August 04, 2008
Cal FHA Program for Foreclosed Properties
To revitalize communities affected by the foreclosure crisis and create affordable housing opportunities, the California Housing Finance Agency (CalHFA) has developed the Community Stabilization Home Loan Program, to assist first time homebuyers to purchase foreclosed homes.
CalFHA is looking for qualifying properties for this program. If your financial institution holds qualifying real estate in its portfolio and would like to participate in the program, please visit the CalHFA web site for more information: http://www.calhfa.ca.gov/homeownership/programs/cshlp.htm or call CalHFA Executive Director Terri Parker at (916) 324-4638 or email her at firstname.lastname@example.org.
Currently, CalHFA is concentrating its efforts in the areas hardest hit by the foreclosure crisis:
Counties: All zip codes in the following counties: Merced, Riverside, San Joaquin, and Stanislaus;
Additional Zip Code Areas: 94601, 94603, 94605, 94606, 94607, 94608, 94609, 94621 (City of Oakland, Alameda County); 94565 (Contra Costa County); 92336 (San Bernardino County); and 90008, 90043 (City of Los Angeles, Los Angeles County); and 93535 and 93550 (Los Angeles County).
The Community Stabilization Home Loan Program is a conventional first mortgage loan program that features a below market, 30-year, fixed interest rate, fully amortized loan reserved for REO properties of participating financial institutions. It has a maximum LTV limit of 100% and may be used with CalHFA's CHDAP and Fannie Mae eligible Community Seconds® programs (which are designated on CalHFA's AHPP list as "CalHFA MBS Program Eligible") for a total CLTV of 103%.