Cal HFA loans in Redding CAThe California Housing Finance Agency launched a new fixed-rate, 30-year mortgage to help low and moderate income California families purchase their first home: the CalHFA program. Since only about 55 percent of Californians own homes, this loan program is good news. Chris Lamm: Redding Mortgage Lender makes CalHFA loans possible for Redding residents.

How CalHFA Loans Work

The CalHFA loan (CalHFA FHA) is a special FHA loan that allows first-time home buyers in Redding and Shasta County, California, to purchase a home with up to a 99.5 percent loan-to-value ratio (LTV). To make purchasing a home more affordable, CalHFA has allowed Redding home buyers to combine both the closing costs and the down payment to help buyers achieve the dream of home ownership.

CalHFA mortgage loans are made in partnership with the Federal Housing Administration and provide access to Redding (and Shasta County) home mortgage loans with below-market interest rates. Steven Spears, executive director of CalHFA, said California real estate prices are attractive for first-time home buyers but many cannot meet the loan requirements of conventional lenders. But with CalHFA, lenders like Chris Lamm are able to offer more options.

Who Can Use CalHFA Loans

CalHFA loans are for first-time home buyers, defined under federal law as not having owned and occupied a home for the past three years. In addition to first-time home buyers, some qualified veterans may also be eligible. CalHFA loans have also been used for loans on multi-family rental housing intended to provide low and moderate income families with lower rents. And under the Extra Credit Teacher Home Purchase Program (ECTP) program, teachers, administrators, district employees, and school staff members are eligible to apply. All CalHFA loans require home buyers to meet certain credit, income, and home buyer education counseling requirements.

Chris Lamm: Redding Mortgage Lender brings all solutions to the table for first-home buyers. With Redding CalHFA loans, prospective homeowners are much better equipped to make the leap from renting to owning.

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