CalHFA FHA Loan Program
This CalHFA FHA loan program is designed to enhance affordability and homeownership opportunities by offering a low, fixed interest rate that will not change during the entire loan term. This program is intended for first-time homebuyers who meet specific income and sales price requirements and who are purchasing a new or existing home anywhere in California.
How The Program Works
The CalHFA FHA offers financing up to 96.5% of the purchase price or appraised value whichever is less. To make owning your first home more affordable, down payment and closing cost assistance may be obtained when combining this CalHFA first mortgage with CalHFA junior loan programs.
Program Elements
REQUIREMENTS
DETAILS AND REFERENCE SOURCES
First-Time Homebuyer
Borrower must be a first-time homebuyer purchasing a primary residence intended for owner-occupancy.
A borrower is considered a first-time homebuyer if they have not owned and occupied a home in the past three (3) years.
Income Limits
Refer to CalHFA's income limits established for the county in which the property is located.
Sales Price Limits
Refer to CalHFA's published sales price limits for the county in which the property is located.
Citizenship
Be a U.S. citizen, permanent resident alien or other qualified alien.
Property Eligibility
* Existing single family, one-unit residence, including condominium/PUDs.
* Manufactured housing is not permitted.
* Leaseholds/Land Trusts are not allowed with this program
Available Through Approved Lenders
Refer to CalHFA's approved lender list for a lender in your area.
Down Payment and
Closing Cost Assistance CalHFA offers the California Homebuyer's Downpayment Assistance Program (CHDAP) which can be used for down payment and/or closing cost assistance.
CalHFA has partnered with over 300 local agencies under the Affordable Housing Partnership Program (AHPP) which can be combined with the CalHFA FHA for down payment and closing cost.
For more information refer to a CalHFA approved lender.
Homebuyer Education Homebuyer education is required for each CalHFA borrower. CalHFA will accept a homebuyer's education counseling certificate of completion issued through Fannie Mae or Freddie Mac counseling administration agencies, mortgage insurance companies, or HUD-approved homebuyer counselors. CalHFA accepts education completion via online, in-person, or phone.
* Fannie Mae Homebuyer Counseling Counselors/Administrators Search
* Freddie Mac Homebuyer Counseling Counselors/Administrators Search
* HUD-approved Housing Counselors
Other Requirements
Borrowers and properties must qualify for and meet the requirements of the CalHFA lender and FHA. Other program requirements may apply; please contact a CalHFA-approved lender for more details.
For More Information
To learn more about the CalHFA FHA loan program, contact us at:
415-680-0811
