Last week I mentioned how you could find a home at a bargain price. Today, I want to highlight a program made specifically available to Californians. The program is the California Housing Finance Agency, also known as CalHFA.

This program has been around for awhile and has helped offer fixed rate financing to first-time homebuyers in California since 1975. The program is financed by non-taxpayer funds to help California families live in a home with a mortgage that they can afford.

I wanted to pay special attention to them today because they have just recently given access to prospective home buyers in my hometown area of Alameda County. Each county will have different eligibilities, but for Alameda, families of three or more can earn up to $120,540 and still be eligible. With this program, eligible buyers now have access to below-market, fixed-rate mortgage loans to finance foreclosed homes in specific zip code areas. In addition, some lenders have also agreed to offer sale prices at 12 percent below estimated market values.

CalHFA estimates that the available financing for this program will be able to put 800 to 1,000 homebuyers into their first home.

In July 2008, CalHFA helped their 150,000^th family into a home and I certainly hope the trend continues. This program has also been available in Sacramento County, allowing families of three or more with incomes up to $99,400 eligible as well. Visit their site, for the full list of eligibilites and zip codes.

For more information about CalHFA, be sure to also visit their homepage at http://www.calhfa.ca.gov/

In addition to helping homebuyers, they have put up a page to help those in risk of foreclosure. Visit the site here to see what you can do if you are facing a foreclosure in California.

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