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by CareyBot

The California Housing Finance Agency is teaming up with the Federal Housing Administration to offer 30-year fixed-rate loans to low- and moderate-income first-time homebuyers at below-market rates.With mortgage rates already at historic lows, eligible borrowers could lock a CalHFA-FHA loan at around 4 percent.First-time homebuyers using the CalHFA-FHA program may also be able to make a downpayment of as little as 1 percent if they also qualify for CalHFA's downpayment assistance program.The loans are limited to $417,000, and borrowers must meet a number of eligibility requirements, including minimum credit score, debt-to-income ratio, and income limits that vary by county and family size.The state's budget crisis, along with turmoil in bond markets that fund CalHFA loans, forced the agenc...