In such a volatile market as we’re in right now, on a day when conventional interest rates went up .125%, The California Housing Finance Agency in an unprecedented announcement reduced interest rates across the board.
Rate Reductions are as follows:
30 Year Fixed
- Moderate Income Areas Reduced .125% to 6.75%
- Low Income Areas Reduced .25% to 6.5%
35 Year interest only PLUS
- Loan Amounts of $450,000 or Less Reduced .125% to 7%
- Loan Amounts in excess of $450,000 Reduced .25% to 7.375%
40 Year Fixed Mortgage
- Reduced .125% to 7%
Extra Credit Teacher Program
- Reduced .25% to 6.25%
- ECTP Down Payment Assitance - 5.25% (interest waived after 3 years)
With the CalHFA Community Stabilization Home Loan Program standing at 5.5% for a 30 Year fixed rate with ZERO down payment required (100% One loan financing with reduced mortgage insurance), CalHFA remains as one of the few remaining reliable and always available first time home buyer programs that allow over 90% loan to value.
Depending on your qualification, CalHFA has loan programs that allow for 0%, 1% & 2% down payment making this a very realistic alternative to the FHA 3.5% down payment requirement (as of October 1st)
For additional information about these CalHFA loan programs feel free to contact me at Scott@myporchlight.com or you may call me on my cell phone anytime at 714-336-8286.
