CALFHA program question

[mskate]

Hello, all! I’ve been lurking for a bit and need some advice/info —

I recently began to watch prices come down and get the glimmering of hope that I, too, might someday be a homeowner (okay, condo, but whatever, you get my drift). I started by looking at what financing I might qualify for (just to find out what I need to do to get ready). I was pre-qualified for 100% financing through CALFHA’s first time homebuyer’s program (please don’t lecture me about saving the downpayment –I’ve been on my own since 17, put myself through college and grad school and am just getting started).

Now for the question — I was just informed that that state of California is discontinuing the CALFHA program (for now at least) and I’m wondering if anyone has seen this before and if ya’ll think it will be back. I wasn’t planning on buying until at least the fall and am saving every penny anyway — but that 3% is a big bite for me.

Thanks for the feedback —
Kat.

[SDEngineer]

Don’t know anything about the CalFHA program, but if it’s just the issue of the down payment, you can still use FHA, just have to be a little more creative about it (and pressure the sellers).

FHA still allows “gift” programs to provide the purchasers 3% down payment, essentially allowing the seller to pay that mandatory 3% down. Google “Nehemiah” for one of the main programs that do this. Essentially how it works is the program gives you the 3% to put down towards the property to satisfy the FHA’s requirement, then after closing, the seller gives that 3% amount to Nehemiah. Kind of snarky, but still completely legal (for how much longer is unknown, as there have been some attempts to close this loophole).

Given the market today, it should be fairly easy to talk any seller into this 3% concession, and as a bonus, you’d start your homeownership with at least a little equity cushion.

[SDEngineer]

Don’t know anything about the CalFHA program, but if it’s just the issue of the down payment, you can still use FHA, just have to be a little more creative about it (and pressure the sellers).

FHA still allows “gift” programs to provide the purchasers 3% down payment, essentially allowing the seller to pay that mandatory 3% down. Google “Nehemiah” for one of the main programs that do this. Essentially how it works is the program gives you the 3% to put down towards the property to satisfy the FHA’s requirement, then after closing, the seller gives that 3% amount to Nehemiah. Kind of snarky, but still completely legal (for how much longer is unknown, as there have been some attempts to close this loophole).

Given the market today, it should be fairly easy to talk any seller into this 3% concession, and as a bonus, you’d start your homeownership with at least a little equity cushion.

[SDEngineer]

Don’t know anything about the CalFHA program, but if it’s just the issue of the down payment, you can still use FHA, just have to be a little more creative about it (and pressure the sellers).

FHA still allows “gift” programs to provide the purchasers 3% down payment, essentially allowing the seller to pay that mandatory 3% down. Google “Nehemiah” for one of the main programs that do this. Essentially how it works is the program gives you the 3% to put down towards the property to satisfy the FHA’s requirement, then after closing, the seller gives that 3% amount to Nehemiah. Kind of snarky, but still completely legal (for how much longer is unknown, as there have been some attempts to close this loophole).

Given the market today, it should be fairly easy to talk any seller into this 3% concession, and as a bonus, you’d start your homeownership with at least a little equity cushion.

[SDEngineer]

Don’t know anything about the CalFHA program, but if it’s just the issue of the down payment, you can still use FHA, just have to be a little more creative about it (and pressure the sellers).

FHA still allows “gift” programs to provide the purchasers 3% down payment, essentially allowing the seller to pay that mandatory 3% down. Google “Nehemiah” for one of the main programs that do this. Essentially how it works is the program gives you the 3% to put down towards the property to satisfy the FHA’s requirement, then after closing, the seller gives that 3% amount to Nehemiah. Kind of snarky, but still completely legal (for how much longer is unknown, as there have been some attempts to close this loophole).

Given the market today, it should be fairly easy to talk any seller into this 3% concession, and as a bonus, you’d start your homeownership with at least a little equity cushion.

[SDEngineer]

Don’t know anything about the CalFHA program, but if it’s just the issue of the down payment, you can still use FHA, just have to be a little more creative about it (and pressure the sellers).

FHA still allows “gift” programs to provide the purchasers 3% down payment, essentially allowing the seller to pay that mandatory 3% down. Google “Nehemiah” for one of the main programs that do this. Essentially how it works is the program gives you the 3% to put down towards the property to satisfy the FHA’s requirement, then after closing, the seller gives that 3% amount to Nehemiah. Kind of snarky, but still completely legal (for how much longer is unknown, as there have been some attempts to close this loophole).

Given the market today, it should be fairly easy to talk any seller into this 3% concession, and as a bonus, you’d start your homeownership with at least a little equity cushion.

[mskate]

Thanks — Still don’t intend to pull the trigger for a bit, but it’s nice to know there are options : )

[mskate]

Thanks — Still don’t intend to pull the trigger for a bit, but it’s nice to know there are options : )

[mskate]

Thanks — Still don’t intend to pull the trigger for a bit, but it’s nice to know there are options : )

[mskate]

Thanks — Still don’t intend to pull the trigger for a bit, but it’s nice to know there are options : )

[mskate]

Thanks — Still don’t intend to pull the trigger for a bit, but it’s nice to know there are options : )

[PadreBrian]

If 3% is too big for you, either A) the house is priced too high and you should find a smaller house, or B) the house is priced too high and you should wait.

There is no other freaking answer.

[PadreBrian]

If 3% is too big for you, either A) the house is priced too high and you should find a smaller house, or B) the house is priced too high and you should wait.

There is no other freaking answer.

[PadreBrian]

If 3% is too big for you, either A) the house is priced too high and you should find a smaller house, or B) the house is priced too high and you should wait.

There is no other freaking answer.

[PadreBrian]

If 3% is too big for you, either A) the house is priced too high and you should find a smaller house, or B) the house is priced too high and you should wait.

There is no other freaking answer.

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