CalHFA is currently offering single family homes for sale that
are Real Estate Owned (REO). These homes are located in various
areas throughout northern and southern California. If you are
a first-time homebuyer and meet other eligibility criteria,
you may qualify to purchase one of these homes using
special financing from CalHFA.
How The Program Works
This conventional or government insured/guaranteed first mortgage
loan program features a below market, 30-year, fixed interest
rate, fully amortized loan reserved for CalHFA REO properties
as selected by CalHFA. The SMART program may be used with approved
subordinate financing programs, which can be found on CalHFA’s
AHPP list, 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. Additional borrower
requirements apply. |
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 borrower
is purchasing. |
Citizenship |
Be a U.S. citizen,
permanent resident alien or other qualified alien |
Property Eligibility |
- Property must be a
designated CalHFA REO.
See
property list
- Property
must meet CalHFA and applicable mortgage insurer’s
underwriting and property guidelines
- Property must be vacant
- Manufactured housing is NOT eligible
Additional property
requirements apply. |
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 |
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 SMART Loan Program, contact
us at:
CalHFA REO Manager
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. We use approved private lenders
to qualify consumers and make all mortgage loans. Rates can
vary depending on loan program and income level. View
the sample Truth in Lending disclosure here
|
