CalHFA Helps 150,000th Family Achieve Dream of Homeownership

SACRAMENTO, Calif.--(Business Wire)--
The California Housing Finance Agency (CalHFA), the state's
affordable housing bank, announced today that it recently helped its
150,000th family achieve homeownership.

CalHFA has been playing a key role in helping Californians
purchase their first homes since it was created by the legislature in
1975 to offer safe, fixed rate financing for first-time homebuyers.

It has invested more than $18 billion in non-taxpayer funds to
help California families live in a home of their own - with a mortgage
they can afford.

"We are excited to be able to continue serving California families
and delivering products that are affordable for first-time
homebuyers," said Theresa Parker, executive director of CalHFA. "As
the real estate market continues to be turbulent, we encourage people
to examine all the opportunities available to make the dream of
homeownership a reality."

CalHFA-financed mortgages are available to low and moderate income
first-time homebuyers who meet CalHFA income limits and who are
purchasing homes that fall at or below CalHFA sales price limits.
Sales price and income limits vary by county.

"Even in the best circumstances, buying a home can be a daunting
undertaking," Parker said. "Today's housing market presents many
challenges. The recent price correction in many California markets
makes homes more affordable today than in recent years, opening up
opportunities for people looking to purchase their first home."

Working with financial institutions around the state, CalHFA
finances traditional 30-year, fixed rate mortgage loans, a 35-year
fixed rate interest only loan where the first five years only require
payments of interest, and a 40-year, fixed rate mortgage. In addition,
the agency provides a number of programs for down payment and closing
cost assistance.

"CalHFA provides my clients with competitive interest rates and
special programs that deliver benefits to people trying to achieve
their goal of homeownership," said Tom Pifer, a loan officer with
Quality Funding in El Dorado Hills who arranged the financing for the
150,000th family to benefit from CalHFA's first-time homebuyer
programs. "The CalHFA programs offer assistance with down payments and
closing costs that provide real value to first-time homebuyers."

For more information and a complete description of CalHFA's
homeownership, multifamily and mortgage insurance programs, visit
www.calhfa.ca.gov or call toll free 877-9-CalHFA (877-922-5432).

CalHFA
Evan Gerberding, 916-322-0249
Fax: 916-322-2345
egerberding@calhfa.ca.gov
www.calhfa.ca.gov

Copyright Business Wire 2008