Current Interest Rates

California Housing Finance Agency
INTEREST RATE SCHEDULE

Effective April 22, 2008
Interest Rate1
FIRST MORTGAGE FIXED RATE LOAN PROGRAMS  
35 Year Fixed Mortgage  
   interest only PLUSSM (loan amounts of $450,000 or less) 7.000%
   interest only PLUSSM (loan amounts in excess of $450,000) 7.375%
   
40 Year Fixed Mortgage 7.125%
   Self-Help Builder Assistance Program (SHBAP)3 - Low Income Only 3.250%
   
30 Year Fixed Mortgage  
   Moderate Income 7.000%
   Low Income2 6.500%
   
   Nonprofits3 & Affordable Housing Partnership Program (AHPP) - Low Income Only 6.500%
   Extra Credit Teacher Program (ECTP) 6.500%
   HomeChoice Program 4.000%
   Self-Help Builder Assistance Program (SHBAP)3 - Low Income Only 3.000%
   
DOWN PAYMENT ASSISTANCE PROGRAMS  
Term matches term of first mortgage  
High Cost Area Home Purchase Assistance Program (HiCAP)4 7.000%
CalHFA Housing Assistance Program (CHAP)5 7.000%
California Homebuyer's Downpayment Assistance Program (CHDAP) 3.250%
Extra Credit Teacher Program (ECTP) 5.250%

1 The interest rates are those in effect on the date shown. The down payment assistance loan interest rates are calculated as simple interest per annum. All of the rates shown are subject to change without notice. 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. The fees consumers pay could be different depending on the lender and the program.

2Lenders who obtain a reduced interest rate reservation for low income applicants who are subsequently determined to have an annual income that exceeds the low income limit will be offered the interest rate for moderate income families, assuming they meet CalHFA’s moderate income limits.

3Rates quoted for Nonprofit and/or SHBAP developers are offered only through the BLOCK Program. Nonprofit and/or SHBAP developers may use 180–day locks; however, the interest rate will be set at the rate available at time of lock.

4Eligible counties for the HiCAP program are Alameda, Contra Costa, Los Angeles (except Palmdale/Lancaster areas), Marin, Monterey, Napa, Orange, San Benito, San Francisco, San Luis Obispo, San Mateo, Santa Barbara, Santa Cruz, Solano, Sonoma and Ventura counties.

5Eligible counties for the CHAP program are Alpine, Amador, Butte, Calaveras, Colusa, Del Norte, El Dorado, Fresno, Glenn, Humboldt, Imperial, Inyo, Kern, Kings, Lake, Lassen, Palmdale/Lancaster Areas of Los Angeles, Madera, Mariposa, Mendocino, Merced, Modoc, Mono, Nevada, Placer, Plumas, Riverside, Sacramento, San Bernardino, San Diego, San Joaquin, Santa Clara, Shasta, Sierra, Siskiyou, Stanislaus, Sutter, Tehama, Trinity, Tulare, Tuolumne, Yolo, and Yuba.

Re-reservation (Relock) Fee Policy: CalHFA will allow re-reservation (relock) on 90- or 180-day locks. However, canceling a previously issued reservation locked at a higher rate and then relocked at a lower current established rate will result in a 1% re-reservation fee.

Late Delivery Fee: 1% penalty will be collected against loans delivered within the 30-day grace period for the 90-day lock for resale, 180-day lock on new construction, or the BLOCK Program. Nonprofit and/or SHBAP developers using the BLOCK Program are assessed only 0.50% late delivery fee.

BUILDER/DEVELOPER
NEW CONSTRUCTION FORWARD COMMITMENT
TERMS AND FEES

Developer
Type

180-Day
Lock

6-Month
Lock

9-Month
Lock

12-Month
Lock

18-Month
Lock

 

SL1

BLOCK2

BLOCK2

BLOCK2

BLOCK2

For-Profit

No Fee

0.50% (at Discount)

1.50%
(0.75% Cash Up;
0.75% at Discount)

2.00%
(1.00% Cash Up;
1.00% at Discount)

Not
Offered

Nonprofit3

No Fee

 

Not
Offered

Not
Offered

1.00%
(0.50% Cash Up;
0.50% at Discount)

1.50%
(0.75% Cash Up;
0.75% at Discount)

Mutual
Self-Help
Nonprofit4

Not
Offered

Not
Offered

Not
Offered

1.00%
(0.25% Cash Up;
0.75% at Discount)

1.50%
(0.25% Cash Up;
1.25% at Discount)

1Single Loan (SL) reservation for an individual borrower household for a new home at a specific address

2Builder-Lock (BLOCK) – Forward Commitments (FC) for a pool of funds available through a CalHFA Approved Lender to a developer to market homes to first-time buyers in new subdivisions. BLOCK Forward Commitments cannot be used to reserve an IOP loan.

3Nonprofit 501(c)(3) developer for low-income first-time buyers.

4Mutual Self-Help 501(c)(3) developer utilizing the mutual self-help method of construction for low-income first-time buyers.

 

This information is for use by mortgage lending professionals only and should not be distributed to consumers or other third parties. All rates, fees and programs are subject to change without notice.