First Home - California

104 - First-Time Homebuyer Programs

In Episode #104 we take a deep dive on all the assistance programs available to first-time homebuyers here in California. A representative from the California  Housing Finance Agency (CalHFA) joins us.

Topics covered include:

CalHFA Down Payment Assistance Programs

• MyHome Assistance Program
• California Dream for All Shared Appreciation Loan Program

Please note: On October 13, 2023, Eric Johnson from CalHFA released a video with the latest on the Dream For All shared appreciation loan program and address some of the misinformation that has been shared and posted about the program’s return. Watch the video at: https://www.youtube.com/watch?v=biT21WUCbII. 

CalHFA Government Loan Programs

• CalHFA FHA Loan Program
  The CalHFA FHA Program is an FHA-insured loan featuring a CalHFA 30-year fixed interest rate first mortgage.
• CalPLUS FHA Loan Program
  The CalPLUS FHA program is an FHA-insured first mortgage with a slightly higher 30-year fixed interest rate than our standard FHA program and is combined with the CalHFA Zero Interest Program (ZIP) for closing costs.
• CalHFA VA Loan Program
  The CalHFA VA program is a VA-insured loan featuring a CalHFA fixed interest rate first mortgage. This loan is a 30-year fixed interest rate first mortgage.
• CalHFA USDA Program
  The CalHFA USDA Program is a USDA Guaranteed first mortgage loan program, which can be combined with the MyHome Assistance Program (MyHome). This loan is a 30-year fixed interest rate first mortgage.

CalHFA Conventional Loan Programs

• CalHFA Conventional Loan Program
  The CalHFA Conventional program is a first mortgage loan insured through private mortgage insurance on the conventional market. The interest rate on the CalHFA Conventional is fixed throughout the 30-year term.
• CalPLUS Conventional Loan Program
  The CalPLUS Conventional program is a conventional first mortgage with a slightly higher 30 year fixed interest rate than our standard conventional program and is combined with the CalHFA Zero Interest Program (ZIP) for closing costs.

Other CalHFA Programs

• Section 184 Indian Home Loan Guarantee Program
  Members of federally recognized tribes can take advantage of CalHFA financing no matter where they choose to live in California! Combine with grants, gifts or tribal assistance to maximize your homebuying power.
• Limited 203(K) Option
  Program that allows homeowner with CalHFA mortgage to roll up to $35,000 in repairs into mortgage payment.
• Free Housing Counseling Program
  Through CalHFA’s NMS Housing Counseling Program, a network of HUD-certified housing counselors across California provide free, confidential education and connections to resources. By contacting a HUD-approved housing counseling agency, you will speak with a counselor who is specially trained and certified by the U.S. Department of Housing and Urban Development to help you assess your financial situation, evaluate options and find programs and resources to help keep you on track, orget you back on track.

Our Guest:

Eric Johnson, California Housing Finance Agency (CalHFA)

Other Resources:

DRE Website: https://dre.ca.gov/FirstHomeCalifornia

103 - How Down Payments Work

Episode #103 gives you a close-up look at how down payments work.

A National Association of Realtors survey in 2021 found that 29% of first-time homebuyers said the down payment was the most difficult step in the home buying process.

Topics covered include:

• Why your down payment is important to you
• Why it’s important to your bank
• Why it’s okay if you aren’t able to put down 20% as a down payment
• What are the rules for using a financial gift from your family to help with your down payment
• What’s a good faith deposit and how does that work into your down payment
• A brief look at some of the first-time homebuyer programs available in California, which will be the deep dive we take in the upcoming Episode #104.
• Plus, some tips that might help you in your efforts to save money for your down payment

Guest:

Mike Shenkman, Real Estate & Mortgage Expert, lecturer in the Urban Studies and Planning Department at University of California, San Diego.

Other Resources:

DRE Website: https://dre.ca.gov/FirstHomeCalifornia

102 - How Mortgages Work

We take a deep dive into home mortgages. This includes conventional, FHA and VA mortgages, as well as fixed-rate, adjustable-rate, and interest-only. We also discuss the difference between interest rate and annual percentage rate, pre-qualified and pre-approved, what's an amortization school, what's an impound account, how a mortgage buy down works, and what happens if your new home is appraised for less than the price you're paying. Plus, an overview of first-time homebuyer programs.

More at: https://dre.ca.gov/FirstHomeCalifornia

101 - How Much Home Can I Afford?

There’s nothing more important when buying a home than money.

This episode focuses on helping you figure out how much home you can afford, and how to be comfortable with what you’re going to spend for your first home.

Our guest is Mike Shenkman, who has more than 20 years of experience in California's real estate industry. He's also a lecturer in the Urban Studies and Planning Department at UC San Diego.

More at: https://dre.ca.gov/FirstHomeCalifornia

First Home - California Overview

Whether you're a young professional looking to invest in your future, a couple ready to settle down and start a family, or someone starting a new chapter in your life, buying your first home is a significant milestone. It also can be an overwhelming and complex process.

That's why the California Department of Real Estate has created this podcast.. to provide you with knowledge and insights, so that you know what to expect during the homebuying process, and can make informed decisions.