Video Library Refinancing Existing CalHFA Loans
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.
CalHFA Subordinate Loans Cannot Be Subordinated
CalHFA eliminated its subordination program on July 1, 2019. CalHFA now requires all subordinate loans to be paid in full if the first mortgage is refinanced.
CalHFA will permit the subordination of existing CalHFA subordinate loans if homeowners are approved for their servicer’s loss mitigation program.
To determine if the subordinate lien(s) belong to CalHFA or Keep Your Home California (KYHC), please refer to these examples for clarification.
If a homeowner is already approved for their servicer’s loss mitigation program they may be eligible for subordination as part of the loss mitigation.
- CalHFA Loss Mitigation Subordination Process for CalHFA Subordinate Loans
- Loss Mitigation Subordination Check Submission Form
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 logon to the CalHFA MCC web page, click on the REISSUE MCC link for requirements, a fillable Reissued Mortgage Credit Certificate Compliance File Checklist, and upload the following to eHousingPlus:
- 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.
The Scenario Calculator helps you compare CalHFA loans to determine what loan scenario works best for your client.
News & Updates
Program Bulletin #2020-11 - Increased Conventional and Government Loan Limits Effective January 1, 2021
Program Bulletin #2020-10 - Maximum Debt-to-Income Ratio for All Borrowers Increasing to 45%
Program Bulletin #2020-09 - MyHome Interest Rate Decreases to 2.00%
Latest Enews Announcements
Enews 01/05/21: CalHFA Homebuyer Education Requirement Update
Enews 12/21/20: Program Bulletin #2020-11
Enews 12/17/20: CalHFA kicks off National Mortgage Settlement Counseling Program
Enews announcements can be found on our Archived Page