California Housing Finance Agency (CalHFA) - First Time Home Buyer Programs
Program Highlights
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Areas: |
State of California |
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Agency: |
California Housing Finance Agency |
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Web-Site: |
Link to Agency Web Site |
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Contact e-Mail: |
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Contact Us: |
(866) 667-6724 |
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How to Qualify: |
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Eligible Homes for Sale: |
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Program Description: |
First Time Home Buyer Programs |
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Maximum Loan Amount: |
Determined by County |
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Income Restrictions: |
Yes |
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Requires Repayment: |
Yes |
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Requires Matching Funds: |
No |
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Eligible 1st Loan Terms: |
30, 40 Fixed, 35 Fixed/5 yr Interest only |
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Eligible 1st Loan Types: |
FNMA, FHLMC, CalHFA, FHA |
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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
Contribute Home Buyer Comments: Please keep this site up to date and relevant by making comments if you have used this program or are in the process of using it now. By sharing this information it helps all Home Buyers stay informed and up to day.
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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?
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!
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?
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
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.
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%