This conventional Cal30 first mortgage loan program is designed to enhance affordability and homeownership opportunities by offering a fixed interest rate that will not change during the entire loan term. This program is intended for first-time homebuyers who meet specific income requirements and who are purchasing a new or existing home in California.
How The Program Works
The Cal30 Conventional loan offers up to 95% financing. This first mortgage loan may also be combined with CalHFA junior loan programs for down payment and closing cost assistance to make owning your first home more affordable.
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 first-time homebuyer is defined as a person(s) who has not had an ownership interest in their primary residence during the previous three years, except for qualified veterans pursuant to the Heroes Earnings Assistance and Relief Tax Act of 2008 or unless the home is located in a federally designated Targeted Area. |
Income Limits |
Refer to Cal30
income limits established for the county in which the property is located |
Sales Price Limits |
Sales
price cannot exceed the published CalHFA 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
- A borrower may not own any additional properties (rental, second home) at the time of closing on this purchase
|
Available Through
Approved Lenders |
Refer
to CalHFA’s approved
lender list for a lender in your
area. |
| Homebuyer Education |
Homebuyer
education is required for each borrower using
this program. CalHFA will accept a homebuyer’s
education counseling certificate of completion
issued through Fannie Mae or Freddie Mac identified
counseling administration agencies, mortgage
insurance companies, or HUD-approved homebuyer
counselors. CalHFA accepts education completion
via online, face-to-face, or phone.
|
Other Requirements |
Borrowers and properties must qualify for and meet the requirements of the CalHFA first mortgage loan, the lender, Fannie Mae and the mortgage insurer. Other program requirements may apply; please contact a CalHFA-approved
lender for more details.
|
For More Information
To learn more about Cal30, contact
us at:
CalHFA Homeownership Division
P.O. Box 4034 , Sacramento, CA 95812
Phone: 877.9.CalHFA
Email: homeownership@calhfa.ca.gov
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. View
the sample Truth in Lending disclosure here
|
