ImageThe reason I say the “Real Deal” is because back in the “glory days” of mortgage lending, a lot of loan brokers advertised their Option One Adjustable Rate loan  programs as First Time Home Buyer loans at very low interest rates! Well, we know what that really meant:  a) you (the borrower) pay a minimum monthly payment that did not even cover the actual interest due on the loan; b) no payment is applied to reduce your principal balance; c) the interest that you did not pay is added to your current principal balance (negative amortization); your interest rate went up making your monthly payment unaffordable; and lastly (lucky for you) the property values went down dramatically.  Hence the housing meltdown of our Decade!

Now, let me introduce you to the “Real” First Time Home Buyer Program by the California Housing Finance Agency (Calhfa).  Calhfa has adapted to the changes in the real estate market by introducing programs with tools for sustainable homeownership. It is designed to help well-prepared low and moderate income families become homeowners in California.   It provides for down payment assistance from 3 to 3.5% of the loan amount.

B. Rich Realty is proud to state that we have helped several individuals and families purchase their first home with the Calhfa down payment assistance program.  We could do it for you, too!

Here are some of the featured Calhfa loan programs:

California Homebuyer’s Down Payment Assistance Program (CHDAP)

  • 3% down payment or closing cost assistance
  • Deferred payment
  • Up to 103% Loan to Value (LTV)

Calplus Zip Program:

  • FHA insured first mortgage
  • Up to 103% Loan to Value (LTV).
  • 3.5% of loan amount in down payment assistance at 0% interest with deferred payment.

Extra Credit Teacher Home Purchase Program (ECTP):

  • Rewards teachers and staff who serve in California’s high priority schools
  • Downpayment assistance from $7,500 to $15,000.
  • Deferred payment
  • Interest forgiveness in three years
  • Up to 103% Loan to Value (LTV).

You have to meet income qualifications and attend a home buyer education seminar.

The best part of all is that some if not all of these programs may be combined together (Calplus with CHDAP) and with other City and County First time homebuyer/down payment assistance programs.

MOST real estate agents or loan brokers are not aware or familiar with these programs.  B.Rich Realty is experienced in this field, so give us a call with any questions you may have regarding the “REAL DEAL” First time home buyer programs. Visit our website ( for testimonials.  While there, scroll to the Newsletter section for articles regarding our clients who bought houses through the Calhfa loan programs.


About B.Richrealty and Mortgage

B. Rich Realty and Mortgage was founded by Ramona "Bing" Rich, who has over 20 years experience in the real estate field. B.Rich Realty’s goal is simple– a) to help individuals and families find a house and a loan that is compatible to their current financial profile; 2) to assist sellers maximize profit from the sale of their property and be assured that they have the optimum representation; 3) most important, maintain compassion towards our clients, which guarantees that we meet their needs first before ours. We are a continuum of care and service.
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