CalHFA- the State of California’s First Time Buyer Program- has frozen lending on all loan programs except the Community Stabilization and Smart Loan Programs. To blame is the State’s current budget crisis.
CalHFA will re-assess the state of the budget crisis and the possibility of lifting the freeze in January. Until that time, only loans currently reserved with CalHFA will be eligible to fund.
What is the Community Stabilization Home Loan Program (CSHLP)?
A conventional 30 year fixed rate 1st mortgage (currently at 5.5%) used to purchase REO properties of participating financial institutions to a max LTV of 100%. For a list of eligible properties go to: http://www.calhfa.ca.gov/homeownership/programs/cshlp_properties.pdf.
What is the SMART Loan Program?
A conventional, FHA or VA 30 year fixed rate 1st mortgage (currently at 5.5%) used to purchase CalHFA REO properties as selected by CalHFA to a max LTV of 100%. For a list of eligible properties go to: http://www.calhfa.ca.gov/homeownership/programs/smart/properties.pdf.
