REAL ESTATE TOPICS
CALHFA INTRODUCES ADDITIONAL DOWN PAYMENT ASSISTANCE FOR FIRST-TIME HOME BUYERSThe California Housing Finance Agency recently announced that it will begin providing an additional $6,500 in down payment assistance through its CalPLUS Conventional program. The change is part of the Agency’s ongoing efforts to make home purchasing more accessible for first-time home buyers.
CalHFA’s ZIP Extra down payment assistance program reduces the amount of money needed to close on the purchase of a home for buyers who may not yet have the funds for a large down payment, closing costs, or even an upfront mortgage insurance payment.
The new program, which launched Oct. 6, will include an additional $6,500 on top of the 3 percent down payment it currently offers as part of its CalPLUS Conventional with Zero Interest Program (ZIP). The ZIP program provides 3 percent of the loan amount at 0 percent interest on a fixed-rate, 30-year conventional mortgage. The additional $6,500, ZIP Extra, will also be provided at 0 percent interest.
An added benefit is that a CalPLUS Conventional loan can also be combined with CalHFA’s other assistance programs, such as:
- The California Homebuyer’s Down Payment Assistance program
- The Extra Credit Teacher Home Purchase program
- The Mortgage Credit Certificate Tax Credit program
The new assistance is available only for first-time home buyers.
However, although non-first-time home buyers are not eligible for ZIP Extra, they may still benefit from CalHFA’s other first mortgage programs.
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