Type of assistance: High Cost Area Home Purchase Assistance Program (HiCAP). A CalHFA below market rate interest first loan and a deferred payment low interest rate second loan for up to $7,500 to be used for the down payment. The second loan has a low simple interest rate and a term of 30 years. Payments on the second are deferred for the life of the first loan.
Who is Eligible? Borrower’s income limits cannot exceed CalHFA’s income limits established for the county in which the borrower is going to purchase. Borrower must be a first-time homebuyer, occupy the residence as their primary residence and meet credit, income and loan requirements established by CALHFA.
Maximum Purchase Price: $585,000 for New Construction and $670,000 for Resale in Alameda Counties. Limits vary by counties
Interest Only PLUS
Type of Assistance: A 35-year fixed-rate loan requiring interest only payment for the first five years and principal plus interest for the remaining 30 term. The maximum loan to value is 100% which means a down payment is not required. The same interest rate applies throughout the life of the loan the current interest rate for the program is 6.00%. Although more costly in the long term, the program is aimed at those who can’t initially afford a full payment and fear rapidly escalating housing costs.
For illustrative purposes, a borrower of $450,000 under a conventional loan structure would have mortgage payments of $3,406 monthly. Under the Interest Only PLUS Program, the initial payment would be $2,455 a month for the first five years for an initial monthly savings of $951.
Who is Eligible? First time homebuyers who intend to occupy the residence as their primary residence having household incomes within the CALHFA defined limits.
California Homebuyer's down payment Assistance Program (CHADAP)
Type of assistance: CHADAP is a 3% of the purchase price loan (example $13,500 for a $450,000 home purchase) that can be used for down payment or closing costs. The payments are deferred for the life of the first loan with no monthly repayments due.
Who is eligible: Eligibility is based on borrower’s income and the number of people in the family.
CalHFA 100% financing, 30-year fixed-rate mortgage at 5.50% with no prepayment penalty.
Purchase Price
Your Down Payment
Downpayment Assistance
Monthly Payment
$300,000
0
$16,500
$2,174
$350,000
0
$18,000
$2,547
$400,000
0
$19,500
$2,917
$450,000
0
$21,000
$3,288
$500,000
0
$22,500
$3,659
$550,000
0
$24,000
$4,038
This program is available in most counties in California. The Preliminary requirements to qualify are:
First time home buyer (have now owned a home in the last three years)
Combined gross monthly income of at least $5,000.
Good credit history
No Bankruptcy in the last two years
Applicants plan on living in the property
To find how big of a house you can buy, fill out and submit the form below:
First Applicant (Please complete all fields)
First Name:
Last Name:
Daytime Phone:
Evening Phone:
Fax:
EMail: We Can Not Respond Unless Your EMail Is Correct!
Street Address:
City:
State/Province:
Zip/Postal Code:
Where do you want to live? (Select multiple areas by holding the Ctrl key)
Total Gross Monthly Income for the first applicant: $
Total Monthly Expenses for the first applicant, not including rent, utilities, insurance payments etc.: $
Social Security Number:
Type of income: (Make multiple selections by holding the Ctrl key)
Second Applicant (Please complete all fields)
First Name:
Last Name:
Daytime Phone:
Evening Phone:
Fax:
EMail:
Street Address:
City:
State/Province:
Zip/Postal Code:
Total Gross Monthly Income for the second applicant: $
Total Monthly Expenses for the second applicant, not including rent, utilities, insurance payments etc.: $
Social Security Number:
Type of income: (Make multiple selections by holding the Ctrl key)
Comments:
Yes
I hereby give my consent to have my credit report secured from any credit reporting agency which you designate.
Read the important notice below..............
If you do not receive back an email notification within 5 minutes after pressing
the Submit button, you incorrectly entered your email address into the above
application. You will need to fill out and submit the above application again with
the corrected email address so we can confirm that your email address is correct
and active. We will only process applications with email addresses that are
confirmed as correct and active.
We will only process applications with email addresses that are
