UPDATE: CalHFA says that funds are likely to run out by Monday April 10, 2023, with any locks recieved AFTER April 12, 2023 will be cancelled. There are rumors of additional funding coming either late this year or early next year so hit that Subscribe button to stay in the loop!

@CatonDelRosario

Жыл бұрын

@@scalelabs it’s posted on the CalHFA website that it’s paused. Making a follow up video for what to expect tomorrow & posting it next week :)

@scalelabs

Жыл бұрын

@@CatonDelRosario Thank you! Its crazy how fast the money went away

@CatonDelRosario

Жыл бұрын

I’ve definitely confirmed a lot of people already in contract on homes switched to it when the program went live. That had a lot to do with it

Thanks for sharing this update on the California Dream for All Down payment Assistance program guidelines! It's great to see efforts being made to make homeownership more accessible for more people. I'll definitely be checking out the video to learn more about the updated guidelines.

Glad i found this channel already booked an appointment!

Got a house under contract using this program! So thankful for it! Thank you for sharing this :)

@CatonDelRosario

Жыл бұрын

Let’s gooooo!!!

Well done, thanks Caton!

Another great video! I hate how other people on KZread are saying this program sucks to dissuade others from using the funds.

@CatonDelRosario

Жыл бұрын

lol let them, I'll always try to help from an unbiased pov.

*Just opened up more slots for 1-on-1 consultations for the program!* Book now: calendly.com/catondelrosario/dream-for-all

This channel have provided so much value I am a realtor in OC and will definitely call you if I find anyone that’s wants to use this program!

@CatonDelRosario

Жыл бұрын

Thank you so much!

@PC-qe4rl

Жыл бұрын

If you have to go a KZread channel for resource, then you have loads of work to being a good realtor. As a realtor it's something you know.

@CatonDelRosario

Жыл бұрын

@@PC-qe4rl I disagree. It’s a brand new program that people are scrambling to catch up on. Financing is a different world than what realtors deal with. I respect them for continuing to be a student of the game and educating themselves to serve their clients better. My best realtor partners are top 1% earners and help 100’s of families every year and they watched this video to educate their clients, too.

@agentnormx5938

Жыл бұрын

@@PC-qe4rl yea I knew about it already, but it’s good to get a lender that does this loan as most lenders in my area won’t do this type of loan. If this guy can explain this so well they can do the same for my clients.

@DeerfieldDiscGolf

Жыл бұрын

What a dumb comment. This just shows how dumb California realtors are.

Great video, thanks!

@CatonDelRosario

Жыл бұрын

You're welcome!

this would be a good fit. Last year when I first heard about this, the loan was for10%, now it is 20%. So, please listen people for the rest of this, I certainly will, just to hear the difference. thks. love to go to California, or should I say, back to California.😎😎

Applied for this today 🙏🏽🤞🏽

What if the appraisal value is lower than the purchase price when one sells the home. Would you still need to “share”appreciation or pay the 2nd mortgage? Also, how long does one need to live in the home?

If the buyer's DTI is over 50%, can the buyer put additional down in addition to the 20%? I am also curious how do we show proof of funds when making an offer? It sounds like a great idea but the realtors don't seem to be excited. Finally, the 8-hour online education takes up to 7 days for the completed cert due to the volume. I am in LA County.

I think they should hold the same requirements as the FHA loans, as we need more low income owners, than people looking to invest or already have the funds needed to afford the lowest mortgage rates.

Hi Caton! This video was so helpful and full of such useful information, so thank you for that! All you need to do then is apply for the program through one of their CALHFA recommended loan officers and that will secure you the ability to gain the 20% down? Or do you actually have to be in escrow in order to be eligible for the funds? That's where it started to get a bit confusing for me. You rock!

@CatonDelRosario

Жыл бұрын

hi Joshua! you have to apply since it is written like a typical mortgage, however funds are reserved 1st come 1st serve so getting under contract ASAP is going to be key.

Question, could the 20% be used in conjunction with a large downpayment that the buyer might already have? For example, lets say we have $100,000 saved at the moment for a down payment on a $500k home.. Could the programm still be accessed to get the payment down even futher and make a place even more affordable, allowing me to get the payment low enough to make additional monthly or bi weekly payments towards the principal for early payoff?

I was confused a bit concerning the refinancing portion. Does the shared appreciation get cancelled out completely when you refinance? Or does that mean it rolls over to your 2nd property and the shared appreciation comes out of property #2 instead of propert #1?

Hi, thank you for the contact. I tried to call you and schedule an appointment, but I think your contact is incorrect because it says it's the wrong number.

Hey I saw that 660 is the minimum credit score for income at or below 80% AMI. Is this true? I'm from the southern California area.

What if I apply and get approved but do not find a good enough deal to fit my criteria? Or do I find the home first then get approved

Hi I’d like know how this program works if your home depreciates and need to sell ?

That’s perfect, I want to get a TH in San Diego this year, and I meet all the qualifications

@CatonDelRosario

Жыл бұрын

Let’s go! Send me a message and we’ll get to it! calendly.com/catondelrosario/dream-for-all

@CNTOUS

Жыл бұрын

@@CatonDelRosario your calendar is fully booked, any possible you could squeeze me in early next week? I am about to make an offer this weekend, I want to know more about dream for all program and I want to apply. Would you please help. Thank you

@CatonDelRosario

Жыл бұрын

Shoot me an email caton@amnetmtg.com

Hello, does this program work for new development homes? Thank you.

Hey Caton thanks for another excellent video. If we make improvements to the property after buying it which adds value to it like upgrading the bathrooms or the kitchen will we be able to deduct that from the appreciation when we sell the house?

@CatonDelRosario

Жыл бұрын

Good point! CA’s share in appreciation is going to be based soley on the difference between original price and future value. So they would technically share in whatever work you’ve put into the home too

Question! Say we buy a house for 600k. They lend us us 120k. We go to sell in 7 years. We now owe them the 120k PLUS 20% appreciation of our home value? Is this correct?

Thanks for the video. What if borrower makes a loss when selling the home? Should I return all the money i borrowed or the portion of the loss is covered by the state?

@CatonDelRosario

Жыл бұрын

State gets back the original amount

Thank you for your information. I have two "limitation" questions. Is there any limitation of a house purchasing price? and Is there any limitation of the down payment assistant amount?

@CatonDelRosario

Жыл бұрын

Hi! Purchase price will depend on county but if you were in a high cost of living area like Los Angeles it would be around $1.3M using the full benefit of the program and none of your own funds By the same logic that’s around $260k in DPA funds

Will i still qualify if i have the title of a home under my name since 2019. But ive never bought a home?

Can i heloc later on with this loan?

Hi Caton, thanks for summarizing all of this so nicely! I am curious about the income limit since I am married and file jointly. Would we have to apply together and account for both of our incomes, or could only one one of us apply even though we file jointly?

@CatonDelRosario

Жыл бұрын

We only need the income we need to qualify! So if once spouse makes enough to qualify we can do that

Your video did touch the closing costs. Does the borrower have to pay their own closing costs or can you use additional DPA program for help with closing costs?

@CatonDelRosario

Жыл бұрын

You can use up to 5% of the funds from this to cover your closing costs leaving 15% for the down Sweet spot is really 17% down and 3% closing costs though

@calton del what about new construction ? What if the construction is going to be complete in 3 months ? Can we still make use of this program with the rate lock or any other ?

@CatonDelRosario

Жыл бұрын

Funds can only be reserved for 40 days so unless it’s move in ready I would avoid new construction

Let's say I'm approved for the home loan. Can I rent out the bedrooms to make extra income

So what happens if the $300M fund runs out in the middle of escrow? At which point will the borrowers know for sure that they will get the money? At the time of the loan application submission? At the time of the loan approval? or at the time of funding/closing? If it is the last one (at the time of funding and closing), buyers will need a long loan contingency period and it will be almost impossible to have sellers accept such terms unless they are desparate to sell.

@CatonDelRosario

Жыл бұрын

So some lenders can’t reserve until the end but we are able to reserve it while under contract for 40 days

Hi where did you find the information on being able to refinance once for your primary loan (80%)?

@CatonDelRosario

Жыл бұрын

CalHFA has the lender handbook published on their website

Thanks for the informational video!Once you are in the program,is there a deadline for you to use the funds and buy the house?Thank you!

@CatonDelRosario

Жыл бұрын

Funds are going first come first serve so even tho you’re PreApproved you’ve gotta find a house before the funds are all spent.

@Carlyincali

Жыл бұрын

@@CatonDelRosario oh boy so fast!thank you!

hi! thanks for making this video! I had a question; what happens if you pay off the house? does the state come knocking asking for their loan back or is this only payed back if the house is sold or refinanced? Thanks!

@CatonDelRosario

Жыл бұрын

Hi! In the event the mortgage is paid off it would trigger the repayment clause. How they know or how they will come collect is an unknown at this point though

Can this work with a 15-year loan?

That refinance part is huge! So if you never sell your home, would you ever have to pay the state back? Like maybe after 30 years?

@CatonDelRosario

Жыл бұрын

Pretty much the 30 years! Kick that can down the road!

So, if I understand this right, the shared appreciation is never removed from the property, even if you do the one-time ReFi and pay back the original 20% down payment loan. No matter what, they will get 20% (25%?) of the appreciation upon some kind of title change or 2nd ReFi.

@CatonDelRosario

Жыл бұрын

Correct, since the loan they give you for the 20% down is a 0% silent second (no monthly payments required), the way they make money and recycle funds is thru the shared appreciation feature.

So even if you parents own a condo or a house, in the last 3 years, as long as you’re not on the title, you qualify?

When does the DFA loan and Share of Appreciation has to be paid back if the house will not be sold? Can self-employed apply for the programs?

@CatonDelRosario

Жыл бұрын

When the mortgage is paid off or title is transferred! Yes, self employed people can apply as well!

Can you buy a new build house with this program ?

Thanks for the super informative video! Do you know if the stipulation that it has to be owner occupied holds for the entire period of the loan? In other words, could I live there for 6 - 12 months and eventually rent it out / AirBnB the property?

@surfnotess

Жыл бұрын

No sir your best bet for that scenario is to go FHA

@Gulager878

6 ай бұрын

Sounds like u want financial gain. Leave it for people who really need it

Hello. I’m interested and would like to know more information. Tried to book a consultation with you but your all book until next month. Do you by chance able to squeeze us in soon? Thank you

@CatonDelRosario

Жыл бұрын

Hi! I recently added some times. Even if it’s far out my team is calling everyone in advance

I have a question. When I finish the 30 year loan do I have to pay them back the 20% they paid for the down payment.

@CatonDelRosario

Жыл бұрын

Yes

What if I just want to buy and hold the property and just lease it out after the 12 month requirement?

@CatonDelRosario

Жыл бұрын

That should be fine as long as you owner occupy those first 12 mo

Hi Caton. Thank you for the video. 30% max downpayment? why?

@CatonDelRosario

Жыл бұрын

Honestly not sure! That’s just their guideline for the program.

If I purchased a house with this program am I allowed to rent out some of the rooms (assuming I also live in the house as a primary residence)? I heard that I can't rent the entire house out because that would make it an investment property which isn't allowed, but would I be allowed to rent some rooms out?

@CatonDelRosario

Жыл бұрын

As long as you live in one for at least the first year you can house hack but you can’t use that income to qualify

What if you have mortgage lenders and/or real estate agents that aren't very pro down payment assistance? I've asked lenders and agents about down payment assistance and they won't say anything and they'll avoid answering the questions.

@CatonDelRosario

Жыл бұрын

Then you schedule a call with me and I’ll get you with a realtor that cares!

If u refinance, let’s say at 4% , yrs later . Do u still have to pay to cal aid 20% plus the 20% equity .. there’s no way around paying back the state loan down payment & appreciation

@CatonDelRosario

Жыл бұрын

You’ve got a one time refi without paying the state back.

Isn't house for sale inventory is low?

So say I down 10% and have the government cover the other 10 and maybe closing cost? Do I still owe them 20% of shared equity?

@CatonDelRosario

Жыл бұрын

Nope, you would only owe 10% since you only used 10% of their assistance

Thanks for the info! Do you know how this would apply to new self employed borrowers? We made around $130k in 2021 and $200k in 2022. Would our income qualify - we are in Riverside-?

@CatonDelRosario

Жыл бұрын

I believe income limit in riverside is $178k but we use bottom line not top line when qualifying for SE

So if you choose to buy a new home after living there for a certain amount of time. But still keep owning that home and instead start renting the home out. Will you still need to pay back 20%? Or something if the sorts?

@CatonDelRosario

Жыл бұрын

You can rent out as long as you owner occupied for the first 12 consecutive months

Do you see a real risk over the long term of not being able to refinance more than once compared with the cost savings of this program?

@CatonDelRosario

Жыл бұрын

possibly, but i think that's only if people jump the gun. my personal bench mark would be getting to under 5% but it depends on the person's unique financial situation.

@CatonDelRosario

Жыл бұрын

True. But rates getting to the 2’s was an anomaly anyways. Sweet for those who could though but rates in the 4’s are honestly great over the past decade

Ok. I Kept the house for 30 years or paid off the loan. How does the repayment works? Will I have to pay the full amount or how does the repayment works?

@CatonDelRosario

Жыл бұрын

You would pay the original 20% they lent you plus 20% of the difference between the original value and the current value. Bank would likely order an appraisal or valuation to come up with that. You’ll either pay for it by taking out a new mortgage (most likely) or pay it cash (least likely)

Would you be able to apply this if wanting to purchase a duplex?

@CatonDelRosario

Жыл бұрын

1 unit only so single family or condo. No multi fam but you could buy a SFR with an ADU built on it.

Utah seems to continue to defy many of the US Trends. We have many from California, even Winters, California, including myself moving to Utah. Why do you think so many people are leaving California to come to Utah?

@CatonDelRosario

Жыл бұрын

Cost of living is up there I’m sure. CA Ain’t cheap and ain’t for everyone so I get that

So many unanswered what ifs here! From an real estate investment stand point. What if you want to use this loan to purchase an investment property that you live in. Once the property appreciates, can you do a cash out refi without triggering a payback? or can CalHFA add restrictions and rules on this down the road?

@CatonDelRosario

Жыл бұрын

Do you mean buy it as a primary and then rent it out later? Cash out refi would trigger the repayment of funds. The one time only refi would be for a lower rate only. The extra disclosures they have for the shared equity funds are fairly cut and dry, so I don’t see how they could add any extra restrictions later down the road though.

@samazonprime3057

Жыл бұрын

@@CatonDelRosario Yes, do you have to remain the home as your primary residence or can you acquire the property and then move out and rent it.

@CatonDelRosario

Жыл бұрын

@@samazonprime3057 first 12 months as your primary then you can move out and rent it if needed

@samazonprime3057

Жыл бұрын

1:45 ​@@CatonDelRosario Great video btw. Thank you!

Is the 1.7% loan fee on the high balance loans by CalHFA in addition to the 2 points fee charged by the lender in this program? Thx

@CatonDelRosario

Жыл бұрын

High balance fee as of today is 1.217% & is in addition to any other lender fees

@TEN-S60

Жыл бұрын

@@CatonDelRosario So the lender fee is not a set 2 points and can vary? Im confused.

@CatonDelRosario

Жыл бұрын

@@TEN-S60 the high balance fee of about 1.2% as of today is the fee to use a high balance loan amount. The 2% lender fee is set regardless of loan amount. So if you were to use a high balance loan it would be the 2% lender fee PLUS the 1.217% high balance fee

@CatonDelRosario Can you confirm the ability refinance once without paying back? There seems to be conflicting info on the refi. There is no guarantee of a refi. Refi would cause a pay back???

@CatonDelRosario

Жыл бұрын

It’s confirmed! CalHFA will allow a one time and one time ONLY refi for a lower rate while being able to subordinate their position for the shared appreciation.

@JT-uf7oz

Жыл бұрын

"For example, maybe a few years into the mortgage loan, the homeowner decides to refinance the home loan to take out cash for home improvements and asks the lender to defer repayment of the DFA Loan. While the lender could agree to defer the repayment, the lender is not required to do so except in limited circumstances described in the Shared Appreciation Note."

@CatonDelRosario

Жыл бұрын

@@JT-uf7oz From the Lender Handbook: During the life of the Shared Appreciation loan, CalHFA will allow borrowers to refinance the first mortgage loan into a single limited cash-out refinance (as defined in the Fannie Mae Selling Guide) without requiring immediate repayment of the Shared Appreciation loan one time, and one time only, so long as you also comply with CalHFA’s resubordination policy. source link: www.calhfa.ca.gov/homeownership/programs/loans-cadfa.pdf on page 9

@JT-uf7oz

Жыл бұрын

@@CatonDelRosario Thank you sir you are the man!!!

Hey I'd love to get on a call with you. I'm in the Joshua Tree area and found a new construction single family home I want to buy. I want to know if this would be a good fit and also had some questions about adding more to the downpayment.

@CatonDelRosario

Жыл бұрын

Send me an email! caton@amnetmtg.com

Hi Caton, thank you for this video. When using this program, is there a point origination fee required? My lender is saying all CALFHA loans require 2 points on the loan?

@CatonDelRosario

Жыл бұрын

Pretty much every lender charges a standard 2% for CalHFA so that isn’t out of the ordinary

@corporatemaq

Жыл бұрын

​@@CatonDelRosario ouch. Expensive.

@CatonDelRosario

Жыл бұрын

2% of the loan for 20% of the price. You can use up to 5% of the 20% towards closing costs though

If a married couple is applied for the loan, does both have to be first time buyer?

@CatonDelRosario

Жыл бұрын

Yes

If the min cltv is 70%, does that mean the buyers can put down 30% from their own and get get another 20% from calhfa which puts the ltv to 50% and cltv to 70%.

@paramiguel51

Жыл бұрын

Can you confirm this Caton?

@norycloset9533

Жыл бұрын

I am also confused about the 70% CLTV too. At this point, I don't think the handbook specifies this clearly.

@CatonDelRosario

Жыл бұрын

Yeah I’m honestly unsure. Granted it’s a unique situation that few will do, it’s not very clearly stated in the handbook.

@paramiguel51

Жыл бұрын

Can you confirm with CalHFA? 30% vs 50% is a huge difference for a lot of people. Thank you!

I applied yesterday. Any idea how long it will take to hear back?

@CatonDelRosario

Жыл бұрын

Working on apps first in first out but I should have anything from yesterday done today :)

If I plan to have a co-borrower on my mortgage loan, will I still qualify for this Dream For All loan?

@CatonDelRosario

Жыл бұрын

As long as they meet the same requirements

Hi Canton! Unfortunately I missed out on the Dream for All as well as the Forgivable Equity Builder program which I qualified for. Do you think there will be another similar DPA loan program released this year? They were too good to be true.

@CatonDelRosario

Жыл бұрын

I know! The demand was insane. I’m not super confident that we’ll see more funds for dream for all for at least another year.

@SonnyDLight

Жыл бұрын

@CatonDelRosario Thank you for the insight!

@Laylay904

Жыл бұрын

@@SonnyDLight I also missed out on both programs. It could be a blessing. 🤷🏾‍♀️. The programs are r for everyone and you must read the fine print.

Hi Caton, I'm interested in a newly constructed home that will finish building in November 2023. I want to put in an offer right now, but can CalHFA funds be reserved to close the contract by then? I'm concerned that I'll lose the % down for reservations/escrow if CalHFA only applies to homes that are ready to move in right now. I'm still waiting on my loan officer to confirm that detail. Hope you have insights in this too! Thanks!

@CatonDelRosario

Жыл бұрын

Hi Autumn! Unfortunately funds are first come first serve so you’ll need to be under contract on something that will close ASAP. November is a really long time out and it’s more than likely funds will be fully spent by then. I would recommend going now! Also, having an LO who responds fast and knows their stuff is KEY to a great buying experience. Let me know if you’d ever like a second opinion, I’m more than happy to help!

@lifewithyue

Жыл бұрын

@@CatonDelRosario Darn! Thanks for the quick reply. I'll definitely reach out if I have any further questions.

@CatonDelRosario

Жыл бұрын

You’re welcome! My email is caton@amnetmtg.com if you have any more specific questions!

Is there a max amount of money they will loan for down payment?

@CatonDelRosario

Жыл бұрын

Depends on the county

Will i qualify if i am a sole applicant while my husband own a house and mortgage solely under his name?

@heovi3t

Жыл бұрын

Please leave the fund for someone who needs it.

Could really use your help. I’m trying to buy a home and seems like every major lender I speak to has no idea of this program and no idea if I qualify and doesn’t seem to approve the loan. What should I do to find a lender and is there still a way to use a major lender?

@CatonDelRosario

Жыл бұрын

Most big banks don’t do this program you’ll need to work with a smaller local lender. Is there a specific reason you want to use a major lender?

@cyrusm3391

Жыл бұрын

Find a qualified CALHFA lender. They know about this DFA program.

Are there restrictions on purchase of town home or condo?

@CatonDelRosario

Жыл бұрын

Must meet Fannie Mae guidelines so the HOA’s budget has to be solid as well as not having any outstanding litigation against it.

You mentioned that the minimum loan to value is 70%. So to confirm, that means that someone couldn't actually come in with $0 down, even if they used the full 20% assistance towards the down payment? They would be required in this case to bring in 10%?

@CatonDelRosario

Жыл бұрын

So it’s Combined Loan to Value so the minimum you could have is 70% the max is 105%. Because the assistance takes up 20% that means the lowest you could go on loan to value is 70% (50% first mortgage, 20% DPA, 30% own downpayment) And max would be 105% (85% mortgage, 15% down payment assistance 5% closing costs) Hope that makes sense!

@michaelferl7992

Жыл бұрын

@Caton Del Rosario - Millennial Mortgage Pro Thank you for clarifying. I heard it incorrectly the first time. I thought you meant that the minimum someone would need to come in with is 30% but I realized that you meant that the highest amount someone could down in total is essentially 30% of the value in combination with the dpa. Question: How many points are you charging buyers to use this program?

@CatonDelRosario

Жыл бұрын

@@michaelferl7992 the standard is a 2% fee

is the income limit per person or per couple (combined)?

@CatonDelRosario

Жыл бұрын

Combined! But if one person causes it to exceed they can be left off of the loan

Is it already available? Or when does it rolls out.

@CatonDelRosario

Жыл бұрын

already out! book a call and apply in the description!

It’s a good idea. This is a financial move for the state too. I get real sketchy when any government gets involved…

@CatonDelRosario

Жыл бұрын

Yeah I get that, but hey I’ll gladly take some of my (several) tax dollars back if the state is willing 😂

When you eventually sell the house, won't your profit/equity be eaten up by closing costs, real estate commission, inspection, expenses etc if you use the full 20%? So unless your house appreciates by some significant amount, you might come out with enough to put down for a new home. I also worry about prices sky rocketing further with this program or at least not coming down at all. Maybe I'm being too pessimistic. My GF and I combined are around 200% AMI 800+ credit scores, so I'm thinking we won't qualify regardless

@CatonDelRosario

Жыл бұрын

I covered this example in my other video on this. home goes up $100k in value you pay back the state the original loan + another 20K, you keep 80k + whatever principal you've paid down on the loan. funds are limited so maybe 2000 families will use this out of the over 45k SFR's listed in just SoCal alone, so a drop in the bucket as far as having any real impact on home prices.

@PC-qe4rl

Жыл бұрын

So if I am matching right. If the purchase is 1 million, the government covers 200k and the house appreciates to 1.2 million. You owe the government 50k?

@SetTheCaptivesFree4797

Жыл бұрын

@@PC-qe4rl yes 👍

The more subsidies you get the higher prices go up. It's simple.

@CatonDelRosario

Жыл бұрын

They’ve been on a slow creep up last few weeks even before this program

Can you use it for brand new construction homes

@CatonDelRosario

Жыл бұрын

Yes if it’s move in ready. Otherwise if it’s going to take time to build you might miss out because funds can only be reserved for 40 days once you’re under contract

The income limits mean nothing. it is based on the area's median income. my lender said our 150% of median income is 70K. not the 159K income limit for my county

@CatonDelRosario

Жыл бұрын

unfortunately your lender is wrong. The CalHFA handbook clearly states it follow's CalHFA guidelines. Sounds like it's time for a new lender, and if so I'm glad to help.

What if I already have enough for a 20% down payment (but no a high enough salary to obtain the house I want)- can I still get the California dream loan?

@CatonDelRosario

Жыл бұрын

Sure! You might even be able to use that 20% + this to get you there

@rattanack1413

Жыл бұрын

So i can use this 20% program and pay 20% out my pocket to make a 40% down payment?

@CatonDelRosario

Жыл бұрын

Yes

The minimum credit score applies to both applicants? My credit score is good but unfortunately my husband is below 680.

@CatonDelRosario

Жыл бұрын

Correct for both

@ArtemisC

Жыл бұрын

@@CatonDelRosario thanks for getting back to me! I think paying off some cards will help boost his score. Let’s hope the funds don’t run out too quickly!

@CatonDelRosario is it true that you must be at the same job for 2 years or longer in order to qualify?

@CatonDelRosario

6 ай бұрын

Not at all! You have to be in the same line of work for at least two years but as long as it’s the same kind of work you’ve been doing for a long time, you can be on your new job for as little as a month!

@orelmor

6 ай бұрын

That’s so great to hear I have been told differently and thought I wouldn’t be able to apply thank you so much for clarifying that, your channel is extremely helpful!

@CatonDelRosario

6 ай бұрын

@orelmor you’re very welcome! Feel free to schedule a call with my team we’re glad to help! You can schedule a time to chat on my calendar here: calendly.com/catondelrosario/consult

Does CALHFA applies with a VA Loan?

@CatonDelRosario

Жыл бұрын

Unfortunately not with this program

So if I already have close to 20% saved for down payment, i can still get 20% loan amount from this program plus my down payment,?

@CatonDelRosario

Жыл бұрын

Yes

@XenomorphLV426

Жыл бұрын

@@CatonDelRosario i hope the funds don't run out before I can apply. Thanks for the video.

@CatonDelRosario

Жыл бұрын

@@XenomorphLV426 let’s get your app in my team will reach out. calendly.com/catondelrosario/dream-for-all

Hi how many days does it take to close? I am hearing 45-60 days.... this would make it hard for the seller to want to take our offer from this program :(, any thoughts?

@CatonDelRosario

Жыл бұрын

We’re getting them done in 30

@JT-uf7oz

Жыл бұрын

@CatonDelRosario great, I would love to hear your success story in the next 30 days.

The income limit says June 6th 2022. Does this mean your annual income has to be lower than this number before June 6th 2022. The reason I'm asking is in 2022 my income exceeded this limit however I was making way less in 2021. I wonder if I still qualify?

@CatonDelRosario

Жыл бұрын

No, just the date the limits were published

@monicageng8199

Жыл бұрын

@@CatonDelRosario Ah thank you! So how would they know what my June 2022 income was? Do I just submit my W2 for 2021? Thanks again!

@CatonDelRosario

Жыл бұрын

Sorry to clarify, the income is based of whatever your current income is today

can I take out a loan to pay for the dream for all loan after30 years?

@CatonDelRosario

Жыл бұрын

Yes that’s most likely what people will end up doing.

Question - If for example, I can afford a 50% down payment on my own, am I still able to use the 20% from this program so essentially my down payment is 70%? In one of your replies you mentioned that since the LTV min is 70%, we would only be able to contribute 10% as down payment (10% + 20% from program), and in another reply you mentioned that if someone had 20% down payment they can combine it so it becomes 40%, but doesn't that exceed the 70% limit because in this case it'd be 60% LTV? Or am I misunderstanding LTV/this program altogether? So in my example case if I'm already able to put in a 50% down payment would I still qualify for this program, and would it be beneficial or not to use it?

@CatonDelRosario

Жыл бұрын

70% is the “minimum” so the Lowest you could go so max down you could add on top of the 20% would be 30% So you could do 40% of your own + 10% of the state’s funds and owe less to them in the future

@RaboundTeam

Жыл бұрын

@@CatonDelRosario Sorry I'm still not understanding fully... 1. When you said "70% is the “minimum” so the Lowest you could go so max down you could add on top of the 20% would be 30%", do you mean 20% from the program, and 30% from my own cash, meaning 50% down payment total? Or do you mean 20% from state funds + 10% of my own = 30% 2. And when you say "40% of my own + 10% of the state's funds", that means 50% down payment right? So in my original question if I already have enough cash for 50% of a down payment, would I still be able to use 20% state's fund for a total of 70% down payment?

@CatonDelRosario

Жыл бұрын

So the max combined loan to value is 70% and of course you can only finance up to 100% of the price of a home. So 70% combined loan to value only leaves room for 30% of your own down for a 100% purchase price

What do you think? This loan program vs VA Loan?

@CatonDelRosario

Жыл бұрын

Strictly payment speaking this is cheaper. Long term? VA loan since you’d keep the equity & have better refinance options.

@Ace-ht1is

Жыл бұрын

Thank you! Your opinion has made me towards more to VA since I'm planning to purchase a multifamily unit in SoCal area!

@CatonDelRosario

Жыл бұрын

@@Ace-ht1is awesome! We do VA loans too, so feel free to reach out! calendly.com/catondelrosario/consult

Available to out of state people moving into the state?

@CatonDelRosario

Жыл бұрын

Yes! As long as you work remote or have a job already lined up

So are there any hidden fees or extra interest rates for using this program? Also, what happens if there no appreciation on the home. What happens then?

@CatonDelRosario

Жыл бұрын

No “hidden” fees but closing costs total about 3-4% of the purchase price. At a minimum the state will take back the amount they lent you for your down payment even if the home goes down in value

@hungp.8191

Жыл бұрын

@@CatonDelRosario Thank you. That's good to know :)

What if your house depreciates when you sell? Will you owe the 20% still?

@soloman1234soloman

Жыл бұрын

yes

@GregMuniz7

Жыл бұрын

This is the part that’s sketchy. Prices of houses are already high and they could easily lose value by the time the loan is due

Is the income limit per household or per person?

@CatonDelRosario

Жыл бұрын

Household

Will this program end by July or August? Or is there any deadline

@CatonDelRosario

Жыл бұрын

No deadline just til the money runs out, which based on the demand could be within the next month

What if I choose to keep my home after pay off Will I owe the 20% down

@norycloset9533

Жыл бұрын

As far as I know, the 20% down will be due when the CalHFA first mortgage is paid off or paid in full.

@CatonDelRosario

Жыл бұрын

the shared appreciation funds are also due when the mortgage is paid off

Can this program be used on any SFH regardless of cost? Is almost impossible to find a decent house in a good area in LA for under a million.

@CatonDelRosario

Жыл бұрын

In LA this can go up to $1.35M if just using the 20% down and not adding any of your own money to the down payment! Of course you still have to qualify for the mortgage. I’ve got a couple buyers using it at that exact price point right now.

@amymitchell7996

Жыл бұрын

Why aren’t you able to add any of your own money to the 20%?

@CatonDelRosario

Жыл бұрын

@@amymitchell7996 you can. from what guidance I have you can add an additional 10% percent down of your own funds to the down payment, but it might be as much as 30% extra down for a total of 50% down! waiting on clarification.

@amymitchell7996

Жыл бұрын

How long will this program be available for?

@CatonDelRosario

Жыл бұрын

@@amymitchell7996 no clue but it’s already going fast

Can I add money down above the 20%?

@CatonDelRosario

Жыл бұрын

Yes up to 30% of your own funds