Loan Scenario Calculator
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News & Updates
Get to know CalHFA and our programs
Program Bulletin #2016-24 Clarification to CalHFA's Rate Lock Extension Options
Program Bulletin #2016-23 Update to CalHFA's Wire Account Policy and Elimination of the MSV-II Document
Program Bulletin #2016-22 Updates to CalHFA's Disclosure Requirements for CalHFA Subordinate Loans and the Zero Interest Program (ZIP)
Program Bulletin #2016-21 New Zero Interest Program Interest Rate Disclosure
Program Bulletin #2016-20 CalHFA Offers New Rate Lock Extension Options with Lower Fees
Program Bulletin #2016-19 Conventional High-Balance Loans Available November 1
Program Bulletin #2016-18 Updates to CalHFA Subordinate Loan Programs
Program Bulletin #2016-17 CalHFA Adds Additional Rate Lock Option
Did You Know?
Lenders receive a 1% Service Release Premium in addition to the origination fee on all CalHFA first mortgages!
Loan Program Handbooks for Lenders, Realtors, and Non-Profits
CalHFA has organized its program information into convenient handbooks for easy reference. All the information for a given program—from qualifying criteria to forms & docs—is collected in one easy place. You can print them out for desktop reference, or browse and search them online in PDF format. Get familiar with their layout, and you'll be a CalHFA program whiz in no time.
FIRST MORTGAGE PROGRAMS
Conventional Loans (Conventional Program Matrix)
Lender Training Video: Conventional First Mortgage Products
A description of how your clients can benefit from CalHFA's Conventional Loan Programs. Don't forget to take the exam after each video for a verification of training.
CalHFA Conventional Loan Program Handbook
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 Handbook
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, prepaid items and principal reduction.
Government Insured Loans (FHA Program Matrix)
Lender Training Video: FHA First Mortgage Products
A description of how your clients can benefit from CalHFA's FHA Loan Programs. Don't forget to take the exam after each video for a verification of training.
CalHFA FHA Loan Program Handbook
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 Handbook
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, prepaid items and principal reduction.
Cal-EEM + Grant Program Handbook
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.
DOWN PAYMENT ASSISTANCE PROGRAMS
MyHome Assistance Program Handbook
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) Handbook
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.
Subordination Process for CalHFA Junior Loans
Recent legislation has enabled CalHFA to subordinate existing junior loans if homeowners meet certain eligibility requirements. This legislation will help existing homeowners keep their homes by allowing them to refinance their existing first mortgage and not be forced to pay off their existing CalHFA junior loan(s).
- CalHFA Subordination Process - Please review these instructions for where to submit subordination requests
- CalHFA Subordination Application
- CalHFA Subordination Checklist
Please review these instructions for where to submit subordination requests
OTHER PARTNERSHIP & PROGRAM OPTIONS
Mortgage Credit Certificate Tax Credit Program Handbook (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.
Updates and changes will be announced from time to time via a Program Bulletin ("Program Bulletin" or "Program Bulletins") and Lenders should sign up for Enews announcements and monitor CalHFA’s website for specific Program Bulletin updates and changes to the Program Manual.
Whenever possible, CalHFA will provide its Lenders a five (5) business day notice via a CalHFA Program Bulletin or Enews announcement regarding program and policy changes.
Some exceptions may apply to the notification policy, such as daily interest rate announcements and changes directed by other state (e.g. State Treasurer’s Office), federal (e.g. GSEs, FHA) or private (e.g. Master Servicer and Mortgage Insurance provider) partners who have not allowed sufficient time for a 5-day notification.