CalHFA: A California First TIME Home Buyer's Prgram With Up to 100% Financing

CalHFA:  California Housing Finance Agency

The California Housing Finance Agency's goal is to provide affordable housing opportunities to low and moderate income first-time homebuyers.  This is accomplished by offering low, fixed interest rate mortgage products, along with down payment and closing cost assistance.  Combining CalHFA's programs with some of the Down Payment Assistance Programs, First-Time home buyers who qualify can buy thier first home with 100% financing.  Below are some of the guidelines for the CalHFA programs.

• Sales Limits: 
• Income Limits:  CalHFA's income limits cannot exceed certain federal maximum limits. In order to reach certain policy goals, CalHFA may set income limits below the federal limits.   CalHFA generally offers a reduced interest rate for eligible homebuyers who meet the "Low Income" limits, adjusted for household size. Loans and favorable interest rates are also available to "Moderate Income" households.
  -  2007 Homeownership Income Limits - Main Program and CHAP
  -  2007 Federal Income Limits (Use for Recapture/Loan Assumptions/Targeted Areas)
  -  2007 HCD Moderate Income Limits - CHDAP and SFF Program
•  Revised Interest Rates as of 03/13/2008 
• A first-time homebuyer, which is defined as a person(s) who has not had an ownership interest in their primary residence during the previous three years.
• Have an annual household/family income that does not exceed income limits for the family size and county in which the home is located.
• Have enough money to cover the required down payment (usually 3% to 5%) plus closing costs. Some restrictions apply to gifts.
• To help with this requirement, CalHFA offers Down Payment Assistance Programs and programs to help with closing costs. See Below. 
• Property must be owner-occupied for the term of the loan or until sold.
• Meet credit, income and loan requirements of the CalHFA lender and the mortgage insurer.
• Be a citizen or other national of the United States or a qualified alien as defined by the federal Personal Responsibility and Work Opportunity Reconciliation Act of 1996 (PRWORA)

CalHFA FIRST MORTGAGE LOAN PROGRAMS

CalHFA Conventional Loans

• interest only PLUS^SM
  This conventional mortgage loan offers up to 100% financing and allows borrowers to pay only the interest for the first five years of a 35-year term. After that, borrowers pay principal and interest at the same low, fixed interest rate for the remaining 30 years.
• 40-Year Fixed Mortgage
  This conventional mortgage loan offers up to 100% financing with a 40-year term and a low, fixed interest rate.
• 30-Year Fixed Mortgage
  This conventional mortgage loan offers up to 100% financing with a 30-year term and a low, fixed interest rate.

Government Insured/Guaranteed Loans

• 30-Year Fixed Government Insured/Guaranteed Mortgage
  This program is for mortgage loans that are insured or guaranteed by FHA, VA or USDA and features a 30-year term with a low, fixed interest rate.

  DOWN PAYMENT ASSISTANCE LOAN PROGRAMS

• Affordable Housing Partnership Program (AHPP)
  A joint effort by CalHFA and cities, counties, redevelopment agencies and housing authorities whereby a deferred payment subordinate loan from a locality is utilized by the first-time homebuyer to assist them with down payment and/or closing costs.
• CalHFA Housing Assistance Program (CHAP)
  Offers a deferred-payment junior loan of an amount up to the lesser of three percent (3%) of the purchase price or appraised value.
• California Homebuyer's Downpayment Assistance Program (CHDAP)
  Offers a deferred-payment junior loan of an amount up to the lesser of three percent (3%) of the purchase price or appraised value.
• Extra Credit Teacher Home Purchase Program (ECTP)
  A low interest rate CalHFA first loan, together with a forgivable interest CalHFA junior loan to assist eligible teachers, administrators, staff members and classified employees to purchase their first home.
• High Cost Area Home Purchase Assistance Program (HiCAP)
  Designed to assist first-time homebuyers in the highest housing cost areas of the state.
• School Facility Fee Down Payment Assistance Program (SFF)
  A conditional grant program that provides assistance to buyers of newly constructed homes throughout California.

For specific information on the CalHFA Programs, please phone or Email me. 

Also Read:  Mortgage Programs for First Time Home Buyers
Also Read:  FHA Loans: The First-Time Home Buyers Loan of Choice!
Also Read:  The ACORN Program - Not Just for Fisrt-Time Home Buyers

You can find AJ Nisen on Active Rain at Contra Costa California Mortgages or at Bank of America Mortgage .  Call AJ to talk about your Mortgage, Mortgage Rates, Free Credit Report or visit AJ's website to use his mortgage calculator. 

Alan 'AJ' Nisen
Mortgage Loan Officer
Email: aj.nisen@bankofamerica.com
http://mortgage.bankofamerica.com/ajnisen 
http://www.activerain.com/ajn