Program Summaries

CalHFA understands that most real estate agents will not need all of the extensive details that we offer in our loan program handbooks available to our loan officers and brokers. That's why we've created these simple, printable summary sheets just for you.

First Mortgage Programs

Conventional Loans

CalHFA Conventional Loan Program Summary - 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 Summary - 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, prepaid items and principal reduction.

>> Archived Program Summaries 

Government Loans

CalHFA FHA Loan Program Summary - 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 Summary - 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, prepaid items and principal reduction.

CalHFA VA Program Summary - 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 Summary - 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.

Cal-EEM + Grant Program Summary - 06/25/2018
The Cal-EEM + Grant program combines an FHA-insured Energy Efficient Mortgage first mortgage loan with an additional Cal-EEM Grant, making energy efficient improvements even easier. The interest rate on the Cal-EEM is fixed throughout the 30-year term.

>> Archived Program Summaries 

Down Payment Assistance Programs

The money you put "down" or the down payment on your home loan can be one of the largest hurdles for many first-time homebuyers. That's why CalHFA offers several options for down payment and closing cost assistance. This type of assistance is often called a second or subordinate loan. CalHFA's subordinate loans are "silent seconds", meaning payments on this loan are deferred so you do not have to make a payment on this assistance until your home is sold, refinanced or paid in full. This helps to keep your monthly mortgage payment affordable.

MyHome Assistance Program Summary - 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) Summary - 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. 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.

>> Archived Program Summaries 

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