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Housing agency to offer payment assist

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webmaster | 11/01/13

Madera-area residents with low or moderate incomes and in the market for their first home could receive thousands of dollars in down payment assistance through a new mortgage program, the California Housing Finance Agency announced Thursday.

The new program, called CalPLUS, provides a 30-year fixed mortgage rate and a zero-interest loan for as much as three-and-a-half percent of a total mortgage that doesn’t need to be repaid until the house is sold, refinanced, or paid in full.

A family seeking a $200,000 mortgage, for example, could receive up to a $7,000 zero-interest loan to help pay their down payment, the release said.

Claudia Cappio, executive director of the housing finance agency, said the new program was about strengthening communities and neighborhoods by helping Californians become homeowners...


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