The CalHFA program provides affordable home financing to low-to-moderate income first-time homebuyers in California. It is funded through tax-exempt bond sales rather than taxpayer dollars. The program offers up to 100% combined financing with no down payment required and second/third mortgages to cover closing costs. Borrowers must meet income limits, be first-time homebuyers, intend to occupy the home, and qualify under the lender's underwriting guidelines.

1. CALHFA PROGRAM Kristina Lee for Loan Pre-Approval 858-245-2502 GOLDEN EQUITY Desktop Underwriter is a registered trademark of Fannie Mae. Loan Prospector is a registered trademark of Freddie Mac.

3. Borrower Requirements 07/21/10 Topic Description First Time Home Buyer Borrower must be a 1 st Time Home Buyer. (Requirement is waived if property is located in a Federally Designated Targeted Area) Income Limit Have an Annual Household/Family Income that does not exceed Income Limits for the family size and county in which the home is located. Down Payment Have enough money to cover the down payment (usually 3% - 5%) plus closing costs. To help with this restriction, CalHFA offers Down Payment Assistance programs. Occupancy Property must be owner occupied for term of the loan or until sold. Underwriting Meet Credit, Income and loan requirements of the CalHFA lender and Mortgage Insurer. Eligible Borrowers Be a U.S. Citizen, a National, or a qualified Alien as defined by the federal Personal Responsibility and Work Opportunity Reconciliation Act of 1996 (PRWORA).

6. Sales Price Limits 07/21/10 CalHFA maintains Sales Price limits that compare favorably to the Median Sales Price for each County in most cases. See samples below – March ‘08 CalHFA Sales Price Limits vs. August ‘08 Median Sales Prices: CalHFA Sales Price Limits (Mar. 08) vs. Median Sales Price (August 2008) (Non Targeted Resale areas) County CalHFA Sales Price Limits (Mar. 08) Median Sales Price Est. (August 08) Fresno $381,250.00 $210,000.00 Kern $368,750.00 $180,000.00 Los Angeles $729,750.00 $380,000.00 Orange $729,750.00 $440,000.00 Merced $472,500.00 $150,000.00 Riverside $500,000.00 $247,000.00 San Bernardino $500,000.00 $215,000.00 San Diego $697,500.00 $347,000.00 Sacramento $580,000.00 $210,000.00 Stanislaus $429,619.00 $185,000.00 Tulare $325,000.00 $185,000.00 Often New Construction Sales Price Limits and Sales Price Limits in Targeted areas are substantially higher than the Non-Targeted Resale Limits. Source: www.calhfa.ca.gov March 2008 & California Association of Realtors Sales Reports for August 2008

7. CA Median Sales Price Comparison 07/21/10 CA Median Home Price Comparison Comparison Chart (February 2008 – August 2008) (Non Targeted Resale areas) County August 2008 July 2008 June 2008 May 2008 April 2008 February 2008 Fresno $210,000.00 $217,250.00 $219,000.00 $220,000.00 $237,250.00 $250,000.00 Kern $180,000.00 $190,750.00 $205,000.00 $210,750.00 $215,000.00 $230,500.00 Los Angeles $380,000.00 $400,000.00 $415,000.00 $420,500.00 $435,000.00 $460,000.00 Orange $440,000.00 $460,000.00 $470,000.00 $485,000.00 $505,000.00 $520,000.00 Merced $150,000.00 $155,000.00 $160,000.00 $176,000.00 $186,000.00 $225,500.00 Riverside $247,000.00 $260,000.00 $275,000.00 $287,250.00 $294,000.00 $325,000.00 San Bernardino $215,000.00 $229,750.00 $239,500.00 $250,000.00 $265,000.00 $290,000.00 San Diego $347,000.00 $365,000.00 $370,000.00 $380,000.00 $400,000.00 $413,500.00 Sacramento $210,000.00 $210,000.00 $219,500.00 $225,000.00 $232,000.00 $254,000.00 Stanislaus $185,000.00 $190,000.00 $201,000.00 $214,500.00 $225,000.00 $250,250.00 Tulare $185,000.00 $193,000.00 $187,250.00 $199,500.00 $196,000.00 $216,500.00 Often New Construction Sales Price Limits and Sales Price Limits in Targeted areas are substantially higher than the Non-Targeted Resale Limits. Source: California Association of Realtors 2008 Sales Report