PROGRAM DESCRIPTION

The School Facility Fee Down Payment Assistance Program is designed to provide qualified homebuyers with assistance to purchase their newly constructed home. Eligible applicants receive a conditional grant based on either a partial or full rebate of the school facility fees paid by the builder.

The assistance can be used for down payment, closing costs, or any costs associated with the buyer’s first mortgage loan, subject to acceptance by the mortgage lender and the mortgage insurer.

Processing fees to the borrower are not allowed under the School Facility Fee Down Payment Assistance Program.

TARGET MARKETS

This program is intended for California homebuyers purchasing newly constructed single family homes or condominiums.

PARTICIPATING LENDERS

Can be accessed by any lender or directly by homebuyer.

PROGRAM #1-

ECONOMICALLY

DISTRESSED AREA

Eligibility requirements:

• Purchasing newly constructed home not previously owned or occupied
• Building permit issued on or after 1/1/2002
• Home must be located in an eligible designated economically distressed county and sales price of the home cannot exceed Program’s sales price limits. Eligible counties & maximum sales price limits are:

• Intend to occupy the home for five years
• Manufactured housing must meet eligibility requirements

PROGRAM #2- FIRST-TIME HOMEBUYER MODERATE INCOME LIMITS

Eligibility requirements:

• Purchasing newly constructed home
• Building permit issued on or after 1/1/2002
• Be a first-time homebuyer
• Be within HCD-defined moderate income limits established for the county in which the borrower is purchasing
• Intend to occupy the home for five years
• Manufactured housing must meet eligibility requirements

TRANSACTION TYPE

Purchase transactions only.

MAXIMUM GRANT AMOUNT

Amount of assistance is based on the eligible school facility fees paid by the builder. Eligible applicants will receive either a partial or full rebate of the school facility fees paid by the builder, depending on which program they qualify for.

REPAYMENT OF GRANT

If the buyer occupies their home for five years, the full amount of the grant is forgiven. If the home is owner-occupied less than five years, the grant must be repaid on a pro rata basis.

HOW TO APPLY

To acquire an application with complete instructions call 916.445.8616.

QUESTIONS

Questions regarding the School Facility Fee Down Payment Assistance Program should be directed to CalHFA’s Homeownership Division at:

P.O. Box 4034 , Sacramento, CA 95812
Phone: 877.9.CalHFA
Email: homeownership@calhfa.ca.gov