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 Scott Short  Monday, October 11th, 2010  CalHFA just brought back their FHA program as of September 7, 2010
It is a 96.5% of the sales price, 30-year fixed FHA loan not to exceed $417,000 loan amount. The borrower will need a 620 minimum (middle score of the three bureaus) credit score. Purchase money only loan. Requires homebuyer’s education for each borrower. The borrower must be a first-time home buyer (FTHB) or a qualified veteran pursuant to Heroes Earning Assistance & Relief Act of 2008, or located in a federally designated target area. Income and sale price restrictions do apply. Only single family residence, one unit including condo/PUD. Non-owner occupants not allowed. Manufactured homes and non-permitted additions are not allowed on the program. FHA less than 90 day flips where the seller is reselling for greater than 20% of their purchase price also not allowed on the program.
This new CalHFA FHA loan will allow the buyer to utilize the CHDAP (CalHFA Down Payment Assistance) program in conjunction. The buyer can borrow up to 3% of the sales price or appraised value, whichever is less. If you add 96.5% (FHA 1st mortgage) + 3% (CHDAP) = 99.5% loan, the buyer’s down payment would be ½%.
The program requires a minimum investment into the purchase of 1% of the buyer’s own funds. For more in depth details contact your authorized CalHFA mortgage professional. CRHMFA Homebuyers Fund (aka: National Homebuyers Fund) also announced a new loan program called the “CHF Platinum program”. The new CHF Platinum loan program provides downpayment for low-to-moderate income individuals and families purchasing a home in California as their primary residence. The downpayment assistance is currently in the form of a grant, sized at 3% of the first loan amount and can be used for downpayment and/or closing costs. This is not a bond program and not limited to first time home buyers. Eligible first mortgages include 30-year fixed term FHA, VA and USDA.
Continue reading: Change is Still in the Air
Caylyn Brown Wednesday, March 31st, 2010
Californians have a brief window of opportunity to receive up to $18,000 in combined federal and state homebuyer tax credits. To take advantage of both tax credits, a first-time homebuyer must enter into a purchase contract for a principal residence before May 1, 2010, and close escrow between May 1, 2010 and June 30, [...]
Caylyn Brown Wednesday, March 24th, 2010
The California legislature on Monday passed AB 183, providing $200 million for home buyer tax credits. The Governor is expected to sign the bill into law this week. C.A.R. supported this important legislation since its inception. Part of a package of four bills passed at the request of the Governor, AB 183 is designed [...]
Steve Goddard Wednesday, February 10th, 2010
 Steve Goddard - 2010 C.A.R. President
Dear C.A.R. Member:
The C.A.R. Board of Directors meetings in Indian Wells concluded last weekend, and as always covered a lot of ground in a short period of time. More than 50 committee meetings during the week culminated in the official meetings of the full board on Friday afternoon and Saturday morning.
Your board of directors is a dedicated group of volunteers who give their time and expertise to your state association and to our industry. If you’re not directly involved in your local association, or aren’t yet a volunteer at the state or national level, I encourage you to do so. It’s an opportunity to give voice to the issues important to you and your peers, and to directly impact your livelihood and the future of our industry. My involvement over the years has enriched both my professional and personal life.
At the meetings, changes to the California Residential Purchase Agreement and Joint Escrow Instructions–most often referred to as the “RPA”–were approved by the board. The RPA is the standard form, produced by C.A.R., used in nearly every residential real estate transaction in the state. The RPA hasn’t been significantly modified since 2002, and the changes approved this past week followed nearly two years of effort by the RPA Study Group and the Standard Forms Advisory Committee, with over 1,000 comments from members helping inform the process.
Changes regarding the initial deposit; the notice to perform; FHA/VA loans; financing; the appraisal contingency; the wood pest inspection; home warranty coverage; and contingencies and cancellations; among others, were approved and will be incorporated in the revised form, scheduled for release April 28. For a complete timeline regarding the RPA release, visit http://www.car.org/legal/standard-forms/. Final Drafts will be posted Feb. 22. Classes will be held throughout the state and begin next month. Please click here for more details.
Continue reading: Your February Message from C.A.R. President Steve Goddard
Caylyn Brown Friday, January 15th, 2010
With a new April 30 deadline in place for clients to take advantage of a federal home-buyer incentive, real estate practitioners now have slightly less than four months to get their qualified prospects under contract before the cut-off date.
In order to maximize this opportunity, it is recommended that real estate pros revamp their [...]
Caylyn Brown Thursday, November 5th, 2009
More good news for consumers, our members, and the housing market recovery. Following the Senate’s favorable vote yesterday, the U.S. House of Representatives just voted 403 to 12 to extend the home buyer tax credit, expanding the parameters to include existing homeowners and not just first-time buyers. As you may know, C.A.R. and our partners at NAR have worked for months urging Congress and the Senate to extend and expand this crucial piece of legislation. We expect President Obama to sign the legislation in short order.
As it now stands, the federal tax credit will be extended through April 30, 2010, with a 60-day extension if a binding contract is in place prior to the deadline. First-time home buyers will continue to be eligible for a tax credit of up to $8,000, while existing homeowners will be eligible for a reduced credit of up to $6,500. To qualify for the $6,500 credit, existing homeowners must have lived in their current residences for at least five years. The bill also increases the qualifying income limits from $75,000 for single tax filers and $150,000 for joint filers to $125,000 and $225,000, respectively. The purchase price of the home is capped at $800,000 in both instances.
Continue reading: Tax Credit Expanded!
Charles McMillan Wednesday, October 21st, 2009
To: All REALTORS®
From: Charles McMillan, 2009 NAR President
Re: Tax Credit Extension/Expansion Gains Momentum
Dear Fellow REALTOR®,
With Congress moving quickly on a number of key issues, I wanted share some important news that you won’t read in the newspapers.
In my latest podcast, I explain why momentum is building – both in Congress and the Administration – in support of extending and possibly expanding the $8,000 first-time homebuyer tax credit.
http://www.realtor.org/about_nar/presidents_report/_podcast_archive/mcmillan_credithealthreform_20091020
My podcast also provides updates on other important activities in Washington, D.C., this week:
- First, NAR’s federal political coordinators are in town to urge Congress to act now on the tax credit. If you haven’t yet sent a letter to your Representatives and Senators, please go to the REALTOR® Action Center now and answer the call. We are so close – please keep pushing!
Continue reading: NAR Update – Tax Credit Extension/Expansion Gains Momentum
Kenneth Harney Wednesday, October 14th, 2009
Quick passage by the House last week of a bill extending the $8,000 home buyer tax credit next year for military, diplomatic and intelligence personnel serving overseas increases the odds that Congress will agree to an extension, maybe even an expansion, of the entire credit program well into 2010.
The White House is also [...]
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