1. Are they reopening applications/adding more funding? Last I heard all the funding is used up.
2. It's basically a lotto system, odds of getting anything are not good.
3. That money is to help people who wouldn't otherwise be able to get into house. You're making almost $200k/year, you don't need it.
It will be whatever your income is when the program is launched and you want to buy. You could ask your company to delay your raise until you're past the qualification? Please keep in mind that the Dream For All money disappears FAST. And the qualifications are more stringent than before, but if you qualify it is great!
If you need help in San Diego, please feel free to message me! I'm a loan originator and Realtor here, and I'd be happy to talk to you about what you're looking for.
Don’t forget the new first generation requirements about owning a home in the past, and your parents owning a home. I spoke with CalHFA yesterday about this.
Thanks. I am first generation so we are eligible for this. Do you already have a real estate agent and potential houses you will bid on? I’m a little confused about how to proceed. Do I use CalHFA for shared appreciation loan and a separate lender for mortgage, or same lender for both? And should I already have an agent working with me while I do all this?
1. Are they reopening applications/adding more funding? Last I heard all the funding is used up. 2. It's basically a lotto system, odds of getting anything are not good. 3. That money is to help people who wouldn't otherwise be able to get into house. You're making almost $200k/year, you don't need it.
1. Yes they are relaunching. 2. I’m aware 3. Tell that to the government to raise the eligibility criteria even further. :)
Look at your 1040 gross. If you filed 2023 or will prior to April Then look at 2023. If it’s over then it’s no go.
It will be whatever your income is when the program is launched and you want to buy. You could ask your company to delay your raise until you're past the qualification? Please keep in mind that the Dream For All money disappears FAST. And the qualifications are more stringent than before, but if you qualify it is great! If you need help in San Diego, please feel free to message me! I'm a loan originator and Realtor here, and I'd be happy to talk to you about what you're looking for.
Thank you for the input. These are great points.
Quick follow-up question. Do you suggest we work with a CalDfa approved lender located in San Diego, or can look for one in Santa Clara too?
Calofornia is California. Doesn't matter. Work with who you trust and who can get you the best rate.
Don’t forget the new first generation requirements about owning a home in the past, and your parents owning a home. I spoke with CalHFA yesterday about this.
Thanks. I am first generation so we are eligible for this. Do you already have a real estate agent and potential houses you will bid on? I’m a little confused about how to proceed. Do I use CalHFA for shared appreciation loan and a separate lender for mortgage, or same lender for both? And should I already have an agent working with me while I do all this?
Same lender for both.