CalHFA works with approved mortgage lenders to offer low interest rate loans to low- to moderate-income homebuyers in California, while its single-family division provides first mortgage loans and down payment assistance to first-time homebuyers who meet specific requirements. Last year, CalHFA helped more than 11,000 low- and moderate-income residents buy their first homes, the highest one-year volume in its 44-year history.
“National MI is thrilled to begin working with CalHFA and its approved lenders in our home state of California, especially at a time when affordability has become such a challenge for would-be homebuyers in California,” said Mike Dirrane, chief sales officer and senior managing director with Emeryville, Calif.-based National MI. “Our approval with CalHFA also furthers our mission of expanding homeownership opportunities to deserving borrowers.”
Dirrane, who is also the chairman of MassHousing, a Boston-based affordable housing agency for the state of Massachusetts, added, “I know the great benefits that state agencies like CalHFA offer low-to moderate-income first-time homebuyers.”