I think there are still opportunities for people to buy. This isn’t to say they should buy.
Teachers, Fireman, Police not only have stable income but simultaneously are rewarded with speacial finance programs. In fact they need to buy early in their carreers if they before their income exceeds the threshhold of the programs
There are also programs available for first time homeowners through the state of california.
Homeownership Programs
FIRST MORTGAGE LOAN PROGRAMS
CalHFA Conventional Loans
interest only PLUSSM
This conventional mortgage loan offers up to 95% financing and allows borrowers to pay only the interest for the first five years of a 35-year term. After that, borrowers pay principal and interest at the same low, fixed interest rate for the remaining 30 years.
40-Year Fixed Mortgage
This conventional mortgage loan offers up to 95% financing with a 40-year term and a low, fixed interest rate.
30-Year Fixed Mortgage
This conventional mortgage loan offers up to 95% financing with a 30-year term and a low, fixed interest rate.
Government Insured/Guaranteed Loans
30-Year Fixed Government Insured/Guaranteed Mortgage
This program is for mortgage loans that are insured or guaranteed by FHA, VA or USDA and features a 30-year term with a low, fixed interest rate.
DOWN PAYMENT ASSISTANCE LOAN PROGRAMS
Affordable Housing Partnership Program (AHPP)
A joint effort by CalHFA and cities, counties, redevelopment agencies and housing authorities whereby a deferred payment subordinate loan from a locality is utilized by the first-time homebuyer to assist them with down payment and/or closing costs.
CalHFA Housing Assistance Program (CHAP)
Offers a deferred-payment second loan of an amount up to the lesser of two percent (2%) of the purchase price or appraised value.
California Homebuyer’s Downpayment Assistance Program (CHDAP)
Offers a deferred-payment junior loan of an amount up to the lesser of three percent (3%) of the purchase price or appraised value.
Extra Credit Teacher Home Purchase Program (ECTP)
A low interest rate CalHFA first loan, together with a forgivable interest CalHFA junior loan to assist eligible teachers, administrators, staff members and classified employees to purchase their first home.
High Cost Area Home Purchase Assistance Program (HiCAP)
Designed to assist first-time homebuyers in the highest housing cost areas of the state.
School Facility Fee Down Payment Assistance Program (SFF)
A conditional grant program that provides assistance to buyers of newly constructed homes throughout California.
