Pasadena Real Estate

Pasadena Real Estate Blog welcomes our new guest writer - Sean Thomas Furlong of The OCD Group. Sean is an expert when it comes to govenrment assistance programs for first time buyers. He will be sharing his wealth of experience with us in a series of posts.

In case you haven't read, seen or heard, now is the time to buy a Pasadena home. Prices have fallen and inventory is high. There are bargains to be had all around us. What you may not know, however, is that there are still First Time Home Buyer programs available that make the great deal you're getting on your Pasadena house or condominium, an even better deal.

You can find many of these programs on your own with a bit of research. The problem with self-research is that there are many "fine-print" guidelines for these first time buyer programs which make it difficult or impossible for the programs to work with each other. Occasionally, the programs aren't even funded. What you want to do is find a Lender who is an expert on the programs that are available, and will be able to explain how they work with each other.

For the sake of this article, we will be covering the most usable products available through the California Housing Finance Agency (CalHFA). All of these program have Income, Property and Geographic limitations. For more details, you will want to call me at The OCD Group at 800.963.4623.

CalHFA is a State run agency providing secure loans to First Time Home Buyers in California. They offer competitive rates, eased credit restrictions, and up to 102% financing! CalHFA also offers a variety of specialty programs and Down Payment Assistance (DPA) programs to qualifying borrowers. These programs can lower your first mortgage and keep your monthly payments LOW. A First Time Pasadena Home Buyer is someone who has not owned a property during the past three years. These programs include, but are not limited to, the following:

1^st Mortgage Products: 30 Year Fixed, 35 Year Fixed with 5 Year Interest Only Period, 40 Year Fixed

• HICAP - 4% of the Purchase Price of your home.
• CHDAP - 3% of the Purchase Price of your home.
• CHAP - 2% of the Purchase Price of your home.
• ECTP - $15,000 towards the Purchase Price of your home for qualifying teachers, and the lowest 30 Year Fixed Rate available through CalHFA.
• Home Choice Program - for homes with a Permanently Disabled Person in the household provides for a 30 Year Fixed Interest Rate of 4%

Keep in mind that ALL programs, even within CalHFA, do *not* work together.

In the coming weeks, we will be covering additional programs that remain funded and available. These programs can provide you thousands of dollars in buying power, while keep your payments deferred. In the meantime, for more information, please call 800.963.4623.

To start your Pasadena home search, click on the Find Your Home button below or call Irina at 626.627.7107.