CalHFA FHA – Is a first mortgage loan insured by the Federal Housing Administration. The interest rate on the CalHFA FHA is fixed throughout the 30-year term. The CalHFA FHA is fixed throughout the 30-year term.

Borrower Requirements:

*You must be a first-time homebuyer. To know for sure, you should understand that a first-time homebuyer is defined as someone who has not owned and occupied their own home in the last three years.

*You must be a U. S. citizen, permanent resident or other qualified alien.

*You will need to meet credit, income limits and loan requirements of the CalHFA approved lender and the mortgage insurer.

*Occupy the property as a primary residence; non-occupant co-borrowers are not allowed.

*CalHFA borrowers must complete homebuyer education counseling and obtain a certificate of completion through an eligible homebuyer counseling organization.

Meet CalHFA income limits for this program.

Property Requirements:

*Sales price of the home cannot exceed CalHFA’s sales price limits established for the county in which the property is located

*Be a single-family, one-unit residence, including approved condominium/PUDs (guest houses, granny units and in-law quarters

may be eligible).

*Manufactured home must be on a permanent foundation.

*Home must be primary residence

*Home must be located in California

*5 acre maximum on the size of the property

First Mortgage Programs:

*CalHFA FHA Loan Program

*CalPlUS FHA Loan Program

*Cal-EEM + Grant Program

The money you put down on you home can be one of the largest hurdles for many first time homebuyers. That’s why CalHFA offers several options for down payment and closing cost assistance. This type of assistance is often called a second or subordinate loan. These subordinate loans are “silent seconds”, meaning payments on this loan are deferred so you do not have to make a payment on this assistance until your home is sold, refinanced or paid in full. This helps to keep your monthly mortgage payment affordable

More Posts