7,400 first-time buyers
A record high of more than $2 billion in first mortgages have been originated for Californian with the help of the state’s housing finance agency.
CalHFA says that the historical high was achieved through helping more than 7,400 first-time buyers. The agency also provides assistance for down payment and closing costs, with loans that do not have to be repaid until the home is paid off, sold, or refinanced.
“We are educating homebuyers who can begin to build wealth, providing enhanced and innovative program solutions to fit the needs of this housing crisis and expanding our assistance to be more inclusive so more Californians have a place to call home,” CalHFA Executive Director Tia Boatman Patterson. “We’ve helped more than 14,000 California families buy their first home in the past two years, and I’m thrilled with the additional program options we now have available to help even more families in the coming months and years.”
First-home buyers for the purposes of the agency’s programs must not have owned their own home within the past three years.
Those who receive financing from CalHFA must complete homebuyer education and one-on-one counseling.
“It is incredibly important for homebuyers to be educated about the full financial implications of taking on a mortgage,” added Patterson. “When you add one-on-one counseling to the comprehensive homebuyer education, it results in sustainable homeownership.”
