Contact DRE
To contact the California Department of Real Estate,
call (877) 373-4542 toll-free for assistance in
English or Spanish.
Department of Real Estate District Offices
Sacramento Los Angeles
(Principal Office) 320 W. 4th Street, Suite 350
651 Bannon Street, Los Angeles, CA 90013-1105
STE 500
Oakland
Sacramento, CA 95811
1515 Clay Street, Suite 702
Fresno Oakland, CA 94612-1462
2550 Mariposa Mall,
San Diego Introduction Federal Programs
Suite 3070
8620 Spectrum Center Blvd.,
Fresno, CA 93721-2273
Suite 301 Home loans are available through many different sources, There are a variety of homebuyer-assistance programs
San Diego, CA 92123
including mortgage banking companies, commercial banks, sponsored by the Federal government, including programs
community banks, credit unions, savings banks, mortgage that offer down payment assistance for low- to moderate-
brokers, and other financial institutions. income home purchasers; mortgage insurance programs;
special home loan programs for veterans, teachers and
To find a lender, you can: law enforcement officers; and loans to help revitalize
• Contact your bank or financial institution. inner-city housing. The Department of Housing and Urban
Development (HUD) has established a network of HUD-
• Consult a nonprofit housing counseling agency
approved housing counseling agencies that can provide
in your area.
information on Federal programs and give you advice
• Ask family members, friends, and co-workers. on buying a home, resolving credit issues, and other
SOURCES OF • Ask your real estate agent.
Additionally, there are many government programs that offer
related matters. For more information, contact HUD at
[Link] or (800) 569-4287 to find a HUD-approved
housing counseling agency in your area.
HOME LOANS home loans and/or assistance to homebuyers.
DEPARTMENT OF REAL ESTATE
651 Bannon Street, STE 500
Sacramento, CA 95811
Public Information Line: (877) 373-4542
Fax: (916) 263-8943
[Link]
PDE_18-107
City and County Programs Questions to Ask When Applying
for a Home Loan
Most cities and counties in California offer homebuyer
assistance programs designed to meet the needs of • Who is the lender?
their respective communities. These programs may offer
home loans to first-time buyers, provide down payment • What is the interest rate and term of the loan?
assistance, offer funding for property rehabilitation and • What is the monthly payment for principal and interest?
community revitalization, etc. Many of the previously
described Federal and State homebuyer assistance programs • How much are the property taxes and insurance?
are administered by cities and counties. To find out what • What is the annual percentage rate?
programs are available in your community, contact your
• What are points?
local planning, community development, and/or housing
State Programs departments. Contact information can be found in the • Is a rebate being paid by the lender to the broker?
California Planners Book of Lists at [Link]/s_ • When will I receive an estimate of my costs for the loan?
California Housing Finance Agency (CalHFA): CalHFA [Link].
administers several different homeownership programs. • Is there a prepayment penalty?
CalHFA offers 30-year fixed-rate mortgage loans with interest Additionally, many counties in California participate in the
Mortgage Credit Certificate (MCC) program. A qualified • Is there a balloon payment? When is it due and how
rates and fees that are typically lower than conventional
homebuyer can obtain an MCC, which acts as a Federal much is the payment?
home loans, with caps on fees and rates. CalHFA also
provides down payment assistance with deferred payments income tax credit. It reduces an individual’s income tax and • Are there any up-front fees to pay?
that do not need to be repaid until the home is sold, increases net earnings, thus allowing a buyer to more easily
qualify for a mortgage. To see if your community has an • If I have to pay up-front fees, are they refundable?
refinanced, or paid in full. For more information, contact
CalHFA at [Link] or (877) 922-5432. MCC program, contact your local housing or redevelopment • How long does loan approval take?
agency or ask your real estate agent, mortgage broker,
Department of Veterans Affairs (CalVet): CalVet offers or lender. • When will the loan close and how much money
home loans to eligible veterans at a low interest rate, with must I have at closing?
low or no down payment, and with low loan fees. CalVet • If I have a rate locked in, is it in writing?
loans can also be used for construction and rehabilitation. Tips for Borrowers
For more information, contact CalVet at [Link] • What happens if interest rates change during
or (800) 952-5626. • Ask for a Mortgage Loan Disclosure Statement and/or the loan process?
a loan estimate. These documents will tell you • If the loan does not go through, is there a cancellation
Department of Housing and Community Development
the cost and proposed terms of the loan. charge?
(HCD): HCD offers several programs that help homebuyers,
primarily those with low to moderate income levels, by • If using the services of a mortgage broker,
contact the California Department of Business • Is the loan assumable by someone later? Is there
funding local public agencies and private entities, which a fee?
in turn produce affordable housing or make loans and grants Oversight at [Link] or (866) 275-2677,
to end users at the local level. For more information about and/or the Department of Real Estate at
HCD’s programs, contact HCD at [Link]/fa or [Link] or (877) 373-4542 to make
(916) 263-6928 to obtain a copy of the Loan and Grant sure the mortgage broker is properly licensed.
Program Directory. • Consider asking the mortgage broker for references.
• Check for special programs you may qualify for
with Federal, State or local government.
• Do not sign blank forms or forms you do not understand.
• Ask for copies of the forms you complete or sign.