Solano Real Estate Scene: Jim Porter
Article By: Jim Porter – May 15, 2026
Over the last couple years, I have caught the staff at the California Housing Finance Agency achieving some greatness.
I am not sure exactly what is going on up at this state government agency, but the customer service has been constantly outstanding. Every person my daughter and I have talked to at CALHFA up in Sacramento for training and general assistance over the last couple years has not only been helpful, but they all seem to really care about us and our first time homebuyers.
I didn’t do any kind of official survey, but it sure seems the management must be doing a great job, because the staff members always seem to be happy and enthusiastic about helping their customers.
The one thing that Tony Serlich, the CALHFA executive director, and the board of directors might want to consider is the current policy on not subordinating their silent second mortgages for refinancing the first mortgage. Rates might come back down to 5% in the next year or two, and many people will be handcuffed.
CALHFA was deluged during Covid when nearly every one of their clients refinanced and they subordinated, so it makes sense to protect their staff from being overrun with subordination requests again but if market values don’t substantially rise most of the CALHFA homeowners with silent second mortgage loans will not be able to REFI.
The current CALHFA policy requires a family to pay off the down payment assistance second mortgage when they REFI and only the wealthiest people will be able to come up with $15,000 to $25,000 to pay off this 1% interest rate loan.
FYI: the CALHFA policy for DREAM FOR ALL, which I call the “greatest down payment assistance equity share program in American history,” will subordinate one time during the life of the equity share time period.
For now, all I can say is thank you CALHFA for helping 7,000 families become homeowners these last couple years and thanks for the great service.
Jim Porter, NMLS No. 276412, is the branch manager of Solano Mortgage, NMLS No. 1515497, a division of American Pacific Mortgage Corporation, NMLS No. 1850, licensed in California by the Department of Financial Protection and Innovation under the CRMLA / Equal Housing Opportunity. Jim can be reached at 707-449-4777.
