FIRST
MORTGAGE LOAN PROGRAMS
CalHFA
Conventional Loans
- interest
only PLUSSM
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
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.
- 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.
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.
- 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. |