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The Scenario Calculator helps you compare CalHFA loans to determine what loan scenario works best for your client. (Best viewed in IE9 or higher, Chrome, Firefox or Safari)

File Review Status

Updated 07/01/2015

Item Detail

CalHFA First Loans

Approx First Loans in Line for Review (including any CHDAP junior loan)

17

Date Compliance Reviewers are Working

Jun 29

CHDAP Stand Alone

Approx CHDAP Stand Alone Loans in Line for Review

137

Date Compliance Reviewers are Working

Jun 19

Junior Loan Subordinations

Approx Junior Loan Subordinations in Line for Review

15

Date Reviewers Are Working

June 25

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

Bulletin 2015-07
Updated Income Limits for CalHFA FHA, CalPLUS FHA, Cal-EEM + Grant, CHDAP and ECTP

Bulletin 2015-06
Automatic 30-day extension on all expired CalHFA first mortgage loan reservations

Bulletin 2015-05
CalPLUS FHA First Mortgage Loan Now Includes ZIP Extra

Bulletin 2015-04
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!

Become a hero to your borrower. CalHFA presents Calplus Conventional 101. Click here to see how.

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).

Please review these instructions for where to submit subordination requests

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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