First Home - California

By California Department of Real EstateEducation True Crime Government How To

First Home - California episodes

November 15, 2023106 - Making an Offer
In this episode we talk about one of the most stressful and exciting parts of the homebuying process, making an offer on a home.
Topics covered include:
The mindset a first-time homebuyer should have about making an offer
What’s an earnest money deposit, how much should you put down for this type of deposit, and what are the advantages/disadvantages of putting down more or less than that amount?
The advantage of not selling a home before buying a new one
The types of contingencies are involved in offers
After successfully bidding on a home, how long it should take to close escrow
The pluses/minuses of renting back to the seller after you buy a home
If there are any contingencies a first-home buyer should think about waving
What the process of making an offer looks like, including timelines the steps should take
What happens when there are multiple offers to buy a home
What the terms “best and final” really means
What the term “escalation clause” means
Should the first-time homebuyer make bids on multiple properties at the same time
What’s a “love letter” or “offer letter” and why there’s risk in sending one
Tips on how to survive the stress and emotions of making an offer
Our Guest:
Mike Shenkman, Licensed Real Estate Agent and lecturer at Department of Urban Studies and Planning at U.C. San Diego
Other Resources
Love Letters / Offer Letters
New York Times https://www.nytimes.com/2021/12/17/realestate/you-love-that-house-but-should-you-write-a-love-letter.html
Orange County Register https://www.ocregister.com/2021/03/11/do-homebuyer-love-letters-violate-fair-housing-laws/
CBS News https://www.cbsnews.com/losangeles/news/no-more-love-letters-to-home-sellers-calif-realtors-advise/
CNN https://www.cnn.com/2021/05/19/homes/love-letters-from-home-buyers/index.html
Money https://money.com/home-seller-love-letter/
National Association of Realtors https://www.nar.realtor/fair-housing-corner/love-letters-or-liability-letters
1 hr
November 01, 2023105 - How to Find a Real Estate Agent
There are a lot of professionals who are going to be involved in your home purchase. But, none is going to be more important to you than the one we talk about in Episode #105. This episode covers how to find a real estate agent.
Topics covered include:
The difference between a real estate agent and a realtor
Typical responsibilities handled by a buyer’s real estate agent
How a buyer’s real estate agent gets paid
The types of real estate licenses in California
What educational experience a licensed real estate agent must have
What else does someone need to do before they can get a California real estate license
How does a homebuyer start their search for a real estate agent
How important is it for an agent to have knowledge about the specific area where you want to buy a home
How important is it that an agent does a lot of advertising
What are the pluses and minuses of working with a large real estate brokerage versus a small real estate brokerage
What question does an agent wish more first-time homebuyers asked
What does it mean to you when the your agent and the seller’s agent both work for the same broker?
What happens if your agent also represents the seller
What types of problems can lead a new homebuyer to filing a complaint with the Department of Real Estate
Our Guests:
Chika Sunquist, Department of Real Estate’s Assistant Commissioner overseeing Enforcement
Mike Shenkman, Licensed Real Estate Agent and lecturer at Department of Urban Studies and Planning at U.C. San Diego

Other Resources:
Verify a Real Estate Agent’s License:        https://www2.dre.ca.gov/PublicASP/pplinfo.asp
DRE’s First Home – California Website:    https://dre.ca.gov/FirstHomeCalifornia
DRE Contact Center: (877) 373-4542 (Monday-Friday, 8:00 a.m. - 5:00 p.m.)
California Association of Realtors:            https://www.car.org
57 min
October 18, 2023104 - First-Time Homebuyer Programs
In Episode #104 we take a deep dive on all the assistance programs available to first-time homebuyers here in California. A representative from the California Housing Finance Agency (CalHFA) joins us.
Topics covered include:
CalHFA Down Payment Assistance Programs
MyHome Assistance Program
California Dream for All Shared Appreciation Loan Program
Please note: On October 13, 2023, Eric Johnson from CalHFA released a video with the latest on the Dream For All shared appreciation loan program and address some of the misinformation that has been shared and posted about the program’s return. Watch the video at: https://www.youtube.com/watch?v=biT21WUCbII.
CalHFA Government Loan Programs
CalHFA FHA Loan Program
The CalHFA FHA Program is an FHA-insured loan featuring a CalHFA 30-year fixed interest rate first mortgage.
CalPLUS FHA Loan Program
The CalPLUS FHA program is an FHA-insured first mortgage with a slightly higher 30-year fixed interest rate than our standard FHA program and is combined with the CalHFA Zero Interest Program (ZIP) for closing costs.
CalHFA VA Loan Program
The CalHFA VA program is a VA-insured loan featuring a CalHFA fixed interest rate first mortgage. This loan is a 30-year fixed interest rate first mortgage.
CalHFA USDA Program
The CalHFA USDA Program is a USDA Guaranteed first mortgage loan program, which can be combined with the MyHome Assistance Program (MyHome). This loan is a 30-year fixed interest rate first mortgage.
CalHFA Conventional Loan Programs
CalHFA Conventional Loan Program
The CalHFA Conventional program is a first mortgage loan insured through private mortgage insurance on the conventional market. The interest rate on the CalHFA Conventional is fixed throughout the 30-year term.
CalPLUS Conventional Loan Program
The CalPLUS Conventional program is a conventional first mortgage with a slightly higher 30 year fixed interest rate than our standard conventional program and is combined with the CalHFA Zero Interest Program (ZIP) for closing costs.
Other CalHFA Programs
Section 184 Indian Home Loan Guarantee Program
Members of federally recognized tribes can take advantage of CalHFA financing no matter where they choose to live in California! Combine with grants, gifts or tribal assistance to maximize your homebuying power.
Limited 203(K) Option
Program that allows homeowner with CalHFA mortgage to roll up to $35,000 in repairs into mortgage payment.
Free Housing Counseling Program
Through CalHFA’s NMS Housing Counseling Program, a network of HUD-certified housing counselors across California provide free, confidential education and connections to resources. By contacting a HUD-approved housing counseling agency, you will speak with a counselor who is specially trained and certified by the U.S. Department of Housing and Urban Development to help you assess your financial situation, evaluate options and find programs and resources to help keep you on track, orget you back on track.
Our Guest:
Eric Johnson, California Housing Finance Agency (CalHFA)
Other Resources:
DRE Website: https://dre.ca.gov/FirstHomeCalifornia
18 min
October 04, 2023103 - How Down Payments Work
Episode #103 gives you a close-up look at how down payments work.
A National Association of Realtors survey in 2021 found that 29% of first-time homebuyers said the down payment was the most difficult step in the home buying process.
Topics covered include:
Why your down payment is important to you
Why it’s important to your bank
Why it’s okay if you aren’t able to put down 20% as a down payment
What are the rules for using a financial gift from your family to help with your down payment
What’s a good faith deposit and how does that work into your down payment
A brief look at some of the first-time homebuyer programs available in California, which will be the deep dive we take in the upcoming Episode #104.
Plus, some tips that might help you in your efforts to save money for your down payment
Guest:
Mike Shenkman, Real Estate & Mortgage Expert, lecturer in the Urban Studies and Planning Department at University of California, San Diego.
Other Resources:
DRE Website: https://dre.ca.gov/FirstHomeCalifornia
29 min
September 20, 2023 102 - How Mortgages Work
We take a deep dive into home mortgages. This includes conventional, FHA and VA mortgages, as well as fixed-rate, adjustable-rate, and interest-only. We also discuss the difference between interest rate and annual percentage rate, pre-qualified and pre-approved, what's an amortization school, what's an impound account, how a mortgage buy down works, and what happens if your new home is appraised for less than the price you're paying. Plus, an overview of first-time homebuyer programs.
More at: https://dre.ca.gov/FirstHomeCalifornia
38 min
September 06, 2023 101 - How Much Home Can I Afford?
There’s nothing more important when buying a home than money.
This episode focuses on helping you figure out how much home you can afford, and how to be comfortable with what you’re going to spend for your first home.
Our guest is Mike Shenkman, who has more than 20 years of experience in California's real estate industry. He's also a lecturer in the Urban Studies and Planning Department at UC San Diego.
More at: https://dre.ca.gov/FirstHomeCalifornia
45 min
August 31, 2023 First Home - California Overview
Whether you're a young professional looking to invest in your future, a couple ready to settle down and start a family, or someone starting a new chapter in your life, buying your first home is a significant milestone. It also can be an overwhelming and complex process.
That's why the California Department of Real Estate has created this podcast.. to provide you with knowledge and insights, so that you know what to expect during the homebuying process, and can make informed decisions.
2 min

About First Home - California

From the publisher's feed

Whether you’re a young professional looking to invest in your future, a couple ready to settle down and start a family, or someone starting a new chapter in your life, buying a home is a significant milestone. But, it can also be an overwhelming and complex process. That’s why the Department of Real Estate has created this podcast, First Home California – to provide you with knowledge and insights.