CalHFA

California Housing Finance Agency

To determine the best kind of loan for your unique needs, be sure to discuss your home loan options with one of our Loan Officers.

Are You a First-Time Homebuyer?

With CalHFA a first-time homebuyer is defined as someone who has not owned and occupied their own home in the last three years. That means if you’ve never owned a home, you’re a first-time homebuyer. It also means that if you owned your home three or more years ago, but sold it, you are right back to being a first-time homebuyer again, and you can take advantage of all of the benefits of CalHFA’s first-time homeownership programs

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Borrower Requirements

Each loan program that CalHFA offers to first-time homebuyers can have different criteria for income limits, minimum credit scores, citizenship etc.

In general these are borrower eligibility requirements for all CalHFA programs:

  • You must be a U.S. citizen, permanent resident or other qualified alien.
  • You will need to meet credit, income and loan requirements of the CalHFA-approved lender and the mortgage insurer.
  • You will need to live in the home you are purchasing for the entire term of the loan, or until the home is sold or refinanced.
  • CalHFA borrowers must complete homebuyer education counseling and obtain a certificate of completion through an eligible homebuyer counseling organization.
  • You must be a first-time homebuyer, which is defined as someone who has not owned and occupied a home in the past 3 years. Exceptions to this rule are if you are purchasing a home in a targeted area or if you are a veteran. These exceptions can allow non-first-time homebuyers to apply for a CalHFA loan.

All types of properties, from single family homes to condominiums, throughout the entire state can be eligible for CalHFA financing. There is a limit on the sales price, however, and these limits vary depending on the county in which the home is being purchased.

Our Loan Types

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Home Ownership Affordable Program (HARP)

Federal Housing Administration (FHA)

FHA Streamline

Veterans Administration Loans

VA Interest Rate Reduction Finance Loan (IRRRL)

Conventional Loan

USDA Rural Housing Loans

California Housing Finance Authority (CalHFA)

Home Ownership Affordable Program (HARP)

HARP is a Mortgage Refinance Loan that is designed to help homeowners, who have not been late on their mortgage payments and who have been denied loans because of their declining property values, get a new more affordable, more stable mortgage without the Property Value limitations.

Federal Housing Administration (FHA)

FHA Loan is a Mortgage Loan that is insured and backed by the Federal Housing Administration. This loan is often used by First Time Homebuyers since the program has low down payment and flexible credit requirements.

FHA Streamline

FHA Streamline is a Refinance Loan Program that is designated to reduce an existing FHA loan’s current Interest Rate, Loan Term or both. Typically this loan does not require borrower’s to provide income qualifications or a property Appraisal.

Veterans Administration Loans

VA Loan is a mortgage loan that is guaranteed by the U.S. Department of Veterans Affairs. This loan is designated for eligible American Veterans or their surviving spouses and offers 100% financing with no mortgage insurance to the borrowers.

VA Interest Rate Reduction Finance Loan (IRRRL)

VA IRRRL is a Refinance Loan Program that is designated to reduce en existing VA loan’s current Interest rate, Loan Term or both. Typically this loan does not require borrower’s to provide income qualifications or a property Appraisal.

Conventional Loan

A Conventional Loan is a Mortgage Loan that is not insured or guaranteed by any Government Agency. Conventional loans adhere to Fannie Mae guidelines and typically require excellent credit and larger down payment. Unlike FHA and VA Loans, Conventional loans can be used to finance a primary residence, a second home, or an investment property.

USDA Rural Housing Loans

USDA is a mortgage loan that offers 100% financing in rural areas and is guaranteed by the United States Department of Agriculture. USDA loans and have low interest rates and have flexible underwriting guidelines and can be used for Purchase or Refinance transactions.

California Housing Finance Authority (CalHFA)

CalHFA is a First Time Homebuyer loan that is can be used as a First Mortgage Loan or as a Down Payment Assistance Loan. CalHFA loans have eligibility requirements based on Income, Household members, and County Limits.

Find out if an CalHFA Loan is right for you. Take a moment to fill out an application or call to speak with an experienced Loan Officer today.