FIRST MORTGAGE LOAN PROGRAMS

CONVENTIONAL LOAN PROGRAMS

Cal30 - Conventional
This conventional first mortgage features a fixed interest rate, fully amortized loan over a 30-year term.  It has a maximum Loan-to-Value (LTV) of 95% and a maximum total Combined Loan-to-Value (CLTV) of 102%. 

REAL ESTATE OWNED (REO) LOAN PROGRAMS

• SMART Loan Program (select CalHFA-owned properties)
  This program offers a special reduced interest rate and up to 100% Loan-to-Value (LTV) financing for designated CalHFA-owned properties.

• CalHFA Community Stabilization Home Loan Program
  This program helps first-time homebuyers purchase vacant homes that are owned by participating financial institutions in certain areas of California.

DOWN PAYMENT ASSISTANCE LOAN PROGRAMS

• Affordable Housing Partnership Program (AHPP)
  A joint effort by CalHFA and cities, counties, redevelopment agencies and housing authorities whereby a deferred payment subordinate loan from a locality is utilized by the first-time homebuyer to assist them with down payment and/or closing costs.

• California Homebuyer's Downpayment Assistance Program (CHDAP)
  Offers a deferred-payment junior loan of an amount up to the lesser of three percent (3%) of the purchase price or appraised value.

OTHER PARTNERSHIPS AND PROGRAM OPTIONS

• HUD - Section 8 Housing Choice Voucher Program
  Enables qualified first-time homebuyers to receive monthly assistance for homeownership expenses in lieu of monthly rent aid.

Homebuyers interested in applying for financing should contact one of CalHFA's approved lenders.

CalHFA does not lend money directly to consumers. CalHFA works through and uses approved private lenders to qualify consumers and to make all mortgage loans. CalHFA purchases closed loans that meet CalHFA's requirements. The fees consumers pay could be different depending on the lender and the program.