FIRST MORTGAGE LOAN PROGRAMS

CalHFA Conventional Loans

• interest only PLUS^SM
  This conventional mortgage loan offers up to 95% financing and allows borrowers to pay only the interest for the first five years of a 35-year term. After that, borrowers pay principal and interest at the same low, fixed interest rate for the remaining 30 years.

• 40-Year Fixed Mortgage
  This conventional mortgage loan offers up to 95% financing with a 40-year term and a low, fixed interest rate.

• 30-Year Fixed Mortgage
  This conventional mortgage loan offers up to 95% financing with a 30-year term and a low, fixed interest rate.

Government Insured/Guaranteed Loans

• 30-Year Fixed Government Insured/Guaranteed Mortgage
  This program is for mortgage loans that are insured or guaranteed by FHA, VA or USDA and features a 30-year term with a low, fixed interest rate.

DOWN PAYMENT ASSISTANCE LOAN PROGRAMS

• Affordable Housing Partnership Program (AHPP)
  A joint effort by CalHFA and cities, counties, redevelopment agencies and housing authorities whereby a deferred payment subordinate loan from a locality is utilized by the first-time homebuyer to assist them with down payment and/or closing costs.

• CalHFA Housing Assistance Program (CHAP)
  Offers a deferred-payment second loan of an amount up to the lesser of two percent (2%) of the purchase price or appraised value in CHAP designated areas.

• California Homebuyer's Downpayment Assistance Program (CHDAP)
  Offers a deferred-payment junior loan of an amount up to the lesser of three percent (3%) of the purchase price or appraised value.

• Extra Credit Teacher Home Purchase Program (ECTP)
  A low interest rate CalHFA first loan, together with a forgivable interest CalHFA junior loan to assist eligible teachers, administrators, staff members and classified employees to purchase their first home.

• High Cost Area Home Purchase Assistance Program (HiCAP)
  Designed to assist first-time homebuyers in the highest housing cost areas of the state.

• School Facility Fee Down Payment Assistance Program (SFF)
  A conditional grant program that provides assistance to buyers of newly constructed homes throughout California.

OTHER PARTNERSHIPS AND PROGRAM OPTIONS

• Builder-Lock (BLOCK) Program
  Builders/Developers may purchase forward commitments for permanent mortgage financing for CalHFA-eligible borrowers tied to their construction/marketing program at single family new-home developments anywhere in the state

• HomeChoice Program Information
  A statewide program designed to assist low and moderate income borrowers who are disabled, or have family members with disabilities living with them, in purchasing their first home.

• HUD - Section 8 Housing Choice Voucher Program
  Enables qualified first-time homebuyers to receive monthly assistance for homeownership expenses in lieu of monthly rent aid.

• Self-Help Builder Assistance Program (SHBAP)
  Provides a source of financing to nonprofit 501(c)(3) corporations for site acquisition, site development, and/or home construction.  The program also provides permanent take-out affordable financing through the nonprofit developer for its eligible owner-builders who are participating in the mutual self-help construction method of a defined development sponsored by an eligible 501(c)(3) nonprofit developer.

Homebuyers interested in applying for financing, should contact one of CalHFA's approved lenders.

CalHFA does not lend money directly to consumers. CalHFA works through and uses approved private lenders to qualify consumers and to make all mortgage loans. CalHFA purchases closed loans that meet CalHFA's requirements. The fees consumers pay could be different depending on the lender and the program.