CalHFA Announces More Mortgage Relief for California Families

ALTON STILES CA Black Media

Earlier this month, the California Housing Financing Agency (CalHFA) and the Sacramento branch of NeighborWorks held a press conference at the State Capitol to announce the expansion of California's mortgage relief program.

“Over the past year, the California Mortgage Relief program has been helping Californians that are most vulnerable to overcome the financial challenges brought on by the COVID-19 pandemic,” said Tiena Johnson Hall, Executive Director of the California Housing Finance Agency.

One of the major new changes to eligibility, CalHFA officials say, applies to those who own residences with up to four units. Those homeowners can now apply for assistance. Relief through the program has also extended to those with partial- claim second mortgages or loan deferrals from the beginning of 2020.

Additionally, for homeowners who have missed at least two mortgage payments or one property payment before March 1st of this year, the delinquency date for payments has been reset.

CalHFA continued to page 20

According to the LA County Consumer and Business Affairs (LACCBA), in 2018 Californians lost nearly $125 million to fraud alone and those stats continue to climb.

To that end the County’s Department of Consumer and Business Affairs operates the Enhanced Homeowner Notification Program. In the program, theLos Angeles County Registrar-Recroder’s Office sends you copies of documents recorded against your home. This gives you a chance to review the real estate documents to be sure they are legitimate. It also gives you your best chance to save your home from a foreclosure.

Recently, L.A. County expanded the program to allow even faster notifications through email. Residents must, however, sign up to receive e-Notification alerts. For more information, visit assessor.lacounty.gov/news-information/enotification.

Vice President Kamala Harris Announces Initiative Reducing Costs for New Homebuyers

A new initiative that will reduce primary mortgage insurance (PMI) for FHA loans by 40 percent to allow more individuals to qualify and become homeowners. The program –set to kick off on March 20 –is projected to benefit 850,000 home buyers.

While introducing the initiative during an appearance at Bowie State University, Harris shared the excitement she and her sister felt when their mother told them they were buying their first home after years of renting.

“Homeownership is an essential part of the American Dream,” said Harris. “A home is more than a house. It is community. A home represents financial security and the opportunity to build wealth and equity that can help put your child through college and create intergenerational wealth within your family. That’s what all of this represents.”

The mortgage insurance premium is the monthly fee that homeowners with FHA-insured mortgages pay to insure their mortgages, which they pay on top of their monthly principal and interest payments. The action will save homebuyers and homeowners with new FHAinsured mortgages an average of $800 per year.