The California Housing Finance Agency launched a new fixed-rate mortgage program for low and moderate income, first-time homebuyers. The program will provide thousands of dollars in downpayment assistance, the agency said in a statement.Great moments of leverage! If you suggested that people who don't have money for a downpayment shouldn't buy a house: you must be "unprogressive".
CalPLUS is an FHA-insured, 30-year fixed mortgage that includes a special zero interest junior loan for as much as 3.5% of the first mortgage loan amount to assist borrowers needing funds for a downpayment.
Additionally, the Zero Interest Program downpayment loan does not have to be repaid until the home is sold, refinanced or paid in full.
Wednesday, August 28, 2013
The Housing Wire reports:
Posted by Steve Bartin at 6:59 AM