Video Library Loan Program Handbooks for Lenders, Real Estate Agents, and Non-Profits

First Mortgage Loan Programs | Down Payment Assistance Programs | Reissued Mortgage Credit Certificate

CalHFA has organized its program information into convenient handbooks for easy reference. All the information for a given program—from qualifying criteria to forms & docs—is collected in one easy place. You can print them out for desktop reference, or browse and search them online in PDF format. Get familiar with their layout, and you'll be a CalHFA program whiz in no time.

First Mortgage Programs

Government Loans

Government Programs Matrix - 01/01/2020

Government Programs Frequently Asked Questions

CalHFA FHA Loan Program Handbook - 01/01/2020
The CalHFA FHA program is an FHA-insured loan featuring a CalHFA fixed interest rate first mortgage. This loan is fully amortized for a 30-year term.

CalPLUS FHA Loan Program Handbook - 01/01/2020
The CalPLUS FHA program is an FHA-insured first mortgage with a slightly higher fixed interest rate than our standard FHA program. This loan is fully amortized for a 30-year term and is combined with the CalHFA Zero Interest Program (ZIP) for closing costs.

CalHFA VA Loan Program Handbook - 01/01/2020
The CalHFA VA program is a VA-insured loan featuring a CalHFA fixed interest rate first mortgage. This loan is fully amortized for a 30-year term.

CalHFA USDA Program Handbook - 01/01/2020
The CalHFA USDA Program is a USDA Guaranteed first mortgage loan program, which can be combined with the MyHome Assistance Program (MyHome) or the School Teacher and Employee Assistance Program (School Program).The MyHome and School Program can be used for down payment and closing cost assistance and are for first-time homebuyers only.

Conventional Loans

Conventional Programs Matrix - 01/01/2020

Convential Programs Frequently Asked Questions

CalHFA Conventional Loan Program Handbook - 01/01/2020
The CalHFA Conventional program is a first mortgage loan insured through private mortgage insurance on the conventional market. The interest rate on the CalHFA Conventional is fixed throughout the 30-year term.

CalPLUS Conventional Loan Program Handbook - 01/01/2020
The CalPLUS Conventional program is a conventional first mortgage with a slightly higher fixed interest rate than our standard conventional program. This loan is fully amortized for a 30-year term and is combined with the CalHFA Zero Interest Program (ZIP) for closing costs.

>> Archived Program Handbooks

 

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Down Payment Assistance Programs

MyHome Assistance Program Handbook - 12/16/2019
FHA: Offers a deferred-payment junior loan of an amount up to the lesser of 3.5% of the purchase price or appraised value to assist with down payment and/or closing costs.

VA, USDA, Conventional: Offers a deferred-payment junior loan of an amount up to the lesser of 3% of the purchase price or appraised value to assist with down payment and/or closing costs.

School Teacher and Employee Assistance Program (School Program) Handbook - 09/05/2019
This program is for teachers, administrators, school district employees and staff members working for any California K-12 public school, which includes Charter schools and county/continuation schools (see California Department of Education Public School Directory). Applicants must also be first-time homebuyers. School Program junior loans are up to 4% of the purchase price, and can only be combined with an eligible CalHFA first mortgage loan. School Program subordinate loans can only be used for down payment assistance and/or closing costs. Review the sections below to find out more about the School Program.

Subordination Process For CalHFA Subordinate Loans

CalHFA will permit the subordination of existing CalHFA subordinate loans if homeowners are approved for loss mitigation.

To determine if subordinate lien(s) belong to CalHFA or Keep Your Home California (KYHC), please refer to these examples for clarification.

>> Archived Program Handbooks

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Process for Reissuance of CalHFA issued Mortgage Credit Certificates (MCC)

CalHFA will permit the reissuance of existing CalHFA Mortgage Credit Certificates (MCC). Within 10 days of closing, the lender must submit the following items to eHousingPlus:

  • A corporate or Cashier’s Check for $500 made payable to eHousingPlus (No Personal Checks)
  • Reissued Mortgage Credit Certificate Compliance File Checklist (pages 1 and 2); Signed by Corporate Officer responsible for reporting to the IRS
  • Copy of the Final Executed Closing Disclosure (CD) for refinanced loan
  • Copy of the MCC Certificate Issued to Borrower(s)

Updates and changes will be announced from time to time via a Program Bulletin ("Program Bulletin" or "Program Bulletins") and Lenders should sign up for Enews announcements and monitor CalHFA’s website for specific Program Bulletin updates and changes to the Program Manual.

Whenever possible, CalHFA will provide its Lenders a five (5) business day notice via a CalHFA Program Bulletin or Enews announcement regarding program and policy changes.

Some exceptions may apply to the notification policy, such as daily interest rate announcements and changes directed by other state (e.g. State Treasurer’s Office), federal (e.g. GSEs, FHA) or private (e.g. Master Servicer and Mortgage Insurance provider) partners who have not allowed sufficient time for a 5-day notification.

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Scenario CalculatorLoan Scenario Calculator

The Scenario Calculator helps you compare CalHFA loans to determine what loan scenario works best for your client.

News & Updates

Dates for January Lender Training have been posted

Program Bulletin #2019-26 - Updated Sales Price Limits

Program Bulletin #2019-25 - Increased Conventional and Government Loan Limits Effective January 1, 2020

Program Bulletin #2019-24 - Change in Extension Fees on CalHFA's First Mortgage Loan Products

Enews announcements can be found on our Archived Page