NOTE: Effective September 23rd 2008, the State of California temporarily suspended this program. For more details on special financing programs, please call us at 510-364-6795
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4% Interest rate for a home loan?
You’ve got to be kidding!
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No. This is no joke. If you are disabled person or a person who will be living with a homebuyer who is disabled, you may qualify for this fantastic loan offered through the State of California.
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The loan is a 4% 30-year fixed loan. That means fixed monthly payments at 4% interest for the full 30 years! Your loan payment stays the same each and every month of the 30-year period of the loan. At the end, you own the home outright and the loan is fully paid off!
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To qualify you meet the following basic criteria:
- Be buying a home in California
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Be disabled, or planning to live with a disabled person
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Be a first time home buyer (that means you have not owned your own principal residence for at least 3 years)
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Have a credit score of no less than 600
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Be buying a property priced at or below the defined purchase price limit for the county where the home is located. In Alameda, Contra Costa, Marin, and San Francisco counties, this purchase price limit is currently $729,250 for resale properties. (For the specific purchase price limits for your county, click here)
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Have an income less than the maximum allowed for the county where the home is located (in Alameda, Contra Costa, Marin, and San Francisco counties, this income limit is usually about $100,000 for a household of one or two persons) (For the specific income limits for your county, click here)
So what does it all mean in dollars and cents? Click here for an example of how much money this loan could save you and what the monthly payment would be for a property price of $250,000.
For more information:
- Send us an email by clicking here
- Check out the CalHFA HomeChoice webpage at http://www.calhfa.ca.gov/homeownership/programs/homechoice.htm
