The interest rate increases with a higher ZIP loan. CalHFA FHA Program. FHA HOA Cert. (continued on next page) 2016 ALiFORNiA OUSiG iANCiG GENCY www.calhfa.ca.gov 8779.CalHFA 877922.5432) 2 Thirty-year fixed-rate mortgage that’s combined with the CalHFA Zero Interest Program (ZIP) for closing costs. CalHFA ZIP Interest Rate Disclosure. If you want COMPLETE TRANSPARENCY about ALL OPTIONS, work with a licensed and approved mortgage lender who specializes in assistance programs. Effective with CalHFA loans locked on and after April 1, 2020, the interest rate for the MyHome subordinate lien will be reduced to 2.50%. ZIP offers a 30-year, no-interest, deferred-payment second mortgage equal to 3% to 4% of the first mortgage amount designed to cover the closing costs. CalHFA, California, CalPLUS, Conventional, Down Payment Assistance, FHA, First Time Homebuyer, Zero Interest Program, ZIP, © 2020 Temecula & Murrieta Mortgage Broker & Lender, | NMLS Consumer Access Site |   © All Rights Reserved. The CalPLUS Conventional mortgage program does have monthly paid PMI mortgage insurance because you don’t have 20% down payment…..there is no way to avoid that, and FHA always requires monthly mortgage insurance. Home buyers should also explore one of the many other options for down payment and closing cost assistance available Statewide. CalHFA ZIP Interest Rate Disclosure. The MyHome Assistance Program offers applicants a deferred-payment junior loan up to 3% of the purchase price/appraised value of the mortgaged property in order to help make the down payment or pay the closing costs. Homeloanartist.com, & Brad Yzermans are not affiliated with or representing FHA, VA, CalHFA, USDA, FNMA or any other government agency. Home buyers should apply here to receive their loan pre-approval, contact me here, or just call (951) 215-6119 and I’ll guide you through the qualifying process. Lien Position. Welcome Ashley! For conventional and FHA mortgages, CalHFA offers a special CalPlus program. VA Request for a COE (VA Form 26-1880) VA Appraisal Order Form. As of writing, this extra cost is 0.375% added to the interest rate. CalHFA ZIP is a deferred payment, zero interest second mortgage that is used with the CalPLUS first mortgage program. The ZIP loan can be used to cover closing costs up to 2% or 3% of the mortgage. Closing Costs Only. CalPLUS Conventional – up to 97% LTV CalPLUS FHA – up to 96.5% LTV, UPDATE: Effective February 1, 2018, all CALHFA FHA loan programs will now offer a Limited 203(k) option. N2 Funding Job Fair; Steven is having fun training Dona!! Who qualifies: Must be a first-time homebuyer, unless you have been impacted by a California natural disaster Talk with Loan Officer (626) 701-4159 ... (800) 340-2957 NMLS ID# 21116. CalHFA Borrower Affidavit & Cert ... VA Nearest Living Relative Statement. FHA Gift Letter. The MyHome Assistance loan is available up to 3.5% of the sales price or appraised value, whichever is less, and can be used for either down payment or closing costs. CalHFA Borrower Affidavit & Cert. California offers several financing assistance programs for first-time homebuyers. CalHFA ZIP Interest Rate Disclosure. When ZIP is added to the CalPLUS loan, it offers a deferred-payment second mortgage with a tiered interest rate of 3% or 4% of the first mortgage amount. Where the interest rate that will apply at consummation is not known at the time the creditor must deliver the disclosures required by § 1026.19(e), § 1026.37(b)(2) requires disclosure of the fully-indexed rate, defined as the index plus the margin at consummation. These funds come in the form of a loan with 3 percent simple interest per year, accrued annually. Information on this page is intended for CalHFA-approved lenders. The School Teacher and Employee Assistance Program can be used with the CalPLUS assistance program as well. Zero Interest Program (ZIP) 2% or 3% of the first mortgage loan amount. CalHFA is committed to providing sustainable homeownership solutions to California families. ZIP is a 0% interest subordinate loan that may be used for closing costs/prepaid items only. Turn times are estimates and are not warranted or guaranteed. Program rates and parameters are subject to change without notice. VA Nearest Living Relative Statement. The MyHome Assistance program, STEAP and the MCC tax credit programs require buyers be true first time homebuyers….meaning they cannot have owned a home in the previous 3 years and cannot show any deduction of mortgage interest paid on their tax returns for the last 3 years. The CalHFA FHA offers financing up to 96.5% of the purchase price or appraised value whichever is less. ... 18200 Von Karman Ave. #750 Irvine, CA 92612 | (800) 340-2957 NMLS ID# 21116. Conv HOA Cert (Limited Review – Short Form) Check the CalHFA website for current interest rates. Thirty-year fixed-rate mortgage that’s combined with the CalHFA Zero Interest Program (ZIP) for closing costs. However, it is critical you work with a lender that specializes in qualifying, approving, processing and funding CalHFA down payment assistance programs. How much interest can you save by increasing your mortgage payment? California first-time homebuyer programs. California home buyers have many options to choose from. MyHome loans locked prior to April 1st will have the current simple interest rate of 3.00%. All content copyright © 2020 homeloanartist.com. Interest rates vary depending on your finances and your lender. Welcome to the Funding Department, Dona!! If you combine the MyHome (3%) with ZIP (3.5-4.5%), that’s a full 6.5-7.5% of down payment assistance! The interest rate increases with a higher ZIP loan. This amount is designed to go toward closing costs, and any payments on the loan are deferred for the entire time you live in the home. The CalPLUS loan programs feature a CalHFA fixed interest rate first mortgage, insured either through FHA or on the conventional market. QM: FHA Gift Letter. • MyHome Assistance Program (loan, must be combined with CalHFA irst mortgage product) • Extra Credit Teacher Home Purchase Program (loan, must be combined with CalHFA This loan is fully amortized for a 30-year term and is combined with the CalHFA Zero Interest Program (ZIP) for down payment assistance. Founder Scott Schang is a NMLS (#279893 ) licensed mortgage loan officer and California Real Estate Broker CalBRE#01329470. ... 18200 Von Karman Ave. #750 Irvine, CA 92612 | (800) 340-2957 NMLS ID# 21116. CalHFA ZIP is a deferred  payment, zero interest second mortgage that is only available with when used with the CalPLUS first mortgage program. This loan is combined with either the MyHome Assistance Program (MyHome) or the Extra Credit Teacher Program (ECTP). CalHFA Zero Interest Program. This is a deferred-payment second, or third mortgage. Zero Interest. View Larger Image thirty (30) year fixed interest rate first mortgage. The CalPLUS interest rates depend on three variables: You can search the Area Median Incomes on the Fannie Mae HomeReady Eligibility income look up map on this page here. Eligibility Requirements In order to qualify, the MyHome program must be combined with a California Housing Finance Agency (CalHFA) mortgage, in addition to the following … These mortgages will come with a slightly higher 30-year fixed interest rate but are bundled with the Zero Interest Program (ZIP). We'll match you with a first-time buyer expert that we know and trust, Let us match you with a mortgage expert that we know and trust, 2130 Main Ste. Now i know the HFA is a silent 2nd which the proponent of the GSFA made it sound bad but i dont considering i dont look to sell this home anytime soon if at all. The caveat though is that the original loan then comes with a higher interest rate. California’s CalHFA Zero Interest program gives you access to a lower interest rate on your 30-year conventional FHA loan, along with deferred interest … Remember, CalHFA does not lend money directly to consumers, but rather purchases loans from lenders that originate and underwrite loans that meet CalHFA’s specific loan guidelines. 2nd Mortgage Registration and Disclosures: N/A: Closing Disclosure: Follow the standard procedures for generating disclosures. Welcome to the Funding Department, Dona!! Program rates and parameters are subject to change without notice. CalHFA ZIP is a deferred payment, zero interest second mortgage that is used with the CalPLUS first mortgage program. ... (800) 340-2957 NMLS ID# 21116. Assistance funds cannot be used to pay off your debts or to pay the gap between an appraisal price and a sales price if the home should appraise for less than the sales price. Search for: Recent Posts. An interest rate may temporarily not be available for any given loan program. The CalPLUS w/ ZIP mortgage program comes in two flavors. Conv HOA Cert (Limited Review – Short Form) In January 2019, we researched the most current information on first-time homebuyer programs in California, which included reviewing program websites and guidelines from the California Housing Finance Agency. CalHFA Zero Interest Program. FHA Case Number Request Form. The CalHome Program provides applicants up to 17 percent of the total property price for down payment assistance, and 4 percent (up to $10,000) in closing costs assistance. These loans can be combined with CalHFA’s Zero Interest Program (ZIP) for down payment assistance and/or closing costs – 3.5% assistance for … CalHFA Financial Calculators. 2nd lien ahead of any non-CalHFA Community Second Program (CSP) 3rd lien behind CalHFA MyHome Program Lien Position. UPDATE: Effective February 1, 2018, all CALHFA FHA loan programs will now offer a Limited 203(k) option. If funds are no longer available, or you are unable to meet the qualifications for this assistance program, there are other options that may be available to you. Patriot Pacific Financial Corp & Brad Yzermans are licensed to lend in California. CalHFA determines and sets the interest rate for both programs, so the interest rate is the same no matter which lender you work with. Eligible CalHFA borrowers have the option to choose how much ZIP assistance they want. Search for: Recent Posts. Equal Housing Opportunity Lender. The CalHFA Loan Program, which is an FHA-insured loan with a 30-year term. The CalPLUS Conventional Loan Program is similar, but with a slightly higher interest rate that can be combined with the CalHFA Zero Interest Program to help pay closing costs. CalHFA VA program is a VA-insured loan featuring a CalHFA fixed interest rate first mortgage. The reason for the higher interest rate is because the CalPLUS FHA loan can be used in collaboration with the CalHFA Zero Interest Program (ZIP). Welcome to the Funding Department, Dona!! Check the CalHFA website for current interest rates. ZIP (Zero Interest Program) This is also offered through California Housing (Calhfa) approved lenders, but is primarily used to pay for closing costs. To make owning your first home more affordable, down payment and closing cost assistance may be combined with the CalHFA FHA program. CalHFA ZIP Interest Rate Disclosure. VA Nearest Living Relative Statement. CalHFA ZIP Interest Rate Disclosure. Closing Costs Only. CalPLUS assistance funds are not generated from pubic tax dollars, so they never run out of funds! The CalPLUS Conventional Loan Program is similar, but with a slightly higher interest rate that can be combined with the CalHFA Zero Interest Program to help pay closing costs. BEWARE: most lenders are not experienced in working with assistance programs and most are NOT EVEN APPROVED to offer CalHFA home loans and may try steering you into other higher cost assistance programs to prevent you from working with a lender who can offer you this program. For conventional and FHA mortgages, CalHFA offers a special CalPlus program. The good news is that the private mortgage insurance premiums are discounted when using the CalPLUS Conventional program, which helps keep your payment lower. Contact Celso Neves to get started or marketing material. The CalHFA Zero Interest Program offers up to 3 percent of the total loan amount via a no-interest second loan. Deferred Payments. The views and opinions expressed on FindMyWayHome.com are those of the authors. Please be assured that CalHFA is open and accepting reservations during this time. ... (800) 340-2957 NMLS ID# 21116. Choosing to use the ZIP program, and the amount you choose, will result in paying a slightly higher interest rate on the first mortgage. ZIP Interest Rate Disclosure; CalHFA Tax Return Affidavit (7/10/13) and Verification of Rents – (only required for borrowers who do NOT need to file taxes). If you haven’t owned a home in the last 3 years, the state government of California considers you to be a first time homeowner. ZIP funds may not be used to pay off borrower debt. N2 Funding Job Fair; Steven is having fun training Dona!! Welcome to the Funding Department, Dona!! Search for: Recent Posts. CalHFA ZIP Interest Rate Disclosure. CalHFA Borrower Affidavit & Cert. Applying and qualifying for a CalPLUS homebuyer assistance program requires you work with a CalHFA approved loan officer/lender (like me) who specializes in ‘niche’ lending. When ZIP is added to the CalPLUS loan, it offers a deferred-payment second mortgage with a tiered interest rate of 3% or 4% of the first mortgage amount. California home buyers should also explore Mortgage Credit Certificates, CRA Programs, Lender/Agent Credits or other creative down payment and closing cost assistance options. See our picks for CalHFA participating lenders. Interest rates vary depending on your finances and your lender. CalHFA loan programs help you purchase a home in California with down payment and closing cost assistance. © 2020 Find My Way Home. Deferred Payments. VA Request for a COE (VA Form 26-1880) VA Appraisal Order Form. CalHFA Borrower Affidavit & Cert ... CalHFA ZIP Interest Rate Disclosure ; Search for: Recent Posts. This financial calculator helps you find out. CalHFA's Molly Ellis walks you through getting the smallest down payment for your first-time homebuyer! The CalHFA MyHome Assistance program that provides down payment and closing cost assistance that can be used with the CalPLUS FHA or CalPLUS Conventional assistance program. N2 Funding Job Fair; Steven is having fun training Dona!! The CalHFA has a interest rate of 4.6% while the GSFA is 4.625%. An “N/A” interest rate is a result of market volatility and changing interest rates. Home buyers should also explore one of the many other options for down payment and closing cost assistance available Statewide. This loan is a 30-year fixed interest rate first mortgage. The CalHFA MyHome Assistance Program is a deferred payment, simple interest rate silent second mortgage. The CalPLUS FHA Program, which is similar to the above only with a slightly higher interest rate. Program rates and parameters are subject to change without notice. N2 Funding Job Fair; Steven is having fun training Dona!! Equal Housing Opportunity Lender, Success Stories……Real People, Real Experiences, Real Reviews, California Down Payment Assistance Programs, California Upside Down Mortgage Refinance – HARP, School Teacher and Employee Assistance Program, Extra Credit Teacher Homebuyer Assistance Purchase Program, DO NOT have to be a first time home buyer, 680 minimum credit score for Conventional, Homebuyer Education course and a Home Warranty is required for true first time home buyers (call me for details), CalPLUS is NOT subject to a recapture tax, Manufactured homes ARE allowed with a minimum 660 credit score, Whether you choose the 2% ZIP or 3% ZIP assistance option, Reduced rate when a borrowers income is below the Area Median Income (AMI), which is specific to a certain geographic area, Reduced interest rate if the geographic area has no income limit due to it being in a low income designated census tract. FindMyWayHome.com is owned and operated by Find My Way Home, a California Corporation. All Rights Reserved. Going forward, users will be able to create the CalHFA zip 3 rd. ZIP Interest Rate Disclosure; CalHFA Tax Return Affidavit (7/10/13) and Verification of Rents – (only required for borrowers who do NOT need to file taxes) Product Code: CF30CAPLZ2 - CONF FIXED 30YR CALHFA PLUS ZIP 2.0% CF30CAPLZ3 - CONF FIXED 30YR CALHFA PLUS ZIP 3.0%. N2 Funding Job Fair; Steven is having fun training Dona!! The CalPLUS with ZIP (Zero Interest Program) home mortgage loan is a CalHFA down payment assistance program to help California home buyers even if they aren’t first time buyers. Zero Interest Program (ZIP) 2% or 3% of the first mortgage loan amount. FHA Case Number Request Form. Search for: Recent Posts. This program offers a 30-year, fixed-interest-rate program for homebuyers to be used with the CalHFA Conventional Zero Interest Program (ZIP). Pacific Funding Mortgage Division 2020-12-10T19:42:29+00:00 December 23rd, 2020 |. California home buyers have many options to choose from. If you choose to use the CalHFA Zero Interest Program (ZIP), please be aware of the following features: 1. CalHFA Borrower Affidavit & Cert ... VA Nearest Living Relative Statement. California’s CalHFA Zero Interest program gives you access to a lower interest rate on your 30-year conventional FHA loan, along with deferred interest … If you combine the MyHome (3%) with ZIP (3.5-4.5%), that’s a full 6.5-7.5% of down payment assistance! The CalHFA Conventional loan is not subject to Recapture Tax. FHA-VA-USDA Home Loans Down Payment Assistance, CalPLUS w/ ZIP (Zero Interest Program) FTHB Assistance Loan, © All Rights Reserved. These mortgages will come with a slightly higher 30-year fixed interest rate but are bundled with the Zero Interest Program (ZIP). Click the "View Report" button to see a complete amortization payment schedule, and how much you can save on your mortgage! Interest rate at consummation not known. 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