Agent Lisa is working with a first-time homebuyer in Sacramento who earns $65,000 per year and has limited savings. The buyer wants to purchase a home priced at $350,000. Lisa recommends exploring CalHFA programs. Which feature is characteristic of CalHFA first-time buyer programs?
Correct Answer
A) CalHFA provides subordinate loans for down payment assistance that may be deferred or forgiven
CalHFA (California Housing Finance Agency) offers subordinate loans for down payment and closing cost assistance. Programs like MyHome Assistance provide deferred-payment subordinate loans that can help cover down payment requirements. Some CalHFA programs include forgivable features over time.
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