Report says California helped 6,037 families achieve homeownership

CALIFORNIA – The California Housing Finance Agency (CalHFA) published its annual financial report, December 30, that gives a general overview of CalHFA’s financial position.

The agency reported that it helped 6,307 low- and moderate-income families achieve the dream of homeownership with more than $2.57 billion in first mortgage loans.

CalHFA executive director Tienna Johnson Hall says the accomplishment comes amid fluctuations in lending activity.

“Single Family Lending production in Fiscal Year 2023-24 fell somewhat, due to the prior year’s one-time spike from the first round of the California Dream For All Shared Appreciation Loan Program,” said Hall.

64% of borrowers had incomes that exceeded $100,000

CalHFA says their operations are funded by revenues generated through its mortgage loan programs, not taxpayer dollars, although some of its program funding comes from California’s General Fund and voter-approved initiatives.

One of the programs funded through the General Fund – Dream For All, provided eligible homebuyers with up to $150,000 in down payment and closing cost assistance. During both Phase 1 and Phase 2 of the program, funding was quickly exhausted.

According to the financial report, 55% of single-family home loans were FHA, 43% were conventional, 1% were VA, and 1% were USDA.

In addition, 64% of borrowers had household incomes that exceeded $100,000.

Down payment assistance

The report says homebuyers that are looking for some help with down payment assistance or closing costs on a first time home purchase can apply for the MyHome Program.

In addition, the CalPlus with ZIP program is a fixed rate mortgage with closing cost assistance.

Homebuyers can also use the Limited Option 203(k) loan for help with some repairs for a new home.

For more information visit https://www.calhfa.ca.gov/index.htm