Application for Down Payment Assistance through the State of California's Program for first time home buyers
CalHFA’s Homeownership Loan Program is designed to enhance affordability and homeownership opportunities to first-time homebuyers in all 58 counties within the State of California.
KEY PROGRAM FEATURES:
Below market rate 30 year fixed rate loans
Targets first time homebuyers with low or moderate incomes
Borrowers must meet CalHFA defined income limits and credit requirements
Property must be single family, one-unit residences only
Properties must meet CalHFA defined sales price limits
Origination fee and loan costs limited by CalHFA
Downpayment and closing cost assistance available through junior liens provided by CalHFA
Specialized programs for eligible California public schools employees.
Funding capital for the CalHFA Homeownership Loan program is raised through the sale of tax exempt mortgage revenue bonds which provides below market interest rates to borrowers. Borrowers may select either FHA or conventional 30 year fixed rate programs.
CalHFA defines a first-time homebuyer as someone who has not had homeownership within the last three years. CalHFA has also designated a number of Target Areas within the State where this program is also available for people who do not meet the first-time homebuyer definition. Contact your local First Mortgage branch office for a list of Target Areas near you.
CalHFA borrowers must meet CalHFA-defined income limits, meet credit and loan requirements and be a U.S. citizen or have permanent residence status. Income limits are based upon household size and varies by area. CalHFA has designated a number of counties as High Cost areas and these counties have income limits as high as $130,065.
Eligible properties must fall within CalHFA defined sales price limits, be a single family, one unit residence, including condominiums. Manufactured housing is allowed if permanently attached to the foundation. Sales price limits can be as high as $685,000 in some Target Areas.
CalHFA makes the final decision on each loan and reviews the loan file to ensure adherence with preset CalHFA origination and lender fees limitations in addition to compliance with borrower and property eligibility criteria.
The Homeownership Mortgage Loan Program can be combined with a number of CalHFA subordinate financing options which provide downpayment and closing cost assistance. CalHFA subordinate financing programs do not require a monthly payment; the loan is paid off at time of sale or refinancing.
CalHFA also offers a specialized loan program for teachers, administrators, staff members and classified employees in High Priority designated schools across the state. This program also offers a below market interest rate and can be combined with CalHFA provided subordinate financing to cover most or all of the downpayment and closing cost requirements. The interest rate on the subordinate financing may be reduced each year the borrower continues to be employed in the high priority school, eventually to zero. Like all CalHFA subordinate financing programs, the borrower does not have to make a monthly payment on the principal.
If you would like to find out what you qualify for fill out the application below.
First Applicant (Please complete all fields)
I'm interested in financing to: (Select an Option)
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
confirmed as correct and active.
Anthony Mortgage Tracy, CA 95376 eMail: info@CalHomeMtg.com RE Broker CA Dept of RE #01145903
