HomeChoice is a statewide
program designed to assist low
and moderate income borrowers who are disabled, or have family members
with disabilities living with them, in purchasing their
first home.
How The Program Works
Borrowers can obtain a 30-year fixed first home loan
with an interest rate as low as 4% and a second home
loan that does not exceed 2% of the sales price, which
is deferred until the first loan is paid off. The second home loan is only available for properties located in a CHAP-designated
area. This
is a cooperative effort on the part of CalHFA and the
California HomeChoice Coalition to assist disabled
Californians in purchasing their first home by participating
in Fannie Mae's HomeChoice Program.
Program Elements
Requirements |
Details
and Reference Sources |
Borrower Eligibility
|
Must be a first-time
homebuyer purchasing a primary residence. Must
be disabled or have a family member with a disability
living with them. |
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 sales
price limits established for the county
in which the borrower is purchasing. |
Citizenship |
Be a U.S. citizen,
permanent resident alien or other qualified alien. |
Property Eligibility |
Single family, one
unit residence, including condominium /PUD. |
Available Through
Guild Mortgage |
If interested, you
must contact California HomeChoice Coalition
toll free at 888-346-9700. |
Other Requirements |
Must meet the credit
standards and other loan requirements of Fannie
Mae, CalHFA, and the mortgage insurer. Other
program requirements may apply. |
For More Information
To learn more about HomeChoice , you can contact
California HomeChoice Coalition toll free at 888-346-9700,
visit Fannie Mae’s web site at http://www.fanniemae.com,
or contact us at:
CalHFA Homeownership Division
P.O. Box 4034 , Sacramento, CA 95812
Phone: 877-9-CalHFA
Email: homeownership@calhfa.ca.gov
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.
|
