June 2006

(CALIFORNIA) -- CRHMFA Homebuyers Fund (CHF) is tackling the challenge of skyrocketing California housing prices head-on by offering homebuyers 40-year Mortgage Loans at below-market interest rates and assistance with downpayment and closing costs.

The new loan options are enhancements to the existing FirstHouse program provided by CHF (formerly known as Cal Rural) and administered by National Homebuyers Fund, Inc. (NHF). They increase the standard loan term from 30 to 40 years, offering lower monthly payments and thereby increasing the homebuyer's purchasing power. Homebuyers also have the choice of either a fully amortizing 40-year Mortgage Loan or one with an initial 7-year interest only period. With the latter, the homebuyer pays only the interest on the First Mortgage Loan for the first seven years, followed by full amortization for the remaining 33 years.

Optional downpayment and closing cost assistance is also available (up to 7% of the home sale price), in the form of a Second Mortgage with a low interest rate. In many cases homebuyers can purchase a home with NHF's FirstHouse program sooner than anticipated and with as little as $500 from their own pocket.

The income limits for FirstHouse are higher than one might expect, and NHF's new 40-year Mortgage Loans are not limited to conforming loan limits. In FirstHouse eligible jurisdictions such as Riverside and San Bernardino County, where the sales price limits are $429,619 for non-targeted areas and $525,090 for targeted areas, the 40-year FirstHouse Mortgage Loans can exceed the $417,000 conforming loan limit.

"Our goal is to provide programs that can make the American dream a reality for many individuals and families. One of the most difficult steps to homeownership is saving for the downpayment and closing costs." said Greg Norton, Executive Director of CHF. "We are excited to now offer 40-year loans with downpayment assistance to homebuyers. It's one more step in the right direction."

The FirstHouse program offers homebuyers 30-year First Mortgage Loans with below-market interest rates as well. These fixed-rate First Mortgages also provide optional downpayment and closing cost assistance, in the form of either a Second Loan or a grant. The grant does not have to be paid back by the homebuyer and is sized up to 4% of the First Loan amount.

To be eligible for FirstHouse, homebuyers may not have had ownership in a home within the previous three years (unless the property is in a "Targeted Area"). The property the homebuyer is purchasing as their primary residence must be located in one of the following counties: Alpine, Amador, Butte, Calaveras, Colusa, Del Norte, El Dorado, Glenn, Humboldt, Imperial, Inyo, Kings, Lake, Lassen, Madera, Mariposa, Mendocino, Merced, Modoc, Mono, Napa, Monterey, Nevada, Placer, Plumas, Riverside, Sacramento, San Benito, San Bernardino, San Joaquin, San Luis Obispo, Shasta, Sierra, Siskiyou, Solano, Stanislaus, Sutter, Tehama, Trinity, Tuolumne, Yolo, and Yuba. In addition, certain jurisdictions within Fresno, Kern, Los Angeles, Orange, San Diego, San Mateo, Santa Clara, San Mateo, Sonoma and Tulare counties are also eligible. For a list of eligible jurisdictions, please visit the NHF website at www.nhfloan.org.

NHF is a California nonprofit public benefit corporation whose purpose is to provide a consistent source of financing for individuals without the resources to afford the downpayment and closing costs associated with the purchase of a home. Since 1993, CHF and NHF have participated in over $7.1 billion in First and Second Loan Financing on approximately 52,900 properties.

Anyone interested in obtaining more information about FirstHouse or in speaking with an NHF Approved Lender, are encouraged to contact NHF at 1-866-643-4748 or visit www.nhfloan.org.

801 12th Street, 6th Floor
Sacramento, CA 95814
866.643.4968 (Toll-Free)
916.444.3219 (Fax)
www.nhfloan.org

	“WHAT’S NEW”

	CRHMFA Homebuyers fund Launches New 40-Year Mortgages With Below-Market FIXED Interest Rates Three new mortgage options give first-time homebuyers more opportunities to purchase homes with little money out of pocket and low monthly payments
	June 2006


	(CALIFORNIA) -- CRHMFA Homebuyers Fund (CHF) is tackling the challenge of skyrocketing California housing prices head-on by offering homebuyers 40-year Mortgage Loans at below-market interest rates and assistance with downpayment and closing costs. The new loan options are enhancements to the existing FirstHouse program provided by CHF (formerly known as Cal Rural) and administered by National Homebuyers Fund, Inc. (NHF). They increase the standard loan term from 30 to 40 years, offering lower monthly payments and thereby increasing the homebuyer's purchasing power. Homebuyers also have the choice of either a fully amortizing 40-year Mortgage Loan or one with an initial 7-year interest only period. With the latter, the homebuyer pays only the interest on the First Mortgage Loan for the first seven years, followed by full amortization for the remaining 33 years. Optional downpayment and closing cost assistance is also available (up to 7% of the home sale price), in the form of a Second Mortgage with a low interest rate. In many cases homebuyers can purchase a home with NHF's FirstHouse program sooner than anticipated and with as little as $500 from their own pocket. The income limits for FirstHouse are higher than one might expect, and NHF's new 40-year Mortgage Loans are not limited to conforming loan limits. In FirstHouse eligible jurisdictions such as Riverside and San Bernardino County, where the sales price limits are $429,619 for non-targeted areas and $525,090 for targeted areas, the 40-year FirstHouse Mortgage Loans can exceed the $417,000 conforming loan limit. "Our goal is to provide programs that can make the American dream a reality for many individuals and families. One of the most difficult steps to homeownership is saving for the downpayment and closing costs." said Greg Norton, Executive Director of CHF. "We are excited to now offer 40-year loans with downpayment assistance to homebuyers. It's one more step in the right direction." The FirstHouse program offers homebuyers 30-year First Mortgage Loans with below-market interest rates as well. These fixed-rate First Mortgages also provide optional downpayment and closing cost assistance, in the form of either a Second Loan or a grant. The grant does not have to be paid back by the homebuyer and is sized up to 4% of the First Loan amount. To be eligible for FirstHouse, homebuyers may not have had ownership in a home within the previous three years (unless the property is in a "Targeted Area"). The property the homebuyer is purchasing as their primary residence must be located in one of the following counties: Alpine, Amador, Butte, Calaveras, Colusa, Del Norte, El Dorado, Glenn, Humboldt, Imperial, Inyo, Kings, Lake, Lassen, Madera, Mariposa, Mendocino, Merced, Modoc, Mono, Napa, Monterey, Nevada, Placer, Plumas, Riverside, Sacramento, San Benito, San Bernardino, San Joaquin, San Luis Obispo, Shasta, Sierra, Siskiyou, Solano, Stanislaus, Sutter, Tehama, Trinity, Tuolumne, Yolo, and Yuba. In addition, certain jurisdictions within Fresno, Kern, Los Angeles, Orange, San Diego, San Mateo, Santa Clara, San Mateo, Sonoma and Tulare counties are also eligible. For a list of eligible jurisdictions, please visit the NHF website at www.nhfloan.org. NHF is a California nonprofit public benefit corporation whose purpose is to provide a consistent source of financing for individuals without the resources to afford the downpayment and closing costs associated with the purchase of a home. Since 1993, CHF and NHF have participated in over $7.1 billion in First and Second Loan Financing on approximately 52,900 properties. Anyone interested in obtaining more information about FirstHouse or in speaking with an NHF Approved Lender, are encouraged to contact NHF at 1-866-643-4748 or visit www.nhfloan.org. 801 12th Street, 6th Floor Sacramento, CA 95814 866.643.4968 (Toll-Free) 916.444.3219 (Fax) www.nhfloan.org
	*Housing / Real Estate, Financial & Insurance Consultants*
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Below-Market FIXED Interest Rates