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Video thumb Video: Cal-EEM + Grant helps homebuyers with $24,000 of energy upgrades

CalHFA's Homebuyer Education


ONLINE: You can take eHome's eight-hour Homebuyer Education course online

IN-PERSON: face-to-face Homebuyer Education through NeighborWorks America or any HUD-Approved Housing Counseling Agency

Eligibility Questions?

 

Contact Us

Call Toll Free 877.9.CalHFA (877.922.5432)



Loan Programs

CalHFA offers a variety of loan programs to help you purchase a home in California.

FIRST MORTGAGE PROGRAMS

Conventional Loans

CalHFA Conventional Loan Program
The CalHFA Conventional program is a first mortgage loan insured through private mortgage insurance on the conventional market. The interest rate on the CalHFA Conventional is fixed throughout the 30-year term.

CalPLUS Conventional Loan Program
The CalPLUS Conventional program is a conventional first mortgage with a slightly higher fixed interest rate than our standard conventional program. This loan is fully amortized for a 30-year term and is combined with the CalHFA Zero Interest Program (ZIP) for closing costs.

Government Insured Loans

CalHFA FHA Loan Program
The CalHFA FHA program is an FHA-insured loan featuring a CalHFA fixed interest rate first mortgage. This loan is fully amortized for a 30-year term.

CalPLUS FHA Loan Program
The CalPLUS FHA program is an FHA-insured first mortgage with a slightly higher fixed interest rate than our standard FHA program. This loan is fully amortized for a 30-year term and is combined with the CalHFA Zero Interest Program (ZIP) for closing costs.

Cal-EEM + Grant Program
The Cal-EEM + Grant program combines an FHA-insured Energy Efficient Mortgage first mortgage loan with an additional Cal-EEM Grant, making energy efficient improvements even easier. The interest rate on the Cal-EEM is fixed throughout the 30-year term.

CalHFA VA Loan Program
The CalHFA VA program is a VA-insured loan featuring a CalHFA fixed interest rate first mortgage. This loan is fully amortized for a 30-year term.

 

DOWN PAYMENT ASSISTANCE PROGRAMS

The money you put "down" or the down payment on your home loan can be one of the largest hurdles for many first-time homebuyers. That's why CalHFA offers several options for down payment and closing cost assistance. This type of assistance is often called a second or subordinate loan. CalHFA's subordinate loans are "silent seconds", meaning payments on this loan are deferred so you do not have to make a payment on this assistance until your home is sold, refinanced or paid in full. This helps to keep your monthly mortgage payment affordable.

MyHome Assistance Program
Offers a deferred-payment junior loan of an amount up to the lesser of three and half percent (3.5%) of the purchase price or appraised value to assist with down payment and/or closing costs.

Extra Credit Teacher Home Purchase Program (ECTP)
This program is for teachers, administrators, school district employees and staff members working for any California K-12 public school, which includes Charter schools and county/continuation schools. Applicants must also be first-time homebuyers. Offers a deferred-payment junior loan of an amount not to exceed the greater of $7,500 or 3.5% of the sales price or in CalHFA-defined high cost areas an amount not to exceed the greater of $15,000 or 3.5% of the sales price. Assistance can be used for down payment and/or closing costs.

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MORTGAGE CREDIT CERTIFICATE TAX CREDIT PROGRAM

As a result of possible federal tax reform, please see below for important MCC reminders:

 

- As of November 17, 2017, a Mortgage Credit Certificate may not be used for credit qualifying purpose for any CalHFA first mortgage loan.

 

- All loans must be closed AND the complete MCC package must be submitted AND cleared of deficiencies by eHousingPlus on or prior to December 18, 2017 so MCC certificates may be issued prior to year-end. There is no guarantee that MCC certificates can be issued for any MCC package not meeting the deadline.

 

- Lenders may continue to reserve MCCs for non-credit qualifying purposes, but be mindful of the December 18, 2017 deadline.

 

- CalHFA first mortgage loans in which an MCC was used for credit qualifying purposes that have not closed by December 18, 2017 AND fail to meet the above deadline may be subject to re-underwriting and requalifying without the MCC

 

Due to the uncertain outcome of the tax reform legislation, CalHFA will not obtain any additional allocation for MCCs in the future. Please see the eHousingPlus system for remaining availability figures for CalHFA's MCC program.

 

Mortgage Credit Certificate Tax Credit Program (MCC)
A federal credit which can reduce potential federal income tax liability, creating additional net spendable income which borrowers may use toward their monthly mortgage payment. This MCC Tax Credit program may enable first-time homebuyers to convert a portion of their annual mortgage interest into a direct dollar for dollar tax credit on their U.S. individual income tax returns.

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