Low mortgage interest rates have helped drive up home prices for a decade. What happens now that the rate for a 30-year mortgage has hit 5%?Soaring home prices, turbocharged during the pandemic as people sought out more living space, have made buying a home even more out of reach for many Californians, especially those buying for the first time. The state is looking for new ways to help.
“Home equity has proven to be one of the strongest ways for families to build and pass on intergenerational wealth and CalHFA is committed to improving equitable access to homeownership for all Californians,” Tiena Johnson Hall, CalHFA’s executive director, said in a statement when the program was announced.
The Times has heard from many readers about how challenging and confusing it can be to embark on the homebuying process. To make some pretty technical information easier to understand, we drew up the Great SoCal House Hunt, a step-by-step guide to buying a home for the first time in Southern California. You can get started with it
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New California program for first-time homebuyers will let you borrow down payment at 0% interestThe state of California launched two programs last month to help those interested in becoming homeowners, and one of them allows first-time homebuyers to borrow a down payment at 0% interest. Right now, buyers with VA loans and FHA loan making offers are immediately ignored. This program isn’t going to help as much as it intends to.
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First-time San Francisco home buyers still eager despite interest rates - The San Francisco ExaminerThe City’s white-hot market has made it an expensive place to live for years. People have made philosophical or financial concessions for decades. The difference now, with mortgage interest rates inching upward, is a highly competitive market.
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