The CalHFA program has first and junior loan options for low-to-moderate income California families, including low-to-zero interest rate down payment assistance loans. You do not need to be a California first-time homebuyer to take advantage of CalHFA’ S FHA and Conventional first mortgage loans, although some of the down payment assistance programs may have first-time home buyer requirements.
Benefits of the California Housing Finance Agency CalPLUS FHA or Conventional Loan Program
- The first mortgage features a fixed interest rate, 30-year fully amortized term.
- No minimum borrower contribution required.
- This program is combined with the CalHFA Zero Interest (ZIP) for down payment assistance and/or closing cost assistance. The FHA ZIP second loan is only available with the CalPLUS program and is a silent second loan for either 3% or 4% of the CalHFA total first mortgage loan amount depending on the interest rate option you chose of the first mortgage. The interest rate is 0% and the payments are deferred for the life of the first mortgage or until the property is transferred or the first mortgage loan is refinanced.
- For additional down payment or closing costs assistance, California first-time home-buyers may layer the following California down payment assistance junior loan and California MCC programs: CalHFA My Home; CalHFA Extra Credit Teacher Program (ECTP); CalHFA MCC and Non-CalHFA subordinate loans.
|TERMS||MAX LTV/CLTV/HCLTV||DPA & SECONDARY FINANCING AVAIBLABLE||OCCUPANCY||TARGET AREA||1ST TIME HOMEBUYER REQUIRED||INCOME LIMIT||MAX SELLER CREDIT|
|96.5 LTV FHA 97% LTV Conv CLTV: Additional CalHFA subordinate loan(s) and grants can also be layered with the CalHFA FHA loan provided the combined loan-to-value does not exceed 105%
||ZERO INTERST PROGRAM (ZIP) + CalPLUS may be layered with the following down payment and/or closing cost assistance options: MyHOME, EXTRA CREDIT TEACHER PROGRAM (ECTP), CalHFA MCC, NON-CalHFA SUBORDINATE SEE PROGRAM GUIDELINES-SOME GUIDELINES HAVE 1st TIME HOMEBUYER REQ. FHA/CONV ZIP= Silent 2nd (or 3rd w/ Myhome only) for 3% or 4% of the 1st TD for closing cost/prepaid items only MyHOME=3.5% 2nd TD only for down pymt & closing cost EXTRA CREDIT TEACHER PROG = lesser of $7500 or 3.5% of Sales Price or Appraised Value or $15,000 or 3.5% of Sales Price or Appraised Value in CalHFA defined high cost area CalHFA MCC=Tax credit program applied to borr income NON CalHFA SUBORDINATE=any approved subordinate programs for down pymt & closing cost
||OWNER OCCUPIED ONLY
||NO BUT...Cannot have ownership in any residential property, including manuf. homes, at time of close. Exception: This req. is waived when the borrower(s) meet CalHFA’s first-time homebuyer definition as defined as a borrower who has not had an ownership interest in any principal residence during the previous three (3) years 2nd & 3rd TD may have 1st Time Homebuyer requirements
"YES Qualifying Income vs. Program Compliance IncomeQualifying income is the income used to determine that the borrowers have the ability to meet their monthly obligation. This income may differ from the income used by CalHFA for program compliance purposes.CalHFA will calculate family income for CalHFA FHA loan program eligibility. “Family income” is defined as the annualized gross income of a mortgagor, and any other person who is expected to:1. be liable on the mortgage2. be vested on title; and3. live in the residence being financed The income of all borrowers cannot exceed the published CalHFA income limits for the county in which the property is located. When multiple CALHFA loan programs are used in combination, the most restrictive income limits will apply. Go to: http://www.calhfa.ca.gov/homeownership/limits/income/income.pdf "
|"FHA Max of 6%• Limited to the following items:o Discount pointso Seller-paid closing costso Prepaid Expenseso Upfront MIP when it is not financedConcessions/contributions are acceptable per FHA guidelines except for the following:• Payment of condo fees• Personal property• Down payment assistance CONV TLTV <=75% = 9% TLTV 75.01%-90% = 6% TLTV >=90% = 3% Concessions/contributions are acceptable per SPFC Conventional guidelines except for the following:• Payment of condo fees• Personal property• Down payment assistance"
California Housing Finance Agency (CalHFA) – CalPLUS FHA or Conventional Loan - Down Payment Assistance Program is available in the following areas/cities
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