Jingyu Fan, Ph D Economics
© International Foundation for World Freedom
Three major government agencies offer home buying assistant programs in California: the California Housing Finance Agency, the California Department of Housing and Community Development, and the U.S. Department of Housing and Urban Development. Below we will introduce each of them.
1. California Housing Finance Agency
Cal HFA does not directly face consumers, people interested in Cal HFA’s homebuying assistance programs need to consult a loan officer.o Bring documents (bank statements, tax returns, employment history, etc.) to the meeting to assist with the process. There are two types of assistances:
o First mortgage programs
▪ Six programs with similar eligibility requirements, consult a loan officer for the best selection.
▪ Interest rates and other terms vary by individual and should be consulted with a loan officer. See sample APRs and mortgage payoff calculator.
o Down payment assistant programs
▪ Help defer the down payment for a very long time, important, because down payment is the hurdle to most homebuyers. Eligibility:
o Borrower eligibility
▪ Meet the income limit.
▪ Meet the minimum credit score (vary by program).
▪ Attend a homebuyer education course and obtain a certificate: online or in-person, the only eligible online course costs $99.
▪ You are the primary resident of the property.
▪ For down payment assistant programs, must be a first-time homebuyer.
▪ Eligibility calculator o Property eligibility -
▪ Be a single-family, one-unit residence.
2. U.S. Department of Housing and Urban Development
Housing Choice Voucher Program https://www.hud.gov/hcv
Section 8 https://www.hud.gov/topics/
housing_choice_voucher_program_section_8#hcv01
Public Housing
3. California Department of Housing and Community Development
Uncompiled resources:
Check “homeownership” and “rent relief resources” sessions on HUD.
https://www.hud.gov/states/california - HUD resources for Californiahttps://www.hud.gov/sites/documents/20604_BROCHURE.PDF (American Dream Downpayment Initiative)
https://camortgagerelief.org/ (California Mortgage Relief Program)https://www.hud.gov/program_offices/administration/grants/grantssrc (HUD resource: some must-knows for housing grants)
https://www.hcd.ca.gov/grants-and-funding/programs-active (HUD grant search engine)https://www.benefits.gov/ (benefits search engine)
https://governmentgrant.com/state-grants/california/housing-grants (California state housing grants and other grants, general info)
https://www.cccco.edu/About-Us/Chancellors-Office/Divisions/College-Finance-and- Facilities-Planning/Affordable-Student-Housing/Grant-Information-and-Resources (Affordable Student Housing Grant)
https://california.grantwatch.com/cat/19/housing-grants.html (grant search engine, can filter grant categories, states, sources, receiver types)
https://www.hud.gov/states/california/homeownership/buyingprgms (HUD resource: California homeownership assistance)
https://www.hud.gov/program_offices/public_indian_housing/programs/ph/cn/ fy23funding (HUD resource: notice of funding opportunity)
A very good source for homebuyers: https://homebuyer.com/learn/first-time-home-buyer- grants-programs
Downpayment Toward Equity Act - $25,000 housing grant, not passed yet, can apply for pre-approval: https://homebuyer.com/learn/25000-first-time-home-buyer- downpayment-grant