File Review Status
Updated 4/22/14, 10am
Approx # of Files in Line for Comp Review
Date Compliance Underwriters are Working
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!
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.
Updated Targeted Area Census Tracts
Revisions to FHA-Mod/HAMP Loan Modification Program
CalHFA to Allow Manual Underwriting for FHA loans
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.
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)
- CHDAP Program Income Limits (when used behind an FHA first) - (08/05/13)
- CHDAP Program Income Limits (when used behind a Conventional/USDA/VA first) - (08/05/13)
Other CalHFA Programs
- CalHFA MCC Program Income Limits (effective: 01/06/14)
Maximum Federal Income Limits
(for use in calculating Recapture and Loan Assumptions)
- Federal Limits for Recapture and Loan Assumption - (04/19/09*)
*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)
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)