Whittier, CA, January 28, 2013 --(PR.com)-- The California Housing Finance Agency has announced temporarily suspended California Homebuyer's Downpayment Assistance Program (CHDAP) that are combined with FHA-insured first mortgage loans. This is due to an interpretive rule by HUD that CHDAP is uninsurable in the manner that is currently funded.
There are alternatives at this time for loans that have not closed on any future loans is the ACCESS and Platinum Program. This can have a huge blow to home buyers that were relying on CHDAP.
"I meet people all the time who are more than qualified right now to buy the home they dream of, but continue to slave away, paying their landlord's mortgage. Despite Cal HAFA recent announcement, people wrongly focus on the down payment as the stumbling block which prevents them from even considering a home purchase. I've mastered helping people become homeowners that they previously thought was years away," says Delgado.
Delgado Realty conducts a Tour of Bank Foreclosures for first time buyers every weekend. These tours feature some of the best real estate deals in Los Angeles and Orange county area. Each tour includes a sampling of foreclosures, short sales, and other types of distress sales. This is a great opportunity to view some of the fantastic buying opportunities that are currently available in the local market. "At the rate these properties are selling, we don’t expect these great deals to last much longer," according to Delgado.
According to the California Association of REALTORS® (C.A.R.) First-time Buyer Housing Affordability Index (FTB-HAI) is at an all time high. The index is expressed as a percentage and it is used as measuring stick of how affordable it is for a first time buyer to enter into the housing market. To give you an example, in Los Angeles County Quarter 1 2007 the FTB-HAI was at an all time low at 29% while the median home prices were at $478,525 vs 3rd Quarter 2012 FTB-HAI is at 67%. This is a result of record low interest rates, low to no money down payment programs and the home prices at or near the levels in 2003. "This is a ripe formula for a mortgage payment that is cheaper than paying rent," says Delgado.
Home Buyers can receive a free special report entitled, "How to Buy a Home With a Low Down Payment" which reveals how to get into this housing market immediately and with absolutely no down payment, call 1-800-270-9096 #1025 recorded message) or contact David Delgado at 562-252-7889.
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