First Northern Bank invests in CalHFA ZIP loans

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First Northern Bank announced this week its investment in California Housing Finance Agency Zero Interest Program loans made to low to moderate-income individuals throughout Placer, Sacramento, Yolo and Solano Counties, totaling $665,805.

The CalHFA ZIP loan is a zero-interest loan made to cover the down payment or closing costs for first-time homebuyers who use the CalPLUS FHA program for their fully amortized 30-year, fixed-interest, FHA-insured mortgages. “When we learned about this relatively new program designed to help underserved individuals realize the dream of home ownership within the communities First Northern Bank serves, we wanted to get involved,” explained Jeremiah Smith, Senior EVP/Chief Operating Officer.

“The program is quite flexible in that the properties financed can be single-family residences, condominiums, or manufactured homes. The borrower must occupy the property as a primary residence, meet CalHFA income limits which vary by county, and complete homebuyer education counseling and obtain a certificate of completion through an eligible homebuyer counseling organization.”

The CalHFA ZIP loan is a silent second loan for either 2.00% or 3.00% of the CalHFA total first mortgage amount, including Up Front Mortgage Insurance Premium (UFMIP). The interest rate is zero percent (0.00%) and the payment(s) are deferred for the life of the first mortgage or until the property is transferred or the first mortgage loan is refinanced.


Sean O’Hare. Courtesy photo

Also this week, Steve McCurley, First Northern’s senior vice president and real-estate industries team manager announced that Sean O’Hare joined the bank’s commercial real-estate loan team as vice president/commercial real-estate loan officer.

O’Hare’s 13 years’ experience in the financial services industry includes commercial lending, real estate lending, underwriting, and business development. Prior to joining First Northern Bank, he served as commercial real-estate portfolio manager for Bank of the Sierra in Roseville. He is a member of the Association of Commercial Real Estate (ACRE) Sacramento and has enjoyed volunteering at the Second Harvest Food Bank of Silicon Valley, and at Services for Brain Injury (SBI) in San Jose. He also looks forward to volunteering in our local community in the coming year.

O’Hare is a native of San Jose and lives in Lincoln with his wife and son. He enjoys golfing, waterskiing, snowboarding, attending sporting events, and spending time with family and friends.

The Real Estate Industries and Capital Region Commercial Lending Teams of First Northern Bank are at 1375 Exposition Blvd., Suite 101, in Sacramento. The office is open Monday to Friday, from 9 a.m. to 5 p.m.

Northern Bank is a local community bank headquartered in Dixon, California with 10 branch offices throughout the Greater Sacramento region. The Bank was established in 1910.

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