For over 40 years, the
According to a press release by CalHFA, "California's homeownership rate stands at about 54.5 percent as of the end of the first quarter of this year , according to U.S. Census estimates, a full 10 percentage points below the national homeownership rate. California's rate dropped from more than 60 percent before the Great Recession". As a result, CalHFA is lengthening its reach outside to non-first time homebuyers, a market saturated with many low to moderate income earners, and thus providing more Californians with the opportunity to take advantage of the benefits that CalHFA's affordable financing options offer.
CalHFA's programs allow the purchase of homes with fixed-rate mortgages and down payment assistance programs. Three of the unique CalHFA opportunities include:
-A first loan of 97% the home value combined with 2nd low or no interest loan to cover 3% for the down payment.
-Access to low or no interest down payment assistance programs, which payments are deferred until the homeowners sell, refinance, or pay off the mortgage.
-A grant of 4% the first mortgage amount to pay for energy efficient improvements to the home as well as federal tax credits that can reduce potential federal income tax liability.
Homeownership is strongly linked to building community in the neighborhood as residents have long-term investments in their homes. CalHFA states that homeownership also fosters "better educational achievement, civic participation, and healthier outcomes...[homeownership is the] cornerstone for our communities and economy". On top of this, CalHFA programs all require homebuyer education for future homeowners. A past article entitled, "
Broadview Mortgage values the opportunity to educate consumers to understand which direction that their current or future mortgage is taking them in. If you have any questions about the information herein, please to reach out to the Author,
Since 1988, Broadview Mortgage has distinguished itself through honest business relationships with clients, loyalty to employees, and commitment to empowering and educating those communities. Broadview Mortgage is a mortgage banker and direct lender made up of loan officers with years of experience in the firm and sheer excellence in customer service. The firm works to explore several financial solutions from which it's clients may choose. Business is initiated and conducted on a word-of-mouth basis. Broadview Mortgage is a delegated underwriter for the
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Read the full story at http://www.prweb.com/releases/2014/07/prweb12021593.htm
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