PROGRAM DESCRIPTION |
The Affordable Housing Partnership
Program (AHPP) is a joint effort between CalHFA and over 300 cities,
counties, redevelopment agencies, housing authorities and nonprofit
housing organizations. Low income first-time homebuyers, who obtain
direct financial assistance from a local government agency or locality with
their down payment and/or closing costs, may be able to obtain
a CalHFA low, fixed rate first
loan.
(The low income reduced interest rate is not available on the
CalHFA interest only PLUSSM or the 40-Year Fixed Mortgage loan
programs.) |
TARGET MARKETS |
This program is intended for low income
first-time homebuyers. |
AFFORDABLE HOUSING PARTNERS & PROGRAMS |
View a list of AHPP
partners and their respective programs. |
PARTICIPATING LENDERS |
CalHFA approved
lenders. |
BORROWER ELIGIBILITY |
Borrowers must meet the following requirements:
- Be a U.S. citizen or permanent resident alien or qualified
alien
- Be a first-time homebuyer
- Occupy the property as their primary residence; non-occupant
co-borrowers are not allowed
- Borrower’s income cannot exceed CalHFA’s income
limits established for the county in which the borrower
is purchasing
- Meet credit, income and loan requirements of the CalHFA lender
and the mortgage insurer
|
PROPERTY ELIGIBILITY |
Properties must meet the following requirements :
- Sales price of the home cannot exceed CalHFA’s sales
price limits established for the county in which the
borrower is purchasing
- Be a single-family, one-unit residence, including condominium /PUD
- Manufactured
housing must meet eligibility requirements
- Meet the requirements of the mortgage insurer/guarantor of
the first mortgage loan
|
TRANSACTION TYPE |
Purchase transactions only. |
INTEREST RATE |
CalHFA offers a reduced interest rate
to low-income borrowers
on the first mortgage loan.
Junior loan interest rate is determined by individual AHPP partners
for their respective programs. |
MAXIMUM LOAN AMOUNT |
First mortgage loan amount is subject
to borrower credit eligibility.
Junior loan amount is determined by individual AHPP partners
for their respective programs.
Under no circumstances can the Combined-Loan-to-Value exceed 102% when utilizing any combination of CalHFA first mortgage loans and subordinate loan products or approved programs. |
HOW TO APPLY |
For instructions on applying for financing,
contact the specific locality or
one of CalHFA’s approved
lenders. |
QUESTIONS |
Questions regarding the Affordable
Housing Partnership Program should be directed to the specific locality ,
CalHFA- approved
lenders or the CalHFA’s Homeownership Division at:
P.O. Box 4034, Sacramento, CA 95812
Phone: 877.9.CalHFA
Email: homeownership@calhfa.ca.gov |
CalHFA does not lend money directly to consumers. We use approved private
lenders to qualify consumers and make all mortgage loans. Rates can vary
depending on loan program and income level.
The information provided in this program description is for guidance
only. While we have taken care to provide accurate information, we cannot
cover every circumstance or program nuance. This program description
is subject to change from time to time without prior notice. CalHFA does
not discriminate on any prohibited basis in employment or in the admission
and access to its programs or activities.