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File Review Status

Updated 4/16/14, 9am

Item Detail

Approx # of Files in Line for Comp Review

40

Date Compliance Underwriters are Working

Apr. 11
News & Updates

Bulletin 2014-07
Revisions to the CHDAP program

Did You Know?
Lenders receive a 1% Service Release Premium in addition to the origination fee on all CalHFA first mortgages!

Bulletin 2014-06
New Maximum DTI Ratio

ECTP Rate Reduction
Beginning March 17, 2014, the ECTP starting interest rate will be reduced from 5% to 3%. The interest rate will then decrease by 1% each year that the eligible borrower works in the high priority school. Once they've worked three years in the school, the interest will be forgiven.

Bulletin 2014-05
Updated Targeted Area Census Tracts

Bulletin 2014-04
Revisions to FHA-Mod/HAMP Loan Modification Program

Bulletin 2014-03
CalHFA to Allow Manual Underwriting for FHA loans

March Training
Dates for the March Lender Training have been posted.

Income & Sales Price Limits

CalHFA assists low and moderate-income homebuyers in the realization of their goal of homeownership in California. CalHFA offers low interest rates to first-time homebuyers who meet the income and sales price limits for the County in which they wish to purchase. Borrowers are to contact an approved CalHFA Lender for complete program details.

Income Limits

CalHFA's income limits cannot exceed certain federal maximum limits. In order to reach certain policy goals, CalHFA may set income limits below the federal limits.

CalHFA offers low interest rates for low to moderate income first time homebuyers in California.

Income limits may be different for each program, please choose the program's limits you need from the list below.

CalHFA First Mortgage Programs

CalHFA Subordinate Program(s)

Other CalHFA Programs

Maximum Federal Income Limits
(for use in calculating Recapture and Loan Assumptions)

*The IRS Revenue Procedure 2010-23 allows CalHFA to use the 2009 published income limits. Therefore, in 2010, first mortgage programs may use the income limits published April 20, 2009 by CalHFA Homeownership Program Bulletin #2009-05)

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Sales Price Limits

The following are the maximum Single Family Program Sales Prices for eligibility purposes for new construction and existing (resale) homes.

"Sales Price" for purposes of eligibility, refers to the total contract sales price (acquisition cost*) as shown on the settlement statement (HUD-1) of acquiring a residence from the seller as a completed unit, expenses paid by the borrower on behalf of the seller, and any liens or assessments to which the home is subject.

*"Acquisition Cost" means the cost of acquiring a residence from the seller as a completed unit. The term does not include usual and reasonable settlement or financing costs. It does include the amount of any lien or assessment to which the home is subject.

CalHFA Sales Price Limits - (08/5/13)

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