California Housing Finance Agency (CalHFA) – First Time Home Buyer Programs

Not sure where to start? Take a moment to view this informative YouTube video that explains the process for applying for and qualifying for down payment assistance – Click Here to View this Video

Need Help Finding Down Payment Assistance?

Education is our passion – You can arm yourself against deceptive and unethical “Real Estate Professionals” by educating yourself about the home buying process.

These informative and convenient on-line classes will empower you with the ability to make educated financial decisions about choosing a lender, real estate agent, loan program and understanding everything that happens during the home buying process. Bookmark this page and check back often for new dates, times and classes.

Schedule of Homebuyer Education Classes – Click Here

Program Highlights

Areas:	State of California
Agency:	California Housing Finance Agency
Web-Site:	Link to Agency Web Site
Contact e-Mail:	Request More Information
Contact Us:	(866) 667-6724
How to Qualify:	Inquire Here
Eligible Homes for Sale:	Search using Listingbook

Program Description:	First Time Home Buyer Programs
Maximum Loan Amount:	Determined by County
Income Restrictions:	Yes
Requires Repayment:	Yes
Requires Matching Funds:	No
Eligible 1st Loan Terms:	30, 40 Fixed, 35 Fixed/5 yr Interest only
Eligible 1st Loan Types:	FNMA, FHLMC, CalHFA, FHA
Ineligible 1st Loan Types:	N/A

Program Summary

The California Housing Finance Agency offers First Time Home Buyer programs to specifically meet the needs of home buyers in the State of California. CalHFA offers first mortgages to 95% with a wide variety of down payment assistance options that results in essentially no money out of pocket for down payment and in some cases closing costs.

Program Details

First Mortgage Loan Programs:

interest only PLUS - 35 year fixed rate mortgage / Interest only for the first 5 years
30 Year Fixed - 30 year fixed, fully amortized mortgage
40 Year Fixed - 40 year fixed, fully amortized mortgage

Down Payment Assistance Loan Programs:

CalHFA Housing Assistance Program (CHAP): Offers a deferred payment down assistance loan up to 2% of the purchase price or appraised value, whichever is less, in CHAP designated areas.
California Homebuyers Downpayment Assistance Program (CHDAP): Offers a deferred payment loan up to 3% of the purchase price or appraised value. May be used for either down payment assistance or closing costs.
Extra Credit Teacher Home Purchase Program (ECTP): is designed to make homeownership a possibility for eligible teachers, administrators, classified employees and staff members working in high priority schools in California.

Purchase Price Limits: Purchase price limits are determined by County and Area – See guidelines here

Income Limits: Income restrictions are determined by County and number of occupants in home. See guidelines here

Payments: Payments on all down payment assistance loans are deferred for the term of the first mortgage. Repayment is required if first mortgage is either refinanced or home is sold.

Recapture: Under certain circumstances, there is a recapture feature to CalHFA first mortgages – see guidelines here

If you have questions about this or any other down payment assistance programs that may be available in your area call us at 1-866-667-6724 or Click Here if you would like us to research programs you may qualify for.

For a complete list of upcoming no-cost on-line home buyer classes, follow this link – Upcoming First Time Homebuyer Classes

Share and Enjoy:

Tagged as: CalHFA, chap, chdap, closing cost assistance, down payment assistance, ectp Hicap, first time home buyers, first timer home buyer programs

{ 6 comments… read them below or add one }

Steve Clarey July 12, 2008 at 12:50 am: Can you use these programs on manufactured housing in general?

Specifically, I have a buyer that is disabled. He has income and credit but no down. He has found a nice moble in a park that’s perfect for him – what type of down or closing cost help would there be for him and his family?
PorchLightScott July 23, 2008 at 3:50 am: Hi Steve,

CalHFA does have a program for folks that had “disabled” dependents. The fact that they are looking for a mobile home is an entirely different factor. Mobile’s have a maximum of 90% LTV. There are some down payment assistance programs available through CalHFA but they do not toal 10%.

If you recieve a “gift” from a relative (either blood or marriage) there may be options.

You can reach us with further questions either at 866-667-6724 or our Product Specialist is Rick Kent at RKent@MyPorchLight.com

Thanks for your inquiry!
Elizabeth Peralta July 24, 2008 at 10:57 pm: HI,

I have a Teacher that ownes a mobilehome, would she be able to qualify as a first time buyer, and if so can she use the teachers assistance program and also any other first time home buyer assistance program and combine them?
PorchLightScott July 27, 2008 at 6:21 am: Hi Elizabeth,

If they own a mobile home on leased land they can still be considered a first time home buyer. If the meet all other criteria she could still qualify for CalHFA programs
Lindsey November 7, 2008 at 6:57 pm: I have a borrower who is doing an FHA first but is purchasing a manufactured home and needs the Chdap program to help. Please advise what the max. ltv/cltv is if we have FHA 1st.
PorchLightScott November 10, 2008 at 6:49 pm: Hi Lindsey,

CHDAP is still available through CalHFA. The total assistance is 3% through CHDAP. If you buy before Jan. 1st, that would cover your down payment. After Jan 1st, FHA down payment requirements increase to 3.5%