Affordable Housing Partnership Program (AHPP)

 

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

IMPORTANT DISCLOSURE INFORMATION:

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.

03/08