The CSHLP offers a below market rate, conventional
first mortgage loan to first-time homebuyers purchasing select real estate
owned (REO) properties in specific California communities.
How The Program Works
The CSHLP provides a special, reduced interest rate on a 30-Year Fixed
Mortgage on certain REO properties that are located in selected counties
and ZIP codes in California. This first loan may also may be used
with Fannie Mae eligible Community Seconds® programs (which are designated
on CalHFA’s AHPP list as “CalHFA MBS Program Eligible”),
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 in
one of these select
properties within California.
A borrower is considered a first-time homebuyer if they have not
owned and occupied a home in the past three (3) years. |
Property Eligibility |
- Existing Single family, one unit residence, including condo/PUDs
- Manufactured housing is not allowed with this program
|
Eligible Property Locations
|
Current
property list
|
Designated County
|
Eligible Zip Codes
|
| Alameda |
| 94601 |
94602 |
94603 |
94605 |
| 94606 |
94607 |
94608 |
94609 |
| 94610 |
94611 |
94612 |
94618 |
| 94619 |
94621 |
|
|
|
| Contra Costa |
All ZIP codes
|
| Kern |
All ZIP codes
|
| Los Angeles |
|
| Merced |
All ZIP codes
|
| Monterey |
All ZIP codes
|
| Riverside |
All ZIP codes
|
| Sacramento |
All ZIP codes
|
| San Benito |
All ZIP codes
|
| San Bernardino |
All ZIP codes
|
| San Joaquin |
All ZIP codes
|
| Solano |
All ZIP codes
|
| Stanislaus |
All ZIP codes
|
|
Special Reduced
Interest Rate |
5.50%
See sample APR below |
Income Limits |
Refer to CalHFA’s income
limits established for the county in which the borrower is
purchasing. |
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 |
Available Through Approved Lenders |
Refer to CalHFA’s approved
lender list for a lender in your area. |
Other Requirements |
Homebuyer education is required for
all borrowers using the CSHLP.
Must qualify for and meet the requirements of the CalHFA first mortgage
loan, the lender, and the mortgage insurer/guarantor. Other program
requirements may apply; please contact an approved
lender for more details. |
For More Information
To learn more about the CSHLP,
contact us at:
CalHFA’s Homeownership Division at 916-324-8088
Email: homeownership@calhfa.ca.gov
P.O. Box 4034 , Sacramento, CA 95812
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.
|
