CALFHA program question

[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.

[Raybyrnes]

I believe the program you are referring to is the CALHFA ofen referred to as a Cahfa loan. This program can be combined with the CHDAP California Housing Down Payment Assistance Program.

I believe if you google NEHIMiah you will find that the Nehimiah program might have been diwscontinued as it was circumventing different procedures and was not that adventageous for the buyers. You can form your own opinion.

These programs have income limitation, and housing price limits. The negative as I see it right now is taht if you ahve excellent credit there could be lower costing loans available but if the downpayment is the challenge this might be the only way to go.

The other negative as I see it is that there is a 1.5 origination fee with these loans. I have not called any lenders on this but I would think that a lender might be willing to discount a portion of that origination fee.

http://www.calhfa.ca.gov

[Raybyrnes]

I believe the program you are referring to is the CALHFA ofen referred to as a Cahfa loan. This program can be combined with the CHDAP California Housing Down Payment Assistance Program.

I believe if you google NEHIMiah you will find that the Nehimiah program might have been diwscontinued as it was circumventing different procedures and was not that adventageous for the buyers. You can form your own opinion.

These programs have income limitation, and housing price limits. The negative as I see it right now is taht if you ahve excellent credit there could be lower costing loans available but if the downpayment is the challenge this might be the only way to go.

The other negative as I see it is that there is a 1.5 origination fee with these loans. I have not called any lenders on this but I would think that a lender might be willing to discount a portion of that origination fee.

http://www.calhfa.ca.gov

[Raybyrnes]

I believe the program you are referring to is the CALHFA ofen referred to as a Cahfa loan. This program can be combined with the CHDAP California Housing Down Payment Assistance Program.

I believe if you google NEHIMiah you will find that the Nehimiah program might have been diwscontinued as it was circumventing different procedures and was not that adventageous for the buyers. You can form your own opinion.

These programs have income limitation, and housing price limits. The negative as I see it right now is taht if you ahve excellent credit there could be lower costing loans available but if the downpayment is the challenge this might be the only way to go.

The other negative as I see it is that there is a 1.5 origination fee with these loans. I have not called any lenders on this but I would think that a lender might be willing to discount a portion of that origination fee.

http://www.calhfa.ca.gov

[Raybyrnes]

I believe the program you are referring to is the CALHFA ofen referred to as a Cahfa loan. This program can be combined with the CHDAP California Housing Down Payment Assistance Program.

I believe if you google NEHIMiah you will find that the Nehimiah program might have been diwscontinued as it was circumventing different procedures and was not that adventageous for the buyers. You can form your own opinion.

These programs have income limitation, and housing price limits. The negative as I see it right now is taht if you ahve excellent credit there could be lower costing loans available but if the downpayment is the challenge this might be the only way to go.

The other negative as I see it is that there is a 1.5 origination fee with these loans. I have not called any lenders on this but I would think that a lender might be willing to discount a portion of that origination fee.

http://www.calhfa.ca.gov

[Raybyrnes]

I believe the program you are referring to is the CALHFA ofen referred to as a Cahfa loan. This program can be combined with the CHDAP California Housing Down Payment Assistance Program.

I believe if you google NEHIMiah you will find that the Nehimiah program might have been diwscontinued as it was circumventing different procedures and was not that adventageous for the buyers. You can form your own opinion.

These programs have income limitation, and housing price limits. The negative as I see it right now is taht if you ahve excellent credit there could be lower costing loans available but if the downpayment is the challenge this might be the only way to go.

The other negative as I see it is that there is a 1.5 origination fee with these loans. I have not called any lenders on this but I would think that a lender might be willing to discount a portion of that origination fee.

http://www.calhfa.ca.gov

[SDEngineer]

It’s actually Nehemiah Program 🙂 (though the Biblical name it’s taken from is usually spelled differently). http://www.nehemiahcorp.org/

The FHA has been trying to get the loophole this program operates through closed legislatively, and has shut down many other gift programs over the past two years, however, at least as of a few weeks ago this particular one was still open – an agent for a community I went to look at offered me the program as part of her closing tools (I didn’t bite – I’m still waiting for significantly larger price drops, and can afford a decent down payment anyway). There is no income limitation on this program – basically if you qualify for an FHA, you qualify for the program.

The 1.5 extra origination fee (the up-front MIP) is a pretty significant extra closing cost for FHA loans though. Again, since the FHA allows up to 6% seller contribution (3% of which would have gone to the gift program) you can still work this out. Of course, 6% is 6%, and with a traditional mortgage, you could just get them to reduce the house price by that % instead. You do wind up paying more using a FHA loan, just not more out of pocket.

[SDEngineer]

It’s actually Nehemiah Program 🙂 (though the Biblical name it’s taken from is usually spelled differently). http://www.nehemiahcorp.org/

The FHA has been trying to get the loophole this program operates through closed legislatively, and has shut down many other gift programs over the past two years, however, at least as of a few weeks ago this particular one was still open – an agent for a community I went to look at offered me the program as part of her closing tools (I didn’t bite – I’m still waiting for significantly larger price drops, and can afford a decent down payment anyway). There is no income limitation on this program – basically if you qualify for an FHA, you qualify for the program.

The 1.5 extra origination fee (the up-front MIP) is a pretty significant extra closing cost for FHA loans though. Again, since the FHA allows up to 6% seller contribution (3% of which would have gone to the gift program) you can still work this out. Of course, 6% is 6%, and with a traditional mortgage, you could just get them to reduce the house price by that % instead. You do wind up paying more using a FHA loan, just not more out of pocket.

[SDEngineer]

It’s actually Nehemiah Program 🙂 (though the Biblical name it’s taken from is usually spelled differently). http://www.nehemiahcorp.org/

The FHA has been trying to get the loophole this program operates through closed legislatively, and has shut down many other gift programs over the past two years, however, at least as of a few weeks ago this particular one was still open – an agent for a community I went to look at offered me the program as part of her closing tools (I didn’t bite – I’m still waiting for significantly larger price drops, and can afford a decent down payment anyway). There is no income limitation on this program – basically if you qualify for an FHA, you qualify for the program.

The 1.5 extra origination fee (the up-front MIP) is a pretty significant extra closing cost for FHA loans though. Again, since the FHA allows up to 6% seller contribution (3% of which would have gone to the gift program) you can still work this out. Of course, 6% is 6%, and with a traditional mortgage, you could just get them to reduce the house price by that % instead. You do wind up paying more using a FHA loan, just not more out of pocket.

[SDEngineer]

It’s actually Nehemiah Program 🙂 (though the Biblical name it’s taken from is usually spelled differently). http://www.nehemiahcorp.org/

The FHA has been trying to get the loophole this program operates through closed legislatively, and has shut down many other gift programs over the past two years, however, at least as of a few weeks ago this particular one was still open – an agent for a community I went to look at offered me the program as part of her closing tools (I didn’t bite – I’m still waiting for significantly larger price drops, and can afford a decent down payment anyway). There is no income limitation on this program – basically if you qualify for an FHA, you qualify for the program.

The 1.5 extra origination fee (the up-front MIP) is a pretty significant extra closing cost for FHA loans though. Again, since the FHA allows up to 6% seller contribution (3% of which would have gone to the gift program) you can still work this out. Of course, 6% is 6%, and with a traditional mortgage, you could just get them to reduce the house price by that % instead. You do wind up paying more using a FHA loan, just not more out of pocket.

[SDEngineer]

It’s actually Nehemiah Program 🙂 (though the Biblical name it’s taken from is usually spelled differently). http://www.nehemiahcorp.org/

The FHA has been trying to get the loophole this program operates through closed legislatively, and has shut down many other gift programs over the past two years, however, at least as of a few weeks ago this particular one was still open – an agent for a community I went to look at offered me the program as part of her closing tools (I didn’t bite – I’m still waiting for significantly larger price drops, and can afford a decent down payment anyway). There is no income limitation on this program – basically if you qualify for an FHA, you qualify for the program.

The 1.5 extra origination fee (the up-front MIP) is a pretty significant extra closing cost for FHA loans though. Again, since the FHA allows up to 6% seller contribution (3% of which would have gone to the gift program) you can still work this out. Of course, 6% is 6%, and with a traditional mortgage, you could just get them to reduce the house price by that % instead. You do wind up paying more using a FHA loan, just not more out of pocket.

[SD Realtor]

SD Engineer –

I forgot but is there also a silent second on that program as well?

SD Realtor

[SD Realtor]

SD Engineer –

I forgot but is there also a silent second on that program as well?

SD Realtor

[SD Realtor]

SD Engineer –

I forgot but is there also a silent second on that program as well?

SD Realtor

[SD Realtor]

SD Engineer –

I forgot but is there also a silent second on that program as well?

SD Realtor

[Author]

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