Good Morning Aaron,
I would probably offer you an opposing opinion of CalHFA. I own both a real estate company and a mortgage brokerage. So seeing how CalHFA plays through from beginning to end, I would be more than leery. There are several pit falls. For one, CalHFA is an entirely separate source than your lender, which means an entirely different set of eyes and time frames needed to underwrite it. Also, you are now dealing with a gov't. bureaucracy directly If you have good lung capacity, that's a plus because you may find a lot of breathe holding in the process. Given all of that, you now have two factors that play out. One is in your interest rate lock. When you lock your loan rate, it is for a definitive time period. And you may find CHFA will bog down your process to the point of putting that time frame in jeopardy (not to scare you, just be aware of it).
The other factor is in the concept of "free money". In this market, "free" is a funny thing. A lot of sellers, particularly when dealing in repos, do not want buyers that have no money into a purchase. They are aware of the potential for that transaction falling out as well as those same time frames for CHFA.
If you have any other questions, please donâ€™t hesitate to call or visit our website shown below.
Forefront Real Estate
154 W. Foothill Blvd #A308
Upland, CA 91786