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Down payment assistance available to buyers of new homes to cover school fees

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POSTED December 23, 2011 7:45 p.m.

The California Housing Finance Agency is now offering the Schools Facility Fee Down Payment Assistance program to qualified buyers of newly constructed homes.  With home prices and mortgage interest rates already near all-time lows, the down payment assistance increases the affordability of new homes even more for qualified buyers.

The down payment assistance is issued in the form of a partial or full rebate of the local school facility fees that were paid by home builders when the permit for the new home was obtained.  This assistance may be used for down payment, closing costs, or any other cost associated with the first mortgage loan, and is subject to acceptance by the lender and mortgage insurer.

“The CalHFA Schools Facility Fee Down Payment Assistance program is a huge asset for many buyers and another advantage of buying a new home,” said Carrie Gooding, director of sales for K. Hovnanian Homes.  “One of the biggest advantages is that the program can be used in conjunction with other down payment assistance programs.”

The CalHFA program is available at K. Hovnanian Homes communities in Rancho Cordova, Vallejo, Manteca, Firebaugh, Santa Nella, Fresno, Dinuba and Gilroy.  In addition, K. Hovnanian Homes offers a credit enhancement program to help customers qualify to buy a new home.

Hovnanian Enterprises, Inc., founded in 1959 by Kevork S. Hovnanian, is headquartered in Red Bank, New Jersey. The company is one of the nation’s largest homebuilders with operations in Arizona, California, Delaware, Florida, Georgia, Illinois, Kentucky, Maryland, Minnesota, New Jersey, New York, North Carolina, Ohio, Pennsylvania, South Carolina, Texas, Virginia and West Virginia. The company’s homes are marketed and sold under the trade names K. Hovnanian Homes, Matzel & Mumford, Brighton Homes, Parkwood Builders, Town & Country Homes and Oster Homes. As the developer of K. Hovnanian’s Four Seasons communities, the company is also one of the nation’s largest builders of active adult homes.

Customers looking for a new home, but not sure where to start can contact the K. Hovnanian Homes free homebuyer resource center at (888) 408-6590.

For more information on the California Housing Finance Agency Schools Facility Fee Down Payment Assistance program, contact one of the K. Hovnanian Homes neighborhood sales centers directly or visit www.khov.com.

To contact the sales office for the Medallion in Manteca call (888) 859-1929.

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