With interest rates perched at historical lows, the California Housing Finance Agency (CalHFA) recently announced the return of the School Facility Fee Down Payment Assistance Program (SFF).
Designed to afford qualified homebuyers with assistance in purchasing a newly built home, Castle & Cooke Mortgage has teamed with the housing finance agency to offer eligible future owners a conditional grant. Applicants can potentially receive upwards of $5,100 according to Castle & Cooke branch manager, Evelyn Ledbetter.
Since the program was initiated in 1999, upwards of 12,600 California families have benefited from this program. The contribution amount is based on the amount of school facility fees paid by Castle & Cooke, the support helps new homebuyers fund their down payment, closing costs, or any other costs associated with their first mortgage loan.
A family of four can make upwards of $67,550 and can purchase a newly built home up to $495,600 in Bakersfield. The eligibility requirements also require the new homeowner reside in their home for five years, after the end of the fifth year the conditional grant is forgiven. This loan can be combined with the (CalHFA) or non-(CalHFA) conventional or government mortgage loan.
What this means is buyers can now move into a new home without paying for their down payment through this special program and Castle & Cooke will pay for the buyers closing costs! So select buyers can move into their new home, in a master planned community with zero down payment and zero closing costs. Better hurry before this program is closed…so take advantage now by contacting a Castle & Cooke Sales Associate at 661-664-6039 or Evelyn Ledbetter with Castle & Cooke Mortgage at 661-664-6650.
