How The Program Works
The CalHFA FHA offers financing up to 105% of the purchase price or appraised value whichever is less. To make buying a home more affordable, down payment and closing cost assistance may be obtained when combining this CalHFA first mortgage with CalHFA junior loan programs.
• No first time home buyer requirement however you cannot own any other homes at the close of escrow. Minimum FICO score 640 or 660 for Manufactured Homes. First time homebuyer course must be completed and certificate signed, then delivered to us.
Refer to CalHFA's income limits established for the county in which the property is located. https://www.calhfa.ca.gov/homeownership/limits/income/income-moderateFHA.pdf
Refer to CalHFA's published sales price limits for the county in which the property is located. https://www.calhfa.ca.gov/homeownership/limits/salesprice/salesprice.pdf
Be a U.S. citizen, permanent resident alien or other qualified alien.
Existing single family, one-unit residence, including condominium/PUDs and Manufactured Housing(Certain Restrictions Apply) Leaseholds/Land Trusts are not allowed with this program.
CalHFA offers the California Homebuyer's Downpayment Assistance Program (CHDAP) which can be used for down payment and/or closing cost assistance.
CalHFA has partnered with over 300 local agencies under the Affordable Housing Partnership Program (AHPP) which can be combined with the CalHFA FHA for down payment and closing cost.
Homebuyer education is required for each CalHFA borrower.