Page 3 - Mortgage Loans in Lake County
California Housing Finance Agency (CalHFA) Loans
California offers excellent mortgage loans (low interest rates) to first-time home buyers. The requirements for this loan are:
- You must be a first-time homebuyer, or you have not owned a home in three years. The three year requirement is waved in the areas of Clearlake, California and Lucerne, California.
- You must have an income withing the limits set by CalHFA. The 2005 moderate income designations for Lake County existing homes and new construction purchases were $65,500 for 1 or 2 persons and $71,875 for 3 or more people.
- You must purchase a home within the price limits set by Cal-HFA. For Lake County (excluding Clearlake and Lucerne) the price limit is $264,375. For Clearlake and Lucerne the limit is raised to $323,125.
- You must meet any requirements set by the CalFHA lender and mortgage insurer.
- You must live in the home for the life of the loan. This means until you sell or refinance the property it must be your primary residence.
- You must be citizen or national of the U.S.A. or a qualified alien.
Additional Resources
Fannie Mae - Conventional Loans
Freddie Mac - Conventional Loans
FHA Mortgage Limits Calculator
CalFHA Requirements
