Down Payment Assistance Programs - CalHFA

[@vente7489]

This is the first video that I see that lays down the entire assistance programs. I look forward to hearing about the other DPA programs!

[@TheCloud0626]

Great video!!! 👍 Thanks for sharing. We used calhfa 5 years ago, we've now refinanced of course. Everything paid off and now conventional😊

[@loansbydrey]

Thanks, yes, most people refinance and pay it off. It is very rare they hold it for 30 years. Great job! Enjoy your home.

[@RealtorWilson916]

Spectacular assistance from Drey! I reached out for a consultation and he was knowledgeable and friendly with his time. Would definitely recommend if you are purchasing in California. Thanks again for your advice today!

[@loansbydrey]

Wilson, I'm glad I was able to help. Hope everything goes well. Feel free to reach out any time, thanks

[@theyoungazn]

Thank you for such a detailed explanation of CALHFA.

[@loansbydrey]

You're welcome!

[@myleth7743]

Great video! I just received a pre-approval for an FHA loan. I knew about the DPA option through CalHFA but my lender did not mention the closing costs assistance. So glad I saw your video so I can ask about it. Thank you!!

[@peterhy1251]

Did you get the house?

[@myleth7743]

@@peterhy1251 Yes I closed in August ‘21!

[@RJ-dd4lj]

Very well done! Best video that I have seen clearly explained! I feel more confident in going to a loan officer now! Thank you so much!

[@loansbydrey]

Thank you! I'll be happy to assist you with a loan.

[@danaali5118]

This is the best and most clear video! Thank you!

[@loansbydrey]

Thank you!

[@carolelimon2644]

Great easy explanation. Thank you Drey.

[@loansbydrey]

You're welcome!

[@seansharmz2201]

Boom you’re a great teacher

[@loansbydrey]

Thanks, appreciate it

[@GraphyteTV]

I want to buy somewhere in Sacramento (or surrounding area) sometime next year. I will have about 10k saved in a couple of months, but that’s nowhere near enough for a down payment and closing costs. My credit score is around 720 and my spouse’s is around 760. Im trying to do some research and this helped a lot; thank you.

[@loansbydrey]

You're welcome! Call me with any questions, thanks

[@christianhernandezsee5713]

thank you! this is best video i have seen and thank you for doing the math as well! rock on dude

[@loansbydrey]

Thank you!

[@CW-wb3tv]

Great video. Very detailed and easy ro understand. Thank you!

[@malakangel9322]

Helpful information!! I will save this video and if I am financially prepared , I will come ask your assistance. Thank you

[@loansbydrey]

Will be happy to assist you, thanks

[@mikemalonetv5385]

Awesome video man it answered all my questions

[@loansbydrey]

Thank you!

[@TheChavezz555]

Thank you so much for this information. Very well explained

[@loansbydrey]

Thank you!

[@liliaguilar1]

Omg! You explained so well! When one is qualified for this program how long does it take to get the loan funded once the offer for the house has been accepted?

[@loansbydrey]

Hi, thanks for the comment. Usually it takes 30 days, thanks

[@maxnavarro5588]

Good, clear explanation. I hope you can continue to upload more videos soon.

[@loansbydrey]

Thanks! Just posted another video

[@docrob0327]

This a really good, very simply explained video. Thank you

[@loansbydrey]

Thank you

[@alexlara5038]

This really helped me. Like seriously!

[@loansbydrey]

Great! Glad it was helpful. Call me with any questions, thanks

[@usem_and_losem937]

thanks for the info!

[@lizescobar8939]

Thank you for sharing!! Love it, great video

[@loansbydrey]

Thank you, appreciate it!

[@jimmyg2180]

Can you do closing cost video ? Great video by the way

[@loansbydrey]

Thanks, yes, I'll put it on my list for the future videos

[@KyleJWachuku]

Very informative, Thank you

[@loansbydrey]

Thank you!

[@dericdinh9926]

Correction: It's only 1% instead of 2.5%

[@niensaechao5222]

Just got a quote from my lender here in Fresno. He brought up both of those options: 3.375% conventional with 5% down, or 3.5% with Calhfa and they'll "help" with about $10k down. Monthly payments will be very similar between the two. What do you think?

[@loansbydrey]

Hi, I always recommend to go with an option where you don't have to use the assistance, if you have the funds available for down and closing. This way you don't owe anything back to the program. However, if you are short on funds or want to use the funds for furnishing or renovation, the program is a great option, thanks

[@niensaechao5222]

@@loansbydrey Thanks for the explanation! I wasn't too sure which to go with but we'll do without the assistance program.

[@yesirubio6796]

This is a great video and super helpful! Thank you (New subscriber)

[@loansbydrey]

You're welcome! Glad it's helpful, thanks

[@sandraromero3042]

You are awesome!

[@loansbydrey]

Thank you!

[@Shirmaegetsfit]

Thank you !

[@loansbydrey]

You're welcome!

[@XenomorphLV426]

There's a new shared equity down payment program coming. Can you make a video or explain difference vs this?

[@seansharmz2201]

So what’s this new The Forgivable Equity Builder loan

[@loansbydrey]

Working on the script and the video for this one, thanks

[@moharmon770]

Thank you for this video, a lot of good info. But it should be said: that 2.5% interest on the silent loan compounds, so over 30 years you actually owe over $18,000. It’s not a drastic difference and still seems worth it, but just wanted to point that out. Question: what is the income limit in Los Angeles county? And is that based on current paystubs or most recent taxes? Thanks!

[@loansbydrey]

Hi, thanks for the comment. Actually, they lowered the interest to only 1% last year. I wasn't sure how to fix it on the video. Also, if I'm not mistaken the rate is not compounded but need to double check. The income limit for the LA county is 158k. It's based on your gross income if you are a W2 employee or your Net income if you are self-employed, thanks

[@moharmon770]

@@loansbydrey Thanks!

[@JoseMarquez-ke7km]

So if i use the cal hfa downpayment program ? After we pay off the house how quick does the down payment and interest it accumulated have to be paid off ?? Really liked your video !!!!

[@loansbydrey]

Hi Jose, thanks for your comment and question. I haven't had an experience with that but I would say as soon as they have a knowledge of the first being paid off or based on the terms of the note. Try to find the note for CalHFA and look in there. Hope this helps. Please feel free to call me with more questions, thanks

[@XenomorphLV426]

Great video. Is this program based on your income? What are the limits?

[@loansbydrey]

Hi, yes, it is based on your income. It's based on the county you are in. Let me know your county, thanks

[@RJ-dd4lj]

How about Solano County?

[@loansbydrey]

@@RJ-dd4lj Solano County has an income limit of $215,000, thanks

[@mell7183]

Hello very informative video! Quick question; What’s the max home price calhfa is willing to help with down payment assistance?

[@loansbydrey]

Hi, it depends on the County you live in and the loan you qualify for (Conventional or FHA). Please let me know your County, thanks

[@ferny_dlt]

@@loansbydrey Hi can you please provide info for San Diego county for Both Conventional Loan, FHA Loan. Also what are the required FICO scores to qualify for both. Thanks in advance!

[@miriamjackson7752]

I am trying to get a mortgage to buy a house

[@loansbydrey]

Hi Miriam, please send me an email with your information and we will start the process, thanks, Andrey

[@josevindiola6548]

You couldn’t explain it better. I have almost exactly the same loan at 245,000. It’s been 2 years at 4.1apr. Would you recommend me refinancing right now?

[@loansbydrey]

It depends on the equity you have in the house. If enough to pay off the CalHFA loans than it might be worth looking into it. Give me a call at 559-709-1820 to discuss it, thanks

[@designereats3661]

Does this prevent sellers from accepting this type of loan?

[@loansbydrey]

Never had an issue with that, thanks

[@ziggyc4474]

Im from Fresno what is the credit requirements and also if im retired 62 and I get 5500 a month gross 4600 after my monthly liabilities and 1200 rent I take home about 2500 would my income interfere also do I need money seasoning in bank such as 5 k for say 5 months ?

[@scottg]

Hey Drey. Do you work with buyers in Southern California?

[@loansbydrey]

Yes, anywhere in California, please give me a call, thanks

[@booka1028]

Hi thanks for your great info! I wanted to know if I would qualify for down payment assistance on a 2nd home. My first home was purchased in March 2021. I am not going to sell it. However I need to relocate closer to my elderly father and job. I really did not want to rent. But coming up with a large downpayment again is hard! Thank you

[@loansbydrey]

Hi, sorry for the delay in my response. Unfortunately, this particular program is only for the First time home buyers. There is another program available where it doesn't have this requirement. Please call me, thanks

[@melaniemccord6012]

Hi, is the 2nd loan ever forgiven?

[@loansbydrey]

No, the second loan is not forgiven. It has to be paid off. However, they did come out with a new program that is fully forgivable, it's called "Forgivable Equity Builder". I'm working on a video for this one, thanks

[@mixedfamilyvlogs4606]

I want to buy my new house

[@davpart7723]

What kind of credit score is needed and what Debt to Income ratio is required?

[@loansbydrey]

The minimum credit score needed is 640. The Debt-to-Income is 45% or 50% with a score over 700, thanks

[@davpart7723]

@@loansbydrey thank you very much for that information, I will start to work on that immediately

[@loansbydrey]

@@davpart7723 let me know if I can help, thanks

[@TheSid2355]

Couple Questions: Do i pay PMI on first loan? Also, I don't have a credit score because I am debt free. Can I still apply for this program?

[@loansbydrey]

Hi, yes, the PMI would be required. No, you can't qualify without a credit score. I would recommend to open a small credit card to start the credit history. Please feel free to call me for more details, thanks

[@christianoj.3732]

Can you use that program in florida

[@zed877]

Can the houses be worth more than 250k? What if the house you want to purchase is around 500k

[@loansbydrey]

Hi, yes, the house can be more. However, the program is limited to 3 or 3.5% of the purchase price OR $11,000 whichever is less. For a 500k house you will be limited to 11k from the program. The rest would have to come from you. Hope this helps. Please call me for more information, thanks

[@edgarcanedo760]

What’s the average lenders fee requirement ?

[@loansbydrey]

Not sure I understand this question, please give me a call, thanks

[@josecahue4194]

Are you allowed to pay down the DPA loan before the 30yr term?

[@loansbydrey]

Hi, yes, but the whole amount, or you can refinance and pay off that way, thanks

[@peterlemus2120]

FTHB and got approved for a fha loan. I’m currently in escrow and close on the 26th of July. Is there any programs thst I can use to cover the down payment or closing cost without using what I have?

[@loansbydrey]

Hi, thanks for the question and for the phone call. I believe we covered everything over the phone. CalHFA program is available if you like to go that route, thanks

[@peterlemus2120]

Andrey! Thank you so much for your help and feedback. You answers all my questions during my home buying process and explain everything to the T. Thank you again.

[@brunosb0015]

Great video, do you know if DACA individuals can use CalHFA and GSFA? We do know DACA qualifies for conventional (Fannie Mae)

[@loansbydrey]

Hi, unfortunately, no, the regulations of these programs does not permit for DACA visa holders. Sorry about that, thanks

[@brunosb0015]

@@loansbydrey thanks so much for the quick reply. By the way, is it true that the rates for the down payment programs are higher than the market rates?

[@loansbydrey]

@@brunosb0015 It depends on a few factors. One of them is a credit score. However, nowadays the program rates are very competitive, thanks

[@samknows86]

@@brunosb0015 did you find out if rates are higher for down payment assistance? Cause what if you already locked rate

[@brunosb0015]

@@samknows86 i didn't go down the path of a down payment assistance. From all I collected, it seemed every DPA program had a catch which I can't do (e.g. live there for 5 years min, higher rates, can't rent it). So it seems to me a DPA isn't suitable for someone who wants to house hack. Therefore I went with a conventional loan with ability to buy the rate down and found an HOA that lets me rent with no restrictions.

[@joeymari18]

Hi, Renting for 8 years. I'm planning to buy a house in Torrance around $899K. Can I get a down payment and close cost assistance? Me n my wife makes a combined income of $170K. Thanks

[@loansbydrey]

Hi, congratulations on the decision to buy. The assistance program has income limitations based on the county. The LA county income limit is 153k. Based on this fact you will not be able to qualify for a CalHFA program. However, there are other programs available. I'll check their guidelines tomorrow and let you know, thanks

[@loansbydrey]

Hi I checked other programs available and all of them have an income limit, 156k is the most. Unfortunately, your income of 170k is over the limit. Sorry about that. If you need help with getting pre-approved for a loan please let me know, thanks

[@Evelyn.Zamora]

Hello. I have watched many videos on DPA and I am still not really understanding. Do you have to put out of pocket payments (Downpayment or closing) when using DPA?

[@loansbydrey]

Hi, most of the time, yes, there is still a portion required from you but not as much as without the DPA. However, if the seller is willing to give a credit and it's applied towards the closing costs than there is nothing required of you. Hope this helps, thanks

[@Evelyn.Zamora]

@@loansbydrey thank you very much for the response. Can’t wait to see new videos

[@JulieBounmasanonh]

Do you have to have 700 credit score to qualify for all conventional loans?

[@loansbydrey]

No, the minimum score should be 620 but the higher the score the better the rate you can get, thanks

[@inyuashathizz]

If I qualify, can I use this program to help supplement a down payment?

[@loansbydrey]

Hi, yes, if you are in California and qualify than yes, you can, thanks

[@diangelo1gd]

Is it always 2.5% simple interest rate on the DPA?

[@diangelo1gd]

Well of the CalHFA specifically

[@loansbydrey]

The program sets the interest according to market conditions. Right now, for example, it's 2%. Hope this helps, thanks

[@kbos0310]

Can I use this program if I want to purchase a new home in Ontario CA?

[@loansbydrey]

Yes, you can, thanks

[@kbos0310]

@@loansbydrey thank you for you’re speedy reply. My wife and I were looking to purchase a home at a new development in Ontario. This assistance would definitely help. www.calhfa.ca.gov is where we apply correct?

[@loansbydrey]

Sorry, just noticed your comment. No, the CalHFA website is for information only. You would apply with a loan officer. I can help you with that. Please give me a call, thanks

[@wendygalvan1694]

How do I apply for this program calfha

[@loansbydrey]

Please give me a call to discuss that, 559-709-1820, thanks

[@joshuakirkland1596]

Will this program cover a house that cost up to 500-600k in la county (lancaster or palmdale area?) with either loan conventional or fha?

[@loansbydrey]

Yes, it will, both FHA and Conventional, thanks

[@chieflasbrey5749]

How about follow up videos

[@loansbydrey]

Working on it, thanks

[@itimelesscreations3201]

Hi, can you take advantage only of the closing cost assistance? Or do you have to have both dp and closing cost assistance?

[@loansbydrey]

Hi, no you don't have to do both. You can do either down payment or closing costs, thanks

[@itimelesscreations3201]

@@loansbydrey Thank you!

[@koatzingo361]

Are they’re any income requirements for cal hfa

[@loansbydrey]

Yes, the income requirements are based on the county you live in. Please Google 'calhfa income limits' and the first result will get you to the right information, thanks

[@ShurikUnderscore]

This is outdated and incorrect information. The loan is now forgivable after 5 years and 0% interest if you sell before 5 years.

[@loansbydrey]

Hi, Yes, they have the forgivable program but it's different from this one. Both programs are available through CalHFA, thanks

[@cmoe559]

Hello would you know anything about the county of Fresno’s homebuyers assistance program (hap)??

[@loansbydrey]

Yes, I do, but it's not easy to qualify and in today's market it will be hard to find something. Call me to discuss it, thanks

[@cmoe559]

Loans by Drey ok I will soon! Thanks!

[@miriamjackson7752]

What.number can I call you.on