Real Estate Blog - Tracy, Ca: CalHFA Interest only Loan Program

Monday, April 10, 2006

CalHFA Interest only Loan Program

This is a great program for first time buyers.........................................

The

Interest only Plus
Loan Program
for
San Joaquin County

CalHFA’s interest only PLUS is a 35-year conventional loan with a below market fixed interest rate. Borrowers pay only the interest on the loan for the first five years. After that, borrowers pay principal and interest at the same low interest rate for the remaining 30 years. This program is intended for first-time homebuyers who meet specified low and moderate income limits and who are purchasing a new or existing home anywhere in California.

Program Requirements:

1) First Time Buyers only - Can not have owned property in the last three years.

2) Income Limits for San Joaquin County:
1-2 Person Household $68,520 a year
3+ Person Household $79,940 a year

3)Purchase Price Limits for San Joaquin County:

New Construction $525,000, Re-Sale $429,620

4)Must be U.S citizen

Other CalFHA Programs:

1)30-Year Fixed Mortgage
2)40-Year Fixed Mortgage

When you are ready give me a call and we can go over your situation and evaluate your needs.