The California Housing Finance Agency helps responsible California homebuyers, with good credit, purchase their first home by providing access to affordable FHA, VA or Conventional first mortgages and California down payment assistance programs. Even though CalHFA focuses on low-to-moderate income California first-time homebuyers, it also has options for those who are already homeowners and looking to buy their next California home.

Benefits of the California Housing Finance Agency FHA, VA and Conventional Loan Program

  • The first mortgage features a fixed interest rate, 30-year fully amortized term.
  • No minimum borrower contribution required.
  • Do not have to be a California first-time homebuyer.
  • For additional down payment or closing costs assistance, California first-time homebuyers 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.

Connect with a Loan Officer

Loan Officer Thomas Johnston

Loan Officer Thomas Johnston | NMLS# 1583463; Arizona, California, Oregon, Texas and Washington

Thomas is your mortgage loan originator, who works side by side with a strong team that shares the same devotion to excellence.
Experienced, knowledgeable, and always up to date on the industry's latest products, Thomas strives to exceed the customers' expectations in each and every transaction.

Do you have any questions? Please call 866-610-6025


TERMS MAX LTV/CLTV/HCLTV DPA & SECONDARY FINANCING AVAIBLABLE OCCUPANCY TARGET AREA 1ST TIME HOMEBUYER REQUIRED INCOME LIMIT MAX SELLER CREDIT

California Housing Finance Agency (CalHFA) – FHA, VA and Conventional Loan Program - Down Payment Assistance Program

96.5 LTV FHA 97% LTV Conv CLTV: Additional subordinate loan(s) and grants can also be layered with the CalHFA Conventional loan provided the combined LTV does not exceed 105%. (i.e., MyHome, Extra Credit Teacher Program or FNMA approved Community Seconds as long as they take 3rd lien position)
This program may be layered with the following programs MyHOME, EXTRA CREDIT TEACHER PROGRAM (ECTP), CalHFA MCC, NON-CalHFA SUBORDINATE 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= COMBINED W/ CONV CalHFA ONLY any approved subordinate programs for down pymt & closing cost
OWNER OCCUPIED ONLY
NO
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 "

Connect with a Loan Officer

Loan Officer Thomas Johnston

Loan Officer Thomas Johnston | NMLS# 1583463; Arizona, California, Oregon, Texas and Washington

Thomas is your mortgage loan originator, who works side by side with a strong team that shares the same devotion to excellence.
Experienced, knowledgeable, and always up to date on the industry's latest products, Thomas strives to exceed the customers' expectations in each and every transaction.

Do you have any questions? Please call 866-610-6025

California Housing Finance Agency (CalHFA) – FHA, VA and Conventional Loan Program - Down Payment Assistance Program is available in the following areas/cities


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