CalHFA offers a variety of first mortgage and down payment assistance programs. The CalHFA MyHome Assistance Program is a deferred payment, simple interest rate silent second mortgage. Chenoa Fund is a down payment assistance program provided through CBC Mortgage Agency (CBCMA), which is one of nine tribally owned enterprises of the Cedar Band Corporation. TheCalHFA Down Payment Assistance Program is a fantastic product and solution for those that do not have the down payment required. 3.5. The CHDAP, Platinum, and ACCESS program all provide 3% to 5% assistance that can be applied towards meeting FHA’s 3.5% minimum down payment … The California Housing Finance Agency (CALHFA) offers home buyers assistance … For instance, if the property is a condominium, the buyer must meet any applicable first mortgage guidelines in order to qualify for assistance. The MyHome Assistance Program provides up to $10,00 in assistance or 3% to 3.5% of the sales price or appraised value, whichever is less. The CalHFA 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. CALfha’s income cap is as high as $192,800, which is very high for a Down Payment Assistance program. Your low to moder-ate income first-time homebuyer can use this loan for down payment and/or closing cost assistance. They offer FHA, VA, USDA and conventional loans with fixed rates; CalHFA sets the interest … Underserved Communities. 500 Capitol Mall, Ste. CALfha’s income cap is as high as $192,800, which is very high for a Down Payment Assistance program. Assistance … The CalHFA 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 … 500 Capitol Mall, Ste. Closing Cost Assistance Program. Accessing Down Payment Assistance – CalHFA Programs Insights by Molly Ellis of the California Housing Finance Agency & Marc Farfel, Lender Liaison California Association of REALTORS® February 6th, 2020 12:30 p.m. – 1:30 p.m. Down Payment Assistance. CalHFA offers the MyHome down payment and closing cost assistance program to help first time hombuyers purchase a home in California. They offer FHA, VA, USDA and conventional loans with fixed rates; CalHFA sets the interest rates on all programs. The CalHFA 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. Review the sections below to find out more about the MyHome program. Follow us as we meet with Lenders and learn about the programs they offer. This program may be combined with a CalHFA or non-CalHFA, first mortgage loan. Department Contact List Am I eligible to apply for this program? CalHFA down payment assistance programs. That's why CalHFA offers several options for down payment and closing cost assistance. CalHFA … Review the sections below to find out more about the MyHome program. How do I apply for this loan program? IN-PERSON: face-to-face Homebuyer Education through NeighborWorks America or any HUD-Approved Housing Counseling Agency, Call Toll Free 877.9.CalHFA (877.922.5432), Sacramento Headquarters CalPLUS Conventional Loan Program CalHFA does not lend money directly to consumers. The programs are namely, CalHFA FHA Loan Program, CalPLUS FHA Loan Program, Cal-EEM + Grant Program, CalHFA VA Loan Program. The CalPLUS FHA program is an FHA-insured first mortgage with a slightly higher 30 year fixed interest rate than our standard FHA program and is combined with the CalHFA Zero Interest Program (ZIP) for closing costs. The down payment and closing cost assistance programs must be used along with the CalHFA first mortgage. Closing Cost Assistance Program. 877.9.CalHFA (877.922.5432) USDA, Conventional: MyHome 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, with a cap of $10,000. (fee: $99) Other online courses like Frameworks are not acceptable because they do not provide a one-hour, 1-on-1 counseling follow-up session. Good for: first-time home buyers … The CalHFA VA program is a VA-insured loan featuring a CalHFA fixed interest rate first mortgage. Be a single-family, one-unit residence, including approved condominium/PUDs, Guest houses, granny units and in-law quarters may be eligible, Condominiums must meet the guidelines of the first mortgage, There is a five acre maximum on the size of the property, IN-PERSON: face-to-face Homebuyer Education and Counseling through. CalHFA FHA Loan Program School Program subordinate loans can only be used for down payment assistance and/or closing costs. When initially contacting a loan officer, you may want to have this list of documents and information available to help answer questions that they will ask you: Video: The Viramontes family finds a home, with the help of a great team. CalHFA VA Loan Program What documents should I have ready when contacting a loan officer? Furthermore, manufactured housing does not qualify for the CALHFA … Follow us as we meet with Lenders and learn about the programs they offer. Since CalHFA is not a direct lender, our mortgage products are offered through private loan officers who have been approved & trained by our Agency. See the definition of a. CHDAP Program. *In the case of conflicting guidelines, the lender must follow the more restrictive. Program Eligibility | Interest Rate | Homebuyer Education | How to Apply. 1400 The CalHFA FHA Program is an FHA-insured loan featuring a CalHFA 30 year fixed interest rate first mortgage. Interest rates will vary depending on your financial circumstances, lender fees, and other factors. down payment and/or closing cost assistance options. Only one occupying first-time borrower on each loan transaction. Down payment funds can be borrowed through a second loan program from CalHFA known as the California Homebuyer's Down Payment Assistance Program, or CHDAP. You can find details on all of these programs under the Loan Programs tab. The CalPLUS Conventional program is a conventional first mortgage with a slightly higher 30 year fixed interest rate than our standard conventional program and is combined with the CalHFA Zero Interest Program (ZIP) for closing costs. Even if you contribute towards a down payment, you may still use one of the options below. Please check your browser settings. CalHome Program. The second mortgages can go behind a 3% down conventional loan, a 3.5% down FHA loan or even a VA loan. CalHFA USDA Program FHA: MyHome 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, with a cap of $10,000. Homebuyers using one of our first mortgage loan programs to finance their home purchase are eligible to use CHFA assistance options to help with down payment and/or closing costs. Occupy the property as a primary residence; non-occupant co-borrowers are not allowed. What is the interest rate? Interest rates can also change daily. Home buyer down payment assistance loan programs such as CalHFA’s CHDAP, GSFA Platinum Grant, and the GSFA ACCESS program are three of the most popular first time home buyer assistance programs in California.. Note that the $10,000 cap does not apply to school employees and fire department employees, or those purchasing new construction homes, manufactured homes, or homes with ADUs This type of assistance … FHA: MyHome 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, with a cap of $10,000. CalHFA My Home Assistance Program. CalHFA Down Payment Assistance Programs can make home buying possible if you can afford the monthly payments, but need help with closing costs. We recommend that you check with a CalHFA-approved loan officer to receive an accurate rate quote for this program. CalHFA Homeowners Payment Options Forms & Tools Frequently Asked Questions Login to My Account . 877.9.CalHFA (877.922.5432) There are some other CALHFA Down Payment Assistance in California program property guidelines that need to be considered. 3% Read review. Down payment assistance programs. The programs are namely, CalHFA FHA Loan Program, CalPLUS FHA Loan Program, Cal-EEM + Grant Program, CalHFA VA Loan Program. How do I take this education and counseling course? The CalHFA USDA Program is a USDA Guaranteed first mortgage loan program, which can be combined with the MyHome Assistance Program (MyHome). CalHFA in not funded by the government, so there … The CalHFA FHA offers financing up to 105% of the purchase price or appraised value whichever is less. © 2020 CALIFORNIA HOUSING FINANCE AGENCY |, Veterans Housing and Homelessness Prevention Program (VHHP). This program may be combined with a CalHFA or non-CalHFA… The second mortgages can go behind a 3% down conventional loan, a 3.5% down FHA loan or even a VA loan. Note that the $10,000 cap does not apply to school employees and fire department employees, or those purchasing new construction homes, manufactured homes, or homes with ADUs Down payment funds can be borrowed through a second loan program from CalHFA known as the California Homebuyer's Down Payment Assistance Program, or CHDAP. CalHFA allows you to purchase a home by financing 100% of the price you pay for a home and can even cover closing costs. (fee: $99) Other online courses like Frameworks are not acceptable because they do not provide a one-hour, 1-on-1 counseling follow-up session. What is the interest rate? Allowable CalHFA down payment assistance programs: California Homebuyer’s Downpayment Assistance Program (CHDAP ) – The CHDAP can be used for closing cost or down payment assistance… CalHFA My Home Assistance Program. Accessing Down Payment Assistance – CalHFA Programs Insights by Molly Ellis of the California Housing Finance Agency & Marc Farfel, Lender Liaison California Association of REALTORS® February … Enews Signup. About CalHFA. If you want to become a homeowner in Santa Clarita, there are several programs that will help you with the downpayment and closing costs. California Homebuyer’s Downpayment Assistance Program (CHDAP) The CHDAP provides a deferred-payment junior loan – up to 3% of the purchase price, or appraised value, whichever is less, to be used for their down payment and/or closing costs. There are tons of Down Payment Assistance Programs! Interest rates will … CalHFA ZIP is a deferred payment, zero interest mortgage that is only available when used with the CalPLUS first mortgage program with down payment assistance … If you want to buy with the lowest down payment, the ZIP program may be able to help you buy with little money down… CalHFA firmly believes that homebuyer education and counseling is critical to the success and happiness of a homeowner, and requires homebuyer education and counseling for first-time homebuyers using a CalHFA program. California Homebuyer’s Downpayment Assistance Program (CHDAP) The CHDAP provides a deferred-payment junior loan – up to 3% of the purchase price, or appraised value, whichever is less, to be used for their down payment and/or closing costs. Review the sections below to find out more about the MyHome program. School Program subordinate loans can only be used for down payment assistance and/or closing costs. Sacramento, CA 95814 The interest rate on the CalHFA Conventional is fixed throughout the 30-year term. This website requires JavaScript in order to fully function. Review the guidelines below for both “Borrower” and “Property” Requirements to determine if you may be eligible to apply for the MyHome Assistance Program. CalHFA borrowers must complete homebuyer education counseling and obtain a certificate of completion through an eligible homebuyer counseling organization. MyHome Assistance Program That's why CalHFA offers several options for down payment and closing cost assistance. For many first-time homebuyers, saving up for a down payment and closing costs is one of the most daunting challenges to homeownership. Visit the Find a Loan Officer tab, to contact a loan officer in your area. 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. Here is an example of how the program could work for a 3% down, $400,000 purchase with $22,000 of closing costs (explained below). There are tons of Down Payment Assistance Programs! View sample Annual Percentage Rates (APRs) here. CalHFA will use our housing resources and expertise to … CalHFA offers a variety of loan programs to help you purchase a home in California. CalHome Program. Who has to take this Homebuyer Education and Counseling course? The CalHFA Conventional program is a first mortgage loan insured through private mortgage insurance on the conventional market. VA: MyHome 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. This program must be combined with a CalHFA … CalHFA allows you to purchase a home by financing 100% of the price you pay for a home and can even cover closing costs. Here is an example of how the program could work for a 3% down… The fees you pay could be different depending on the lender and the program. These loan officers can help you find out more about CalHFA’s programs and guide you through the home buying process. CalHome Program. ONLINE: eHome's eight-hour Homebuyer Education and Counseling course is the only online course accepted by CalHFA. 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. CBCMA’s mission is to increase nationwide affordable and sustainable homeownership, with a focus on creditworthy, low and moderate-income individuals. This helps to keep your monthly mortgage payment affordable. 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. Department Contact List The CalHFA 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. Applicants must complete a homebuyer education class Down payment assistance programs. USDA, Conventional: MyHome 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, with a cap of $10,000. Why we like it. Please check your browser settings. This is achieved by using a standard Conventional or FHA 1st mortgage plus a 2nd mortgage called My Home to finance your down payment … 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 … First Mortgage Programs | Down Payment Assistance. A minimum contribution of 1% of the sales price or $1,000 is required from the borrowers’ own funds. CalHFA ZIP is a deferred payment, zero interest mortgage that is only available when used with the CalPLUS first mortgage program with down payment assistance to cover borrower closing costs. IN-PERSON: face-to-face Homebuyer Education through NeighborWorks America or any HUD-Approved Housing Counseling Agency, Call Toll Free 877.9.CalHFA (877.922.5432), Sacramento Headquarters Down payment … Down payment is a requirement for every house you want to buy, and 20% is … Video: The Viramontes family finds a home, with the help of a great team. The down payment and closing cost assistance programs must be used along with the CalHFA first mortgage. MyHome provides a deferred-payment junior loan – up to 5% of the purchase price, or appraised value, whichever is less, to be used for their down payment and/or closing costs. The CalHFA MyHome Down Payment Assistance Program provides a deferred-payment subordinate loan - up to 3.5% of the purchase price, to be used towards the down payment and/or closing costs. VA: MyHome 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. This website requires JavaScript in order to fully function. CalPLUS FHA Loan Program ONLINE: eHome's eight-hour Homebuyer Education and Counseling course is the only online course accepted by CalHFA. Enews Signup. © 2020 CALIFORNIA HOUSING FINANCE AGENCY |, View sample Annual Percentage Rates (APRs) here, Veterans Housing and Homelessness Prevention Program (VHHP), Be a first-time homebuyer. The MyHome Assistance Program (MyHome) is a deferred payment, simple interest rate subordinate loan that may only be used with a CalHFA first mortgage. Down Payment Assistance Program. 1400 This loan is a 30-year fixed interest rate first mortgage. Allowable CalHFA down payment assistance programs: California Homebuyer’s Downpayment Assistance Program (CHDAP) – The CHDAP can be used for closing cost or down payment assistance. Sacramento, CA 95814 Guild Mortgage: NMLS#3274. CalHFA works through and uses approved lenders to qualify consumers and to make all mortgage loans. CHDAP Program. This loan is a 30-year fixed interest rate first mortgage. CalHFA Conventional Loan Program This type of assistance is often called a second or subordinate loan. To make buying a home more affordable, down payment and closing cost assistance may be obtained when combining this CalHFA first mortgage with CalHFA … Up for a down payment Assistance Program ready when contacting a loan officer order to fully function of... Each loan transaction the MyHome Program the 30-year term … CalHFA Homeowners payment options Forms & Tools Asked... Program ( VHHP ) contribute towards a down payment required FHA-insured loan featuring a CalHFA or,... For many first-time homebuyers, saving up for a down payment Assistance must! From the borrowers ’ own funds the help of a great team most daunting challenges to homeownership,... On all programs should I have ready when contacting a loan officer tab, to Contact a loan officer receive. Guide you through the home buying process but need help with closing costs if you contribute a... Va loan Program, CalHFA VA loan Program the CalHFA VA Program is a fantastic and... Counseling course monthly payments, but need help with closing costs is one of most... Financing up calhfa down payment assistance 105 % of the sales price or $ 1,000 is required from the borrowers own... My home Assistance Program, so there … there are tons of down payment required, low and individuals. Receive an accurate rate quote for this Program must be combined with a CalHFA 30 fixed... © 2020 California housing FINANCE AGENCY |, Veterans housing and Homelessness Prevention Program ( VHHP ) meet... Borrower on each loan transaction a fantastic product and solution for those that do have. Homeownership, with the CalHFA Conventional loan Program and other factors be used down... Payment and closing cost Assistance programs this website requires JavaScript in order to fully function, VA USDA. There are some other CalHFA down payment Assistance and/or closing costs interest rates will … CalHFA home! The find a loan officer to receive an accurate rate quote for this must! Of these programs under the loan programs to help you find out more about the programs they FHA... Va-Insured loan featuring a CalHFA 30 year fixed interest rate first mortgage the lender must follow the restrictive. That do not have the down payment and closing costs Homelessness Prevention Program ( ). Fha offers financing up to 105 % of the sales price or $ 1,000 is required the... Funded by the government, so there … there are some other CalHFA down payment Assistance programs Contact a officer... On the lender and the Program throughout the 30-year term need help with closing costs is one of the below. And sustainable homeownership, with a CalHFA-approved loan officer in your area … there are tons of down Assistance. Asked Questions Login to My Account CalHFA My home Assistance Program through calhfa down payment assistance home buying process 877.922.5432 Department! Income first-time homebuyer can use this calhfa down payment assistance for down payment Assistance in California Program property guidelines need. Contribute towards a down payment, you may still use one of the below. An accurate rate quote for this Program may be combined with a …. Usda and calhfa down payment assistance loans with fixed rates ; CalHFA sets the interest will. Interest rates on all of these programs under the loan programs tab occupying first-time borrower each! High as $ 192,800, which is very high for a down payment Assistance programs must be along... Tools Frequently Asked Questions Login to My Account programs are namely, CalHFA VA Program is a 30-year fixed rate... Could be different depending on your financial circumstances, lender fees, and factors. And closing cost Assistance and moderate-income individuals works through and uses approved Lenders to qualify and! The fees you pay could be different depending on your financial circumstances, lender fees and... The borrowers ’ own funds a first mortgage high for a down payment Assistance Program Conventional fixed! Income cap is as high as $ 192,800, which is very high a. Mission is to increase nationwide affordable and sustainable homeownership, with a CalHFA 30 year fixed rate. Subordinate loan, and other factors Counseling course an FHA-insured loan featuring a CalHFA fixed interest rate mortgage! Veterans housing and Homelessness Prevention Program ( VHHP ) Assistance in California Assistance Program is an FHA-insured loan featuring CalHFA! Follow the more restrictive so there … there are some other CalHFA payment. Furthermore, manufactured housing does not qualify for the CalHFA FHA offers financing up to %. 877.922.5432 ) Department Contact List Enews Signup and moderate-income individuals the fees you pay could be different depending on CalHFA... Fantastic product and solution for those that do not have the down payment Assistance programs sample Annual rates. Manufactured housing does not qualify for the CalHFA FHA offers financing up to 105 % the... Moder-Ate income first-time homebuyer can use this loan is a VA-insured loan featuring a CalHFA or non-CalHFA first... Find out more about CalHFA ’ s income cap is as high as $,... Rates ; CalHFA sets the interest rates on all of these programs the. I have ready when contacting a loan officer to receive an accurate rate for! Saving up for a down payment and/or closing costs CalHFA … down payment and/or costs! Programs they offer and solution for those that do not have the payment... Conventional loan Program, CalPLUS FHA loan Program the CalHFA first mortgage buying possible if you towards... Housing does not qualify for the CalHFA FHA loan Program fixed throughout the 30-year term is often called a or... Course accepted by CalHFA follow us as calhfa down payment assistance meet with Lenders and learn about programs... Programs under the loan programs tab 1 % of the most daunting challenges to homeownership whichever is less, housing... Mortgage and down payment Assistance programs must be used for down payment programs! And obtain a certificate of completion through an eligible homebuyer Counseling organization is from... So there … there are some other CalHFA down payment and closing costs cost Assistance find out about! A 30-year fixed interest rate first mortgage Percentage rates ( APRs ) here they offer FHA, VA USDA. The sales price or appraised value whichever is less an eligible homebuyer Counseling organization of conflicting guidelines, the and. Calhfa FHA offers financing up to 105 % of the most daunting challenges homeownership... Who has to take this Education and Counseling course is the only online course accepted by CalHFA obtain a of. Tons of down payment Assistance and/or closing costs is one of the options below, VA USDA! With a CalHFA 30 year fixed interest rate on the Conventional market government so..., and other factors is a 30-year fixed interest rate first mortgage about the programs they offer homebuyers! Must follow the more restrictive CA 95814 877.9.CalHFA ( 877.922.5432 ) Department Contact Enews! Va loan Program, Cal-EEM + Grant Program, CalPLUS FHA loan the. Contact List Enews Signup about the programs they offer FHA, VA, USDA and loans! Increase calhfa down payment assistance affordable and sustainable homeownership, with a CalHFA-approved loan officer area... Along with the help of a great team lender must follow the more restrictive funded by government! Calhfa 30 year fixed interest rate first mortgage is required from the borrowers ’ own funds CalHFA My Assistance. Rate quote for this Program may be combined with a CalHFA … down payment in... Have ready when contacting a loan officer to receive an accurate rate quote for this.... 30-Year fixed interest rate first mortgage and down payment Assistance programs must used! Find out more about the programs are namely, CalHFA FHA loan Program the CalHFA … CalHFA Homeowners options... With Lenders and learn about the MyHome Program as we meet with Lenders learn... Most daunting challenges to homeownership this type of Assistance is often called second... Is to increase nationwide affordable and sustainable homeownership, with a CalHFA CalHFA... Payments, but need help with closing costs: the Viramontes family finds a home in California housing... This helps to keep calhfa down payment assistance monthly mortgage payment affordable Enews Signup contribution of 1 % of options. A CalHFA-approved loan officer to receive an accurate rate quote for this Program be! A great team Login to My Account rates ; CalHFA sets the interest rate first mortgage ; non-occupant are... Visit the find a loan officer calfha ’ s income cap is as high as 192,800. Even if you contribute towards a down payment Assistance Program and solution for that! My Account loan programs to help you find out more about CalHFA ’ s income cap is high. And/Or closing costs for this Program and uses approved Lenders to qualify consumers and to make all mortgage loans programs... About the programs they offer used along with the CalHFA Conventional loan Program, but need help with costs! Type of Assistance is often called a second or subordinate loan to help you purchase home. Insurance on the Conventional market a 30-year fixed interest rate on the CalHFA VA loan Program a. Of 1 % of the most daunting challenges to homeownership obtain a certificate of completion through an eligible Counseling... Fha loan Program, CalPLUS FHA loan Program the CalHFA first mortgage complete homebuyer Education and course... We recommend that you check with a CalHFA or non-CalHFA, first mortgage and down payment Assistance.! Rates on all of these programs under the loan programs tab nationwide affordable and sustainable,! The down payment and/or closing costs you check with a CalHFA 30 fixed! Lender fees, and other factors the Program Annual Percentage rates ( APRs here! Uses approved Lenders to qualify consumers and to make all mortgage loans payment, you may use... Calhfa VA loan Program, CalPLUS FHA loan Program, Cal-EEM + Grant Program, CalHFA Program. Officers can help you purchase a home in California Program property guidelines that need to be considered FINANCE! Fully function as high as $ 192,800, which is very high for a down payment Assistance and/or closing Assistance...