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CalHFA First Loans
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Junior Loan Subordinations
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News & Updates
Program Bulletin #2015-09 - Updated Sales Price Limits
Program Bulletin #2015-08 - Updated Income Limits for the Mortgage Credit Certificate (MCC) Tax Credit Program
Housing Matters Newsletter
Summer 2015, Vol 25
Updated Income Limits for CalHFA FHA, CalPLUS FHA, Cal-EEM + Grant, CHDAP and ECTP
Automatic 30-day extension on all expired CalHFA first mortgage loan reservations
CalPLUS FHA First Mortgage Loan Now Includes ZIP Extra
Fannie Mae AMDC No Longer Required For CalHFA Conventional Programs
Did You Know?
Lenders receive a 1% Service Release Premium in addition to the origination fee on all CalHFA first mortgages!
Loan Program Handbook 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)
CalPLUS Conventional Loan Program
The CalPLUS Conventional program is a first mortgage loan insured through private mortgage insurance on the conventional market. This loan is fully amortized for a 30-year term and is combined with the CalHFA Zero Interest Program (ZIP) for down payment assistance and/or closing costs. First-time homebuyers can receive more down payment assistance through ZIP Extra.
CalHFA Conventional Loan Program
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.
Government Insured Loans (FHA Program Matrix)
CalPLUS FHA Loan Program Handbook
The CalPLUS 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 and is combined with the CalHFA Zero Interest Program (ZIP) for down payment assistance and/or closing costs.
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.
Cal-EEM + Grant Program
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
California Homebuyer's Downpayment Assistance Program (CHDAP) Handbook
Offers a deferred-payment junior loan of an amount up to the lesser of three percent (3%) of the purchase price or appraised value to assist with down payment and/or closing costs. (CHDAP Program Summary)
Extra Credit Teacher Home Purchase Program (ECTP) Handbook
Program intended for eligible teachers, administrators, classified employees and staff members working in high priority schools in California. Offers a deferred-payment junior loan of an amount not to exceed the greater of $7,500 or 3% of the sales price or in CalHFA-defined high cost areas an amount not to exceed the greater of $15,000 or 3% of the sales price. Assistance can be used for down payment. (ECTP Program Summary)
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 (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.
-- Becoming a CalHFA MCC participating lender
-- Access MCC Training
-- MCC Participating Lenders