CalHFA - School Facility Fee Down Payment Assistance Program

The School Facility Fee Down Payment Assistance Program (SFF) 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 SFF 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:

County	Sales Price Limits
Fresno	$530,950
Imperial	$449,400
Kern	$496,475
Kings	$446,355
Madera	$474,075
Merced	$571,288
San Joaquin	$444,650
Shasta	$566,213
Stanislaus	$687,050
Tulare	$460,250

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

Eligible applicants will receive either a partial or full rebate (conditional grant) of the eligible school facility fees paid by the builder, depending on the program for which they qualify.

REPAYMENT OF GRANT

If the buyer occupies their home for five years, the full amount of the conditional grant is forgiven. If the home is owner-occupied less than five years, the conditional 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

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.

09/08