Dream For All Phase 2: A Dream for Some? Hey there, future homeowner! Have you caught wind of the latest buzz around the CALHFA Dream for All Program Phase 2, especially its Phase 2 updates? Let’s dive in, but with a twist of lemon – because, you know, not everything is as sweet as it sounds. Understanding the Dream for All Program Initially launched to turn the homeownership dreams of Californians into reality, the CALHFA Dream for All Program is like a fairy godmother for first-time homebuyers. It’s designed to offer a leg up with down payment assistance. But here’s the catch: with its ..read more

Market Update: Why Home Prices Keep Hitting the Sky So, you’ve noticed home prices are going up faster than a helium balloon on a windy day, huh? You’re not alone. There are a few reasons for this never-ending climb. Limited Supply: Less is Not More First off, we’ve got a classic case of Economics 101: low supply, high demand. Builders can’t seem to lay bricks fast enough to keep up with the appetite for new homes. Less inventory means higher prices. Simple as that. Interest Rates: High Rates are not stopping the party. High interest rates are usually like Kryptonite for most homebuyers. But ..read more

Proposition 19 Can Help You Transfer Your Property Tax Are you a Californian looking to move but worried about high property taxes? California Proposition 19 might have a solution for you! Let’s break down how it works and what you need to do. 1. Who’s Eligible? If you’re 55 or older, disabled, or a wildfire/disaster victim, you could be eligible. You can transfer your property tax base to a new place in California. Say goodbye to big tax hikes! 2. What’s the Benefit? Before, only family members could do this. Now, eligible folks can move without losing their old property tax rate. It’s a big ..read more

Embracing the Local Lender In the vast universe of borrowing money, there’s an ongoing debate between online lenders and their brick-and-mortar counterparts—the local lenders. It’s a clash of trustworthiness versus anonymity, relationships versus algorithms, and let’s not forget, handshakes versus emojis. Today, we’re here to unveil the undeniable benefits of choosing a local lender. The Reliability of a Hometown Hero: Local Lenders Local lenders are like that old-school diner on Main Street, serving up comfort and familiarity. When it comes to financial matters, they are the unsung superhero ..read more

The California Dream for All program, launched by the California Housing Finance Agency (CALHFA) in 2023, aimed to provide down payment assistance to first-time homebuyers in the state. However, the program’s popularity exceeded its funding, and it quickly ran out of money. The program was over in less than 2 weeks! The California Dream for All program Was intended to provide eligible first-time homebuyers with up to 20% of the purchase price or appraised value of the home, whichever is less, to help cover their down payment and closing costs. The program was launched in March 27th 2023 and w ..read more

The California Dream for All Program is more like a Dream for 2000 People… Ready. Set. GO! The Race Begins, at the finish line is the Dream for All. On March 27th CALHFA’s much anticipated California Dream for All Program went LIVE. This means buyers can reserve their Dream for All Program funds. Before the money runs out. Yes, that’s right. There is a limited amount of funding available. $300 Million to be exact. But that was as of 8am Monday the 27th. Each day more and more buyers are registering their loans with Approved CALHFA providers, like New Way Mortgage . The average sales price in ..read more

If you want to buy a home but don’t have the cash on hand for a down payment, a down payment assistance (DPA) program may help. As of 2022, more than 2,000 DPA programs were offered through local, state, and national agencies that give grants and loans to help homebuyers cover their down payments. Some even pay for closing costs, too. Read on to learn how down payment assistance can help buyers purchase a house with no money out of pocket for their down payment. Also, explore the types of assistance programs offered and how to buy a home with no money down at all by pairing a DPA program with ..read more

Homeownership is the American dream, but the perception among many first time home buyers is that it’s difficult to buy a home today. Myth busted: There are several programs out there that specifically meet the needs of today’s home buyers. In this article we’re going to cover two: the Fannie Mae HomeReady® and Freddie Mac Home Possible® programs. HomeReady and Home Possible are loan programs with lower down payment requirements and more lenient credit requirements than standard conventional loans. These loan programs offer options and flexibility for borrowers outside of government programs l ..read more

As of November 2022, mortgage rates have doubled since the beginning of the year, and rising rates have caused many potential homebuyers to pause their plans and wait for rates to cool down. But is a rate decline on the horizon? And are interest rates the only thing to consider when buying a home? While no one can say for sure where mortgage interest rates are headed for 2023, the experts at New Way Mortgage feel that the new year will bring some relief for borrowers with more than just interest rates. But before we dive into our mortgage rate predictions, let’s recap the trends from the previ ..read more

As the pandemic drove a migration trend across the United States, the greater Sacramento area has welcomed many new residents, primarily due to its lower cost of living compared with the Bay Area. It’s not that the city isn’t expensive—it’s just that it’s much more affordable than its costly Northern California neighbors. With more work-from-home and hybrid employment options, people have started fleeing San Francisco and San Jose, looking to get more bang for their real estate buck. In fact, moves from San Francisco County to Sacramento County jumped by 70% in 2020, according to a C ..read more