• Be a first-time homebuyer, which is defined as a person(s) who has not had an ownership interest in their primary residence during the previous three years.
  (Requirement is waived if property is located in a Federally designated "Targeted Area*". To find the boundaries of an eligible Targeted Area go to http://nkca.ucla.edu/Master.cfm?Content=Map&ZoomTo=tract. Select County, then enter the six-digit census tract number. A map outlining the boundary streets will appear. (Note: do not enter the decimal point and use leading zeroes, e.g. Alameda- 407500; Los Angeles- 570603 San Diego- 010012; Tulare 002202))

• Have an annual household/family income that does not exceed income limits for the family size and county in which the home is located.

• Have enough money to cover the required down payment (usually 3% to 5%) plus closing costs. Some restrictions apply to gifts.
  • To help with this requirement, CalHFA offers down payment assistance programs and programs to help with closing costs. Plus, these programs can be combined with the first mortgage programs. A list of these and other programs can be found at www.calhfa.ca.gov/homeownership/programs.

• Property must be owner-occupied for the term of the loan or until sold.

• Meet credit, income and loan requirements of the CalHFA lender and the mortgage insurer.

• Be a citizen or other national of the United States or a qualified alien as defined by the federal Personal Responsibility and Work Opportunity Reconciliation Act of 1996 (PRWORA)

• All borrowers must have completed homebuyer education counseling and received a certificate of completion through an eligible homebuyer counseling organization.
  • 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.
    • Fannie Mae Homebuyer Counseling Counselors/Administrators Search
    • Freddie Mac Homebuyer Counseling Counselors/Administrators Search
      
    • Genworth Homebuyer Counseling Online Option
    • HUD-approved Housing Counselors
    • U.S. Department of Housing and Urban Development
      451 7th Street, S.W., Washington, DC 20410
      Telephone: (202) 708-1112 

*Targeted Areas: Census tracts in which 70% or more of the families have income, which is 80% or less of the statewide median family income.

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.