Latest news with #CaliforniaHousingFinanceAgency
Yahoo
08-04-2025
- Business
- Yahoo
This new Bay Area homebuyer program will offer up to $200,000 toward your down payment
The Brief A new program in the East Bay aims to make the financial burden of homeownership a little easier. Applications for the Home Access Program open in May. The program is open to first-time homebuyers who meet certain income requirements in Alameda and Contra Costa counties. OAKLAND, Calif. - A new program for first-time homebuyers in the Bay Area is offering residents as much as $200,000 in down payment assistance, making the lofty goal of homeownership a little more attainable. The Home Access Program, created by San Jose-based nonprofit Housing Trust Silicon Valley, will provide down payment assistance of up to 40% of the home's purchasing price, up to $200,000. The program is specifically for first-time homebuyers in Alameda and Contra Costa counties. The down payment assistance is offered as a 30-year deferred loan – meaning the homebuyer will not pay a monthly principal or interest payment. The downpayment assistance will instead be owed at the end of the loan term. If a homebuyer sells their property before the end of the loan term, the down payment assistance would be owed upon sale. The program will offer downpayment assistance for single-family homes, townhomes and condominiums in Contra Costa and Alameda counties. Applications are set to open in May, according to Hong Ngo, homebuyer program manager at Housing Trust Silicon Valley. In the meantime, potential homebuyers can sign up here to get notified when the application period opens. Dig deeper The program is open to first-time homebuyers who meet certain income requirements in Alameda and Contra Costa counties. A first-time homebuyer is defined as, "someone who has not owned and occupied their home in the last three years, and who has not lived in a home owned by a spouse in the past three years," according to the California Housing Finance Agency. To qualify for this program, homebuyers cannot have a household income exceeding 80% of the county's median income. In Alameda County, that means a one-person household has to earn under $84,600 to be eligible. A family of four in Alameda County is capped at $120,800. To see the full income limits for both counties, click here. In addition to meeting the first-time homebuyer and income requirements, applicants must also contribute a minimum of 3% of the home's purchasing price, complete a homebuyer education class through the U.S. Department of Housing and Urban Development and obtain pre-approval from a program-approved lender. Housing Trust Silicon Valley notes there is a limited amount of funding for the program that comes from the nonprofit's CalHome Reuse Funds. CalHome is a state program through California's Department of Housing and Community Development. It provides grants to nonprofits and organizations, like Housing Trust Silicon Valley, that can then be dispersed via a loan to first-time homebuyers. CalHome does not provide funds directly to homebuyers. The average home in Alameda County sells for $1,009,167, while the average list price is $858,600, according to Zillow. The average home in Contra Costa County sells for 756,833, while the average list price is 723,796, Zillow reports. The Source Housing Trust Silicon Valley, Zillow Sign in to access your portfolio
Yahoo
19-02-2025
- Business
- Yahoo
Gov. Gavin Newsom proposes $125M mortgage relief program to help victims of recent natural disasters
Gov. Gavin Newsom on Wednesday proposed a new $125 million package to help residents whose homes were destroyed or damaged by recent natural disasters, including the recent wildfires. The program would aim to help homeowners whose homes were destroyed or severely damaged by recent natural disasters, placing them at risk of foreclosure. Funding for the program would also extend an existing counseling services program, which helps affected homeowners navigate their recovery. Newsom's office also noted that the relief package would utilize existing mortgage settlement funding and would not impact the proposed 2025-26 budget. California bill would require insurers to pay full coverage without itemized lists 'As survivors heal from the trauma of recent disasters, the threat of foreclosure should be the last thing on their minds. This disaster mortgage relief program would help lift this burden and give families more time to focus on recovery,' Newsom said in a statement. Survivors of natural disasters since 2023, including those affected by the Park Fire, Franklin Fire, and the recent Palisades and Eaton Fires, would be eligible for mortgage assistance. The California Housing Finance Agency would administer the program, which would include over $100 million in direct mortgage assistance, with an additional $25 million to extend an existing program that provides mortgage counseling and serves survivors by offering guidance on FEMA disaster assistance and other related needs, according to the governor's office. The proposal will be considered at the CalHFA's next meeting on Feb. 20. The direct assistance program and eligibility criteria will be developed and announced in more detail, if approved. Trump official considering running for California governor if Kamala Harris enters race While help could be on the way for impacted homeowners, many still face uncertainty about insurance coverage. State Farm General, California's largest insurer, requested a rate hike averaging 22% due to its 'dire' financial situation after the deadly and destructive L.A. County wildfires. California Insurance Commissioner Ricardo Lara rejected the request and is asking to speak with company officials about their financial situation. This comes after the company asked for a separate rate hike request to raise rates by 30% for homeowners, 36% for condo owners and 52% for renters, on average, last June. That request is still pending. Since 2023, State Farm hasn't accepted new insurance applications for all business and personal property in California. Since then, other companies have announced similar moves. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Yahoo
19-02-2025
- Business
- Yahoo
Newsom proposes $125-million mortgage relief package to help fire, other disaster victims
Gov. Gavin Newsom on Wednesday proposed a multimillion-dollar mortgage relief package for victims of recent natural disasters, including the fires that swept through Los Angeles County last month. Under the plan, which must be approved by a state board, more than $100 million would be available in direct relief for people at risk of foreclosure. Another $25 million would help fund mortgage counseling and help people navigate disaster assistance. The relief package would be funded by a mortgage settlement reached by then-California Atty. Gen. Kamala Harris with big lenders in the wake of the Great Recession, and not from the state budget, according to Newsom's office. The California Housing Finance Agency oversees those funds and its board is scheduled to debate the proposal Thursday. Such money could be critical for many in L.A. County. Last month's fires destroyed or seriously damaged more than 12,000 homes, but didn't wipe away the obligation homeowners have to pay their mortgages. As a result, many people are on the hook for not just a mortgage on a destroyed home, but also rent for temporary housing. Insurance payments can help cover such costs, but there's concern payouts won't be enough, particularly for people who were underinsured. Mortgage relief wouldn't be limited to just the Los Angeles fires. To qualify, homeowners would have to have their property destroyed or substantially damaged by a declared emergency since Jan. 1, 2023. 'As survivors heal from the trauma of recent disasters, the threat of foreclosure should be the last thing on their minds," Newsom said in a statement. "This disaster mortgage relief program would help lift this burden and give families more time to focus on recovery.' In the meantime, some temporary help is available. Newsom previously announced agreements with several big banks and hundreds of state-chartered lenders to provide a streamlined process for fire victims to receive a 90-day pause on their mortgage payments. A bill submitted in the state Legislature would also enable people with a fire-related financial hardship to delay up to a year's worth of mortgage payments. Sign up for Essential California for news, features and recommendations from the L.A. Times and beyond in your inbox six days a week. This story originally appeared in Los Angeles Times.
CBS News
19-02-2025
- Business
- CBS News
Gov. Gavin Newsom proposes $125 million in mortgage relief for California disaster victims
A new mortgage relief program for Californians who've had their homes destroyed by recent natural disasters is in the works. On Wednesday, Gov. Gavin Newsom announced a proposed $125 million program geared at helping wildfire victims. The program will be for homeowners whose homes have been destroyed or damaged, and who are at risk of foreclosure, in natural disasters dating back to 2023. This means victims of the Park, Franklin, Palisades and Eaton fires could be eligible for relief. "As survivors heal from the trauma of recent disasters, the threat of foreclosure should be the last thing on their minds. This disaster mortgage relief program would help lift this burden and give families more time to focus on recovery," Newsom said in a statement about the proposal. Newsom's office also noted that the relief package would use existing mortgage settlement funding, meaning no impact to his already proposed 2025-26 budget for the state. The California Housing Finance Agency would be administering the package, if it's approved. In the wake of the historically destructive Los Angeles wildfires, California officials have already postponed the individual tax filing deadline for Los Angeles County residents. Newsom has also extended the state property tax deadline for LA wildfire victims. At the same time, California homeowners are still facing financial uncertainty in the wake of the LA fires. State Farm, the state's largest insurer, has asked for an emergency insurance rate increase as high as 22% for some homeowners.
Los Angeles Times
19-02-2025
- Business
- Los Angeles Times
Newsom proposes $125-million mortgage relief package to help fire, other disaster victims
Gov. Gavin Newsom on Wednesday proposed a multi-million mortgage relief package for victims of recent natural disasters, including the fires that swept through Los Angeles County last month. Under the plan, which must be approved by a state board, more than $100 million would be available in direct relief for people at risk of foreclosure. Another $25 million would help fund mortgage counseling and help people navigate disaster assistance. The relief package would be funded by a mortgage settlement then-Attorney General Kamala Harris reached with big lenders in the wake of the Great Recession, not the state budget, according to Newsom's office. The California Housing Finance Agency oversees those funds and its board is scheduled to debate the proposal Thursday. Such money could be critical for many in Los Angeles County. Last month's fires destroyed or seriously damaged more than 12,000 homes, but didn't wipe away the obligation homeowners have to pay their mortgages. As a result, many people are on the hook for not just a mortgage on a destroyed home, but rent for temporary housing. Insurance payments can help cover such costs, but there's concern payouts won't be enough, particularly for people who were underinsured. Mortgage relief wouldn't be limited to just the Los Angeles fires. To qualify, homeowners would have to have their property destroyed or substantially damaged by a declared emergency since January 1, 2023. 'As survivors heal from the trauma of recent disasters, the threat of foreclosure should be the last thing on their minds,' Newsom said in a statement. 'This disaster mortgage relief program would help lift this burden and give families more time to focus on recovery.' In the meantime, some temporary help is available. Newsom previously announced agreements with several big banks and hundreds of state-chartered lenders to provide a streamlined process for fire victims to receive a 90-day pause on their mortgage payments. A bill submitted in the state legislature would also enable people with a fire-related financial hardship to delay up to a year's worth of mortgage payments.
