Developer Tips for Success: Ann Marie Rowlett | Alabama Housing Finance Authority

https://www.ncsha.org/wp-content/uploads/MaineHousing-.Logo_.png Eligible Borrowers Get Low Rate and Earn $10,000 In Down Payment Assistance AUGUSTA – MaineHousing has launched its First Generation homebuyer program, which can provide $10,000 in down payment assistance for eligible homebuyers. This program is for people whose parents or guardians did not own a home that the applicant lived in during their lifetime….

Buying a home for the first time can leave you with serious sticker shock. That’s especially in true in California — which has some of the highest property prices in the country. Those looking to crack the homeownership barrier in the Golden State can take advantage of several programs to help with down payment and closing costs.

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Aerial view of Los Angeles homes

The California Housing Finance Agency, or CalHFA, offers a comprehensive selection of homebuyer assistance programs, mostly geared toward first-time homebuyers with low or moderate incomes. In California, you’re considered a first-time homebuyer if you haven’t owned and occupied a home in three years.Here’s an overview of CalHFA programs that can help you purchase your first home.CalHFA first-time homebuyer loan programsCalHFA offers conventional and government-insured loan programs to help first-time buyers with fixed-rate loans and the option to roll in down payment and closing cost assistance into your mortgage.Borrower requirementsMust have a minimum credit score of 660 for conventional low income rate loans and 680 for conventional standard rate loansDebt-to-income ratio can’t exceed 45 percent or automated underwriting or 43 percent for manual underwritingMust meet CalHFA’s income limits based on your specific areaIn most instances, must be a first-time homebuyer and a U.S. citizen, permanent resident or qualified alienMust attend a homebuying counseling course and present a certificate of completionMust meet any additional loan requirements of your CalHFA-approved lender and the mortgage insurerNote: An approved homebuyer counseling course can be taken online through eHome for $99, or in-person through a HUD-approved housing counseling agency or NeighborWorks America; fees vary by agency.Property requirementsSales price can’t exceed $765,000Property must be located within California and used as a primary residence until it’s refinanced or soldMust be a single-family, one-unit homeSome condos, accessory dwelling units (guest houses and in-law quarters, for example), and manufactured homes are permittedLand trusts and leaseholds aren’t eligibleMaximum lot size of 5 acresCalHFA and CalPLUS Conventional Loan ProgramsThe CalHFA Conventional program is a first mortgage loan insured through private mortgage insurance on the conventional market. The interest rate on the CalHFA Conventional loan is fixed throughout the 30-year term.Meanwhile, the CalPLUS Conventional program comes with a slightly higher 30-year fixed interest rate, but you can combine it with the MyHome Assistance program for down payment help and the CalHFA Zero Interest Program (ZIP) for closing costs. ZIP, as its name implies, doesn’t charge borrowers interest on the money it lends through the program — 3 percent or 4 percent of the purchase price. If you choose the higher assistance amount, you’ll receive a higher interest rate on the loan itself. Gallery: 10 Year-End Tax Planning Strategies for 2020 (Money Talks News)

CalHFA and CalPLUS FHA loan programsThe CalHFA FHA Program is a loan insured by the Federal Housing Administration that comes with a CalHFA 30-year fixed interest rate for a primary home. The FHA has specific borrowing and property requirements that must be met.

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Another option: the CalPLUS FHA program. It’s an FHA-insured loan that comes with a slightly higher 30-year fixed rate but it’s paired with the CalHFA ZIP. Like the CalPLUS conventional program, ZIP provides 3 percent or 4 percent of the CalPLUS FHA loan amount to assist with closing costs or prepaid items only (including FHA’s mandatory upfront mortgage insurance premium).Cal-EEM + Grant ProgramThe Cal-EEM + Grant program allows first-time or repeat buyers to combine an FHA-insured Energy Efficient Mortgage with a Cal-EEM Grant for certain energy-efficient home improvements. The interest rate on the Cal-EEM is fixed for 30 years.Plus, you can combine the mortgage with a grant of up to 4 percent of the purchase price. This must be used to pay for energy-efficient improvements that exceed FHA’s limits for improvement costs. The maximum limit is either 5 percent of the property’s value (not to exceed $8,000) or $4,000, whichever is greater based on the value of the property. Borrowers must get an energy assessment from a qualified energy assessor to identify cost-effective energy improvements.CalHFA VA Loan ProgramThe CalHFA VA program is a loan insured by the U.S. Department of Veterans Affairs. It features a CalHFA fixed interest rate for a 30-year term. The VA has its own requirements for eligibility.CalHFA down payment assistance programsFor many first-time homebuyers, saving up for a down payment and closing costs is one of the most daunting challenges to homeownership. CalHFA offers several down payment and closing cost assistance programs to help you bridge this gap. These are considered “subordinate” or “junior” loans, meaning payments are deferred until your home is sold, refinanced or paid in full — and that can help make monthly mortgage payments more affordable.MyHome Assistance ProgramThe MyHome Assistance Program is a deferred-payment junior loan that provides up to 3.5 percent of the purchase price or appraised value (whichever is lower) to help pay for down payment or closing costs. In many cases, you can combine MyHome Assistance with CalHFA’s loan programs.School Teacher and Employee Assistance ProgramThe School Teacher and Employee Assistance Program is designed for first-time buyers who are teachers, administrators, school district employees and staff members who work at California’s K-12 public schools. These loans provide up to 4 percent of the purchase price toward down payment and closing costs, and can only be used with an eligible CalHFA first mortgage loan. This loan can be used only for down payment assistance and/or closing costs.Get startedYou have the lowdown on California’s assistance programs for first-time buyers, and you’re ready to get the ball rolling. CalHFA doesn’t issue loans or make application decisions. However, it has vetted a list of approved lenders you can reach out to. Generally, lenders have their own borrowing requirements, and interest rates vary. Shop around with a few different companies to ensure you’re getting the best deal.Learn more:

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https://www.ncsha.org/wp-content/uploads/2018/04/Oregon-Housing-and-Community.png SALEM, OR – The Oregon Housing Stability Council approved $56.7 million in Small Projects and Veterans funding to 11 affordable housing developments across the state. These investments from Oregon Housing and Community Services (OHCS) will provide 261 homes in smaller developments for veterans, seniors, agricultural workers, people experiencing homelessness, and wildfire survivors. OHCS defines…

National Council of State Housing Agencies recognizes California program for producing more housing in less time and with less public subsidy
California’s Mixed-Income Program (MIP), which is administered by the California Housing Finance Agency (CalHFA) as a result of support and collaboration across all sectors of the government from Governor Gavin Newsom’s Administration to the Legislature to the State Treasurer’s Office, has won a national award for program excellence.
The National Council of State Housing Agencies (NCSHA) made the announcement at its annual conference Oct. 27, naming CalHFA’s program a 2020 winner in its Rental Housing: Encouraging New Construction category.

NCSHA praised MIP’s streamlined finance model that is producing more housing in less time and with less public subsidy.
“I’m proud of our team at the California Housing Financing Agency, and this award is a testament to their hard work to make the Mixed-Income Program a success,” said Governor Newsom. “The Mixed-Income Program, which has been operational for just over a year, is supporting the production of 3,468 units of housing, creating inclusive communities and helping to address the affordability crisis throughout the state.”
To date, CalHFA has committed $156 million in MIP subordinate loans to help thousands of families throughout the state at a mix of income levels from 30% to 120% of the Area Median Income.
Over the past few years, several state government actions set the stage for the design and implementation of MIP. Current Senate President pro Tempore Toni Atkins provided the initial vision and support – around $40 million annually – for a mixed-income program as part of 2017’s Senate Bill 2: The Building Homes and Jobs Act.
As soon as CalHFA started the program, Governor Newsom recognized it as one that could advance the Administration’s policy goals of jump-starting production, building housing for a range of income levels and prioritizing cost and time efficiency. With that in mind, the Governor and Legislature passed a 2019-20 State Budget that expanded the State Low-Income Housing Tax Credit Program and reserved up to $200 million of those new tax credits to be paired with MIP. It also provided a one-time allocation to CalHFA of $500 million in funds for low-and moderate-income development, a large portion of which went to expand MIP.

The additional funds and crucial tax credit reservation allowed the program to truly take off. A partnership with State Treasurer Fiona Ma, who oversees California’s Tax Credit Allocation Committee (CTCAC), made MIP a streamlined one-stop shop for private affordable housing producers to make use of these public resources.
“Working with CalHFA to make our state’s affordable housing finance delivery system more efficient has already paid big dividends,” said Treasurer Ma. “By increasing overall production at all income levels, this partnership has truly made a meaningful impact on California’s housing crisis.”
In its entry for the NCSHA Program Excellence Award, CalHFA cited an internal analysis that highlighted the speed and cost efficiency of MIP projects when compared to similar new construction affordable housing projects that received state resources at the same time. The findings showed MIP projects will cost $119,000 less per unit on average, will begin construction almost a year quicker and create more units outside of areas of concentrated poverty. In these ways, the program is part of CalHFA’s comprehensive strategy to advance fair housing through inclusivity and desegregation.
“When you see alignment of priorities from the Administration, the Legislature and the Treasurer’s Office, and a partnership between California’s housing finance delivery systems which efficiently addresses those priorities, you have a model for others to follow,” said CalHFA Executive Director Tia Boatman Patterson. “And the end result is more of the right kinds of housing in the right places for Californians who need it.”
The California Housing Finance Agency was created in 1975 with the goal of helping more Californians find a place to call home. CalHFA has helped more than 201,000 low- and moderate-income homebuyers with $32.6 billion in first mortgages and used $6.1 billion in financing for the construction and preservation of more than 70,000 affordable rental housing units throughout the state. CalHFA is a self-supported state agency that doesn’t rely on taxpayer dollars for its operational costs. For more information on CalHFA programs, and how we are creating progressive financing solutions for affordable housing in California, visit www.calhfa.ca.gov or call toll free at 877.9.CalHFA (877.922.5432).
View source version on businesswire.com: https://www.businesswire.com/news/home/20201030005560/en/
Contacts
Chris SaurPhone: 916.326.8604csaur@calhfa.ca.govwww.calhfa.ca.gov

https://www.ncsha.org/wp-content/uploads/2018/04/New-Hampshire-Housing-Finance-Authority.png (Bedford, August 19, 2021) – New Hampshire’s bucolic North Country is far from the metro feel of the southern tier of the state. Yet despite the striking contrast in landscape, […]Read More…