CalHFA still offers the SMART loan program. It means you may still be able to do a CalHFA loan if it is a CalHFA owned property. Visit their website for the list of homes:

http://www.calhfa.ca.gov/homebuyer/programs/smart/index.htm

Hi Sean,

Here is the details on the $10,000 Tax Credit for New Homes:

http://www.trulia.com/blog/mark_kari_shea/2009/02/new_home_s…

Thanks,

Mark and Kari Shea
San Diego Real Estate Experts
Foreclosure, Short Sale & Investment Specialists,
Development Opportunities & Traditional Real Estate

Sorry, I am not much help on this... but I wanted to tell you about an email I just got from an agent I know in LA telling me about a $10K tax credit for people buying NEW homes in CA; that is in addition to the federal incentives for first time home buyers. Both can be used with the FHA program referenced below.

Hi Sean, you may want to look into FHA loans as an alternative. It seems with all the budget problems it may be some time before CalHFA is funded. You might also find a city program, but these typically have "equity share" clauses that require payment of some portion of equity valuation back to the city.

Please see the link below, I listed the benefits of the 3.5% down FHA program in a prior post.. Best, Steve

http://www.Steven-Anthony.com