Two Loan Programs for Financing Foreclosures
The California Housing Finance Agency (CalHFA) offers two loan programs for first time home buyers who are buying foreclosures. One is the Smart Loan Program for single family homes that are owned by CalHFA and the other is the Community Stabilization and Home Loan Program (CSHLP) for single family homes owned by another lending institution. Let’s take a look at both.
Smart Loan Program
This program offers below market rate, 30 year fixed interet rate loans with a 100% financing option. However, to use this program, you have to purchase one of the foreclosed single family homes owned by CalHFA. These properties are located in various areas throughout Northern and Southern California, but currently none are located in San Mateo County. If you would like a list of available properties eligible through the CalHFA Smart Loan program, send me an email at info@SanMateoMortgageBlog.com or a DM on Twitter @ChrisWilliamson.
Community Stabilization and Home Loan Program
The Community Stabilization and Home Loan Program (CSHLP) provides reduced below market interest rates on a 30 year fixed mortgage on select foreclosure properties located in select counties and zip codes throughout California. Currently San Mateo County is not included on this list. Here are the counties and zip codes that are currently eligible:
| Designated County | Eligible Zip Codes |
|---|---|
| Alameda | 94601, 94602, 94603, 94605, 94606, 94607, 94608, 94609, 94610, 94611, 94612, 94618, 94619, 94621 |
| Contra Costa | All ZIP codes |
| Los Angeles | 90008, 90043, 93535, 93550 |
| Merced | All ZIP codes |
| Monterey | All ZIP codes |
| Riverside | All ZIP codes |
| Sacramento | All ZIP codes |
| San Benito | All ZIP codes |
| San Bernardino | All ZIP codes |
| San Joaquin | All ZIP codes |
| Solano | All ZIP codes |
| Stanislaus | All ZIP codes |
Income Requirements for the CSHLP and Smart Loan Program
Both the Smart Loan Program and the CSHLP programs have slightly higher income limits than the CalHFA Cal30 Low Interest Rate Loan Program.
| Household Size | ||
|---|---|---|
| County | 1-2 Persons | 3+ Persons |
| Alameda | $107,160 | $125,020 |
| Contra Costa | $107,160 | $125,020 |
| Marin | $135,720 | $158,340 |
| Monterey | $80,760 | $94,200 |
| San Francisco | $135,720 | $158,340 |
| San Mateo | $135,720 | $158,340 |
| Santa Clara | $127,320 | $148,540 |
| Solano | $95,280 | $111,160 |
| Sonoma | $96,240 | $112,280 |
Don’t see your County? View CalHFA’s income limits for all California Counties.
Take Advantage of Affordable Housing Before Rates Go Up
With these higher income limits more first time home buyers will be able to take advantage of the foreclosure market at reduced interest rates with little or no down payment. To see if you qualify, call me at (650) 520-0915 or email me at info@SanMateoMortgageBlog.com to set up an in person or phone consultation. Don’t let a few unanswered questions keep you from being a home owner.
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Chris Williamson is a Mortgage Advisor with Mortgage California specializing in San Mateo Mortgage.
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{ 2 comments… read them below or add one }
Fantastic information. I’ve bookmarked your blogsite for future reference.
Thanks, Randy. Let us know if there are specific topics you’d like us to cover.