Down Payment Assistance – CalHFA & Others

www.RigleyRealtyGroup.com Roseville Homes for Sale, Roseville Realtor Mike & Jennifer Rigley discuss Roseville Real Estate For Sale – Roseville Home Buyers Blog — Down Payment Assistance Programs Roseville Realtor and Roseville Area Specialists Mike & Jennifer Rigley here bringing you the latest Roseville Real Estate Information. Thank you for joining us. Today let’s talk about what’s out there for Down Payment Assistance Programs through CalHFA CalHFA offers a variety of loan programs to help you purchase your first home. So let’s talk about them for a few minutes. The money you put “down” or the down payment on your home loan can be one of the largest hurdles for many first-time homebuyers. That’s why CalHFA offers several options for down payment and closing cost assistance. This type of assistance is often called a second or subordinate loan. CalHFA’s subordinate loans are “silent seconds”, meaning payments on this loan are deferred so you do not have to make a payment on this assistance until your home is sold, refinanced or paid in full. This helps to keep your monthly mortgage payment affordable. California Homebuyer’s Downpayment Assistance Program (CHDAP). CHDAP offers a deferred-payment subordinate loan in the amount of (3%) of the purchase price or appraised value, whichever is less to be used for down payment and closing costs. Other partnership and program options include: Mortgage Credit Certificate Tax Credit Program or (MCC) which is a federal credit
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Section 8 Tenant – Should Real Estate Investors Rent to a Section 8 Tenant?

www.REIClub.com – Are Section 8 Tenants Good For Rental Property or Just Bad Tenants? This Video Reveals The Pros and Cons of Landlording With Section 8… Pros Section 8 rental housing generally have… 1. Lower turnover and shorter vacancy periods. 2. Rent Security – Rental payments are subsidized, payments are more likely to be dependable and on time 3. Large available pool of potential renters (the waiting list for new Section 8 tenants is usually very long) 4. Strict renter responsibilities – the HUD/PHA contracts are VERY thorough and protect the landlord Cons: * Full inspection – by HUD’s Housing Quality Standards (HQS) and possible remediation’s required * fear that a Section 8 tenant or their children will not properly maintain the premises * Rent must be within FMR/FMV- no increasing without approval * Evictions – HUD requires that Section 8 tenants can only be evicted by judicial action, even where state law allows other procedures Qualifying: 1. First step notify PHA that your property is available, and that you would like to rent to tenants with Section 8 vouchers. 2. Advertising – you are willing to rent to Section 8 tenants, 3. Screening – just as you would any other applicant. 4. Inspection- complies with HUD standards. 5. HAP Contract – You will also sign a lease with the family. HUD requires certain information to be mentioned on this document. You can either use one of their leasing forms, available on their website or from your local PHA, or can add an
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