CalHFA will have one income limit, regardless of household size, per California county for CalHFA Conventional, FHA or VA first mortgage loan programs. CalHFA conventional loans program information and guidelines. CalHFA EEM Grant - Program is to be used with an FHA Energy Efficient Mortgage. Government Loans | If either the MyHome Assistance or CalHFA first mortgage program is being used, • lender will reserve the loan on CalHFA’s lender access system (las) • lender submits the loan directly to CalHFA • once the MyHome Assistance loan or CalHFA is conditionally approved, CalHFA will supply lender with a Conditional approval (lender must submit a copy of the Conditional approval to Program Administrator … C alH FA FHA Loan Program - 30 year fixed rate FHA insured first mortgage loan. CalHFA FHA, USDA and VA loans program information and guidelines. 0 CalHFA's Lender Program Manual is directed to mortgage professionals, such as lenders, loan officers, underwriters, brokers, escrow officers and servicers. Its Single Family Division provides first mortgage loans and down payment assistance to first-time … The CalHFA Conventional loan is not subject to Recapture Tax. This website requires JavaScript in order to fully function. Conventional Loans | o Scattered loan program information is now assembled in simple and straightforward Loan Program Handbooks (Attachment C). Works with CalHFA Conventional or CalHFA FHA 1st lien programs; Assistance funds are in the form of a silent 2nd lien @ 2.5% simple interest; Payments are deferred for the life of the 1st mortgage Process borrowers for Mortgage Credit Certificate (MCC) and deliver documents required by the program to CalHFA and/or the Program Administrator. CalHFA ZIP is a deferred payment, zero interest second mortgage that is only available with when used with the CalPLUS first mortgage program. GSEs, FHA) or private (e.g. The CalHFA USDA Program is a USDA Guaranteed first mortgage loan program, which can be combined with the MyHome Assistance Program (MyHome). - No restrictions on the areas borrowers can purchase (California only). Lender Program Manual - 06/01/2020 Updates and changes will be announced from time to time via a Program Bulletin ("Program Bulletin" or "Program Bulletins") and Lenders should sign up for Enews announcements and monitor CalHFA’s website for specific Program Bulletin updates and changes to the Program Manual. … The income limits are higher– o The maximum allowable income is higher in Targeted Areas to expand homeownership opportunities to more borrowers. This loan is fully amortized for a thirty (30) year term and can be combined with either the MyHome Assistance Program (MyHome) or School Teacher and Employee Assistance Program (School Program). Review the sections below to find out more about the CalHFA FHA program. Enews Signup. Applicants must complete a homebuyer education class © 2020 CALIFORNIA HOUSING FINANCE AGENCY |, CalHFA Conventional Loans Program Handbook, Veterans Housing and Homelessness Prevention Program (VHHP). This Program Bulletin supersedes Program Bulletin #2017-09 issued September 6, 2017 regarding CalHFA Loan Programs for Conventional and FHA loans. The CalHFA FHA Loan Program is a FHA insured first mortgage loan featuring a fully amortizing fixed interest rate with a maximum 30-year term.. FHA Loans requires a minimum 3.5% down payment. The Manual is periodically amended and/or updated by Program Bulletins. Get familiar with their layout, and you'll be a CalHFA program whiz in no time. The CalPLUSSMFHA loan program is a fully amortized thirty 30-year fixed inter- est rate FHA-insured first mortgage. The Manual is periodically amended and/or updated by Program Bulletins. Some exceptions may apply to the notification policy, such as daily interest rate announcements and changes directed by other state (e.g. The CalHFA FHA loan is not subject to Recapture Tax. Once you know which programs you could be eligible for (from Step 2), find all the details for each program by clicking on the Loan Programs tab above. Offered by the California Housing Finance Agency , this new CalHFA loan program is designed to help well-prepared low to moderate income families become homeowners in California. Whenever possible, CalHFA will provide its Lenders a five (5) business day notice via a CalHFA Program Bulletin or Enews announcement regarding program and policy changes. Term of Program CalHFA MCC Tax Credit Certificates can only be issued on eligible loans closed between 05/07/2012 – 12/31/2017. Lender determines if buyer qualifies for CalHFA MCC and other products (CalHFA first mortgage and/or MyHome Assistance Program — assistance) • Applicant presents Purchase/Sales to lender and lender has applicant sign CalHFA MCC Tax Credit Notice of Potential Recapture as … 1130 0 obj <>/Filter/FlateDecode/ID[<39B6EFF90A09AB4EAE6B3EBC2CDC9812><40D7BCEBFF75F54984B67F6E1532A4AD>]/Index[1118 25]/Info 1117 0 R/Length 71/Prev 104588/Root 1119 0 R/Size 1143/Type/XRef/W[1 2 1]>>stream Your low to moderate income first-time homebuyer can use this loan for down payment and/or closing cost as- sistance. Owner Occupied only – borrower must live in the home as a primary residence The CalHFA FHA program is an FHA-insured loan featuring a CalHFA fixed interest rate first mortgage. The first mortgage or any other associated subordinate loans cannot be financed with tax-exempt bond financing. Step 4 Now it’s time to start talking to an expert. Five Programs • Principal Reduction Program It is intended as a guide for originating loans for purchase by CalHFA. Borrower Eligibility. Program Overview The CalHFA Conventional Loan Program is a CalHFA conventionally insured first mortgage loan featuring a fully amortizing fixed interest rate with a maximum 30-year term. • MyHome Assistance Program (loan, must be combined with CalHFA irst mortgage product) • Extra Credit Teacher Home Purchase Program (loan, must be combined with CalHFA CalHFA's Lender Program Manual is directed to mortgage professionals, such as lenders, loan officers, underwriters, brokers, escrow officers and servicers. All the information for a given program—from qualifying criteria to forms & docs—is collected in one easy place. Master Servicer and Mortgage Insurance provider) partners who have not allowed sufficient time for a 5-day notification. The CalHFA Conventional program is a Fannie Mae HFA Preferred™ fully amortized thirty (30) year fixed interest rate first mortgage. Sacramento, CA 95814 Combine MyHome with any CalHFA first mortgage program above for added affordability, Both Pre-Closing Submission and Post-Closing Loan Delivery and Purchase processes in one easy handbook. thirty (30) year fixed interest rate first mortgage. The Mortgage Credit Certificate(MCC) program, provided by the California Housing FinanceAgency, potentially allows low to moderate income first-time homebuyers to convert a portion of their annual mortgage interest payment into a dollar-for-dollar tax credit on any liability they owe on their U.S. income tax returns. CalHFA Cal-EEM + Grant program: The CalHFA Cal-EEM + Grant program combines an FHA Energy Efficient Mortgage (EEM) with an additional Cal-EEM grant. The Scenario Calculator helps you compare CalHFA loans to determine what loan scenario works best for your client. After researching best practices for this on other mortgage financing sites, a handbook for each program was created containing everything needed in one place from income and sales price limits to forms and marketing materials. h�b```b``b`f`�g�c@ >V �x"��p� (The first-time homebuyer requirement does still apply for CalHFA’s down payment assistance programs.) The CalHFA FHA Program is an FHA-insured loan featuring a CalHFA 30 year fixed interest rate first mortgage. • Meet the credit, income, property and loan requirements detailed in this program handbook, as well as CalHFA’s Lender Manual, Fannie Mae, the CalHFA-approved lender, the mortgage insurer and CalHFA’s master servicer’s requirements • Be a first-time homebuyer Exceptions to first-time homebuyer requirement: • CalHFA FHA, CalHFA USDA or CalHFA VA first mortgage without any … 1142 0 obj <>stream The sales price limit is $660,000 for all of California. This loan is combined with the CalHFA Zero Interest Program (ZIP) for down payment and/or closing cost assistance. 500 Capitol Mall, Ste. The down payment and closing cost assistance programs must be used along with the CalHFA first mortgage. Please refer to CalHFA first mortgage program handbook for full details School Program may be combined with other down payment and/or (continued on next page) Underwriting & Compliance Term The term of School Program matches the term of the CalHFA first mortgage not to exceed thirty (30) years. GSFA Platinum 413 People Used 1400 This loan is combined with either the MyHome Assistance Program (MyHome) or the Extra Credit Teacher Program (ECTP). Retain first mortgage loan. 3.5. Program Bulletin #2020-10 - Maximum Debt-to-Income Ratio for All Borrowers Increasing to 45%, Program Bulletin #2020-09 - MyHome Interest Rate Decreases to 2.00%, Program Bulletin #2020-08 - Updated Income Limits for All CalHFA First and Subordinate Mortgages, Program Bulletin #2020-07 - Elimination of Sales Price Limits, Enews 11/01/20: CalHFA's November Update With Molly Ellis, Enews 08/24/20: Resources for Fire Victims, Enews announcements can be found on our Archived Page, Sacramento Headquarters The CalHFA MCC Tax Credit can be used with a conventional or government first mortgage loan. (The higher income limits apply when using any of CalHFA’s first mortgage products and The Conventional ZIP second loan is only available with CalPLUS and is a silent second loan for either 3.00% or 4.00% of the first mortgage loan amount. 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. C alPLUS FHA Loan Program - CalHFA FHA first mortgage with a slighter higher interest rate than the standard conventional loan. h�bbd``b`�������H�� &G�" �h ! The CalHFA MyHome Assistance Program is a deferred payment, simple interest rate silent second mortgage. 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 … The MyHome Assistance program provides up to $10,00 in assistance or 3% or 3.5% of the sales price/appraised value, whichever is less. 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