Home › YourNews › YourNews Business
CalHFA suspends first time home buyer loan programs
YourNews contains stories posted by members of the public.
Bob Davis
STORY TOOLS 
More from YourNews BusinessThe California Housing Finance Agency, CalHFA, has suspended programs for first time homebuyers. The unprecedented move is due to the fact that the sources of funding for these mortgages loans have dried up in the past few months.
Additionally, the budget stalemate for the State of California has frozen the ability of CalHFA to receive funds to approve any further first time home buyer loans. It is anticipated that this situation will continue until the State’s budget crisis is resolved.
Programs affected all for qualified first time home buyers to obtain no cash down mortgage financing. These buyers are the first step in the resurgence of the devastated real estate market in California. When they are able to buy a home, the seller of that home may go shopping for a home that better suits their family current needs. When the first time buyer is assisted in gaining favorable financing, the entire residential real estate market is benefitted.
Real estate financing remains one of the bright spots in the U.S. economy. Funds are plentiful for all types of buyers, refinances and property types. Mortgage rates through December 18, 2008 dropped to levels not seen since 1952.
Bob Davis is Branch Manager/Certified Mortgage Advisor with First Mortgage Corporation and is licensed by the Department of Corporations and the C.R.M.L.A. For a free copy of available first time home buyer programs in Ventura and Santa Barbara counties, contact Bob Davis at (805) 658-7435 or bobthelender@gmail.com.
YourNews contains stories posted by members of the public.
Article discussions on this site are to support community debates of issues related to our stories and editorials.
Discussions should not stray from the subject of the story or editorial.
We do not allow the following:
- Posts that degrade others on the basis of gender, race, class, ethnicity, national origin, religion, sexual orientation or disability.
- Disparaging remarks, abusive language or obscene comments.
- Threats, whether obvious or veiled.
We reserve the right to delete threads and/or ban users for these or other reasons we deem necessary.
Opinions are the sole responsibility of the person posting them. You agree not to post comments that are off topic, defamatory, obscene, abusive, threatening or an invasion of privacy. Violators may be banned. Click here for our full user agreement.
Comments are found beneath the Yahoo! ad below.