- Agency is nearing $20 billion in total commitments.
- The Bay Area is the most difficult region in California for first-time buyers.
- First time buyers with steady jobs and good credit should contact CalFHA.
During the last four decades, the California Housing Finance Agency (CalHFA) has committed $19.5 billion in first-time homebuyer assistance.
Created in 1975, CalHFA is celebrating its 40-year anniversary at a time when affordability remains a prominent issue for low and moderate income families looking to buy their first home.
The agency recently launched the MyHome Assistance Program, which helps first timers with down payment and closing costs. Under the program, buyers can receive up to five percent in assistance, low interest rates and deferred payments. Available to first timers with steady jobs and good credit, the program can be combined with other CalHFA first mortgage and mortgage credit programs.
Assistance is what first timers appear to need especially in the San Francisco Bay Area, where during the third quarter 45 percent of households could afford to purchase an entry-level home, according to a California Association of Realtors index.
Within the Bay Area are California’s least affordable counties for first timers, Marin, San Francisco and San Mateo. In these three markets 29 percent, 29 percent and 34 percent of households can afford an entry-level home.
In Los Angeles County, affordability isn’t much better than the Bay Area as whole, with 47 percent of households able to afford a home.
In addition to the MyHome program, CalHFA also operates Keep Your Home California, a free mortgage assistance program said to have helped more than 56,000 homeowners remain in their homes. The program continues through 2017.