CalHFA is the most widely used down payment assistance program in the state of California.  Every year CalHFA helps thousands of homebuyers obtain affordable financing solutions with special features such as funds for the down payment and closing of a new home. As an approved CalHFA lender, we can help you navigate all options to ensure you close on time and reach both your short and long term goals. The CalHFA & CalPLUS programs allow first time buyers to utilize either FHA or Conventional products.

Common Questions

  • Yes, however this simply means you have not owned a home within the last 3-years.

  • CalHFA offers FHA & Conventional Financing options. The minimum FICO scores required for each are:

    • FHA: 640+

    • Conventional: 680+

  • You can purchase a Single Family home, a Condo or even a Manufactured home (on permanent foundation).

    ** A 660+ FICO score is required for manufactured housing.

  • The debt-to-income allowed is determined by FICO scores with CalHFA.

    • FICO scores 640 - 699 allow for a DTI up to 45.00%

    • FICO scores 700+ allow for a DTI up to 50.00%

  • 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.

  • 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.

Questions?

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