CalHFA is one of the most widely used down payment assistance program in the state of California.
As an approved CalHFA lender, we can help you navigate all options to ensure you close on-time and reach both your needs & goals.
Highlights: MyHome Program
For First-Time Home Buyers ONLY
All buyers are required to be a first-time homebuyer.
3.50% Assistance with FHA Financing and 3.00% with Conventional Financing.
Purchase a Single-Family, Condo or Manufactured Home (on permanent foundation).
Only a 640+ FICO is required for FHA Financing, 680+ FICO for Conventional.
No monthly payment required. Repayment is due upon sale or refinance of home.
Highlights: “ZIP” Program
For First-Time Home Buyers ONLY
All buyers are required to be a first-time homebuyer.
Add an additional 2.00% or even 3.00% in assistance on top of the MyHome Funds!
Use funds to cover down payment and/or closing costs.
Funds are given as a 1.00% simple-interest loan with no monthly payment.
No repayment on assistance funds until sale or refinance of the home.
Highlights: CalPlus Access
For First-Time Home Buyers ONLY
Receive 6.00% in total assistance for the down payment and/or closing costs.
Get an additional 2.50% in assistance on top of the MyHome Funds!
Compared to the ZIP Funds option, rates are usually lower.
All buyers are required to be a first-time homebuyer.
No repayment on assistance funds until sale or refinance of the home.
Common Questions & FAQ’s
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Yes, however this simply means you and all borrowers on the loan have not owned a property within the last 3-years.
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CalHFA offers FHA & Conventional Financing options. The minimum FICO scores required for each are:
FHA:
640+ for all borrowers allows you to go up to a debt-to-income of 45.00%
700+ FICO scores for all borrowers allows you to go up to a debt-to-income of 50.00%.
Conventional:
680+ FICO scores for all borrowers allows you to go up to a debt-to-income of 45.00%.
700+ FICO scores for all borrowers allows you to go up to a debt-to-income of 50.00%.
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You can purchase a Single Family home, a Condo or a Manufactured home (on permanent foundation).
** A 660+ FICO score is required for manufactured housing.
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The debt-to-income allowed is determined by FICO scores with CalHFA.
For FHA:
FICO scores 640 - 699 allows for a DTI up to 45.00%
FICO scores 700+ allows for a DTI up to 50.00%
For Conventional:
FICO scores 680+ allows for a DTI up to 45.00%
FICO scores 700+ allows for a DTI up to 50.00%
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CalHFA has two levels of assistance funds’ the MyHome and ZIP (Zero Interest).
FHA:
MyHome give the buyer 3.50% of the purchase price to cover the down payment.
ZIP allows either 2% or 3% of the loan amount to help cover closing costs.
Conventional:
MyHome give the buyer 3.50% of the purchase price to cover the down payment.
ZIP allows either 2% or 3% of the loan amount to help cover closing costs.
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Yes, CalHFA requires that all borrower on the loan must be moving into the new home as their primary residence.
Unfortunately, “non-occupying co signers” are not allowed at this time.
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YES!
If you co-signed for a friend or family member for their home, and you can prove you’ve been renting somewhere else (for the last three years), than you can qualify for CalHFA financing!
Questions?
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