The California Housing Finance Agency is committed to helping provide affordable housing to all qualified low and moderate income, first-time homebuyers throughout California.
By using various down payment assistance and closing cost assistance programs Mortgage Magic can finance a purchase up to $729,750 with no down payment.
The loan amount varies by county and your Mortgage Magic loan rep can assist you in determining the qualifying factors per each county.
These loans have income limitations and the program is liberal with debt ratio and credit score guidelines.
A first time home buyer is someone who has not owned a home for the past three years.
Credit score requirement are low and most buyers who have a credit score of 650 will qualify.
Your Mortgage Magic loan rep can help you build or improve your credit score, and the seller can also help pay the closing costs.
Mortgage Magic excels at funding these California HFA loans and will be glad to assist you so that your transaction is easy and successful.
Call your Mortgage Magic loan rep today.
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