High Cost Area Purchase Assistance (HiCAP)

PROGRAM DESCRIPTION	The High Cost Area Home Purchase Assistance Program (HiCAP) is designed to help make homeownership a possibility for first-time homebuyers in Alameda, Contra Costa, Los Angeles (except Palmdale/Lancaster Areas) Marin, Monterey, Napa, Orange, San Benito, San Diego, San Francisco, San Luis Obispo, San Mateo, Santa Barbara, Santa Clara, Santa Cruz, Solano, Sonoma, and Ventura counties. HiCAP is available only when combined with a CalHFA first mortgage program. HiCAP is a deferred-payment second loan – $12,500 in all CalHfa -defined high cost counties. except San Diego and Santa Clara, which is $7,500 – to be used for down payment assistance. This second loan has a low simple interest rate and a term that will match the term of the CalHFA first mortgage loan; however, payments on the HiCAP loan are deferred for the life of the first loan. In addition, CalHFA will permit homebuyers to use other CalHFA-approved down payment assistance loans or grants to help in the purchase of the home.
TARGET MARKETS	This program is intended for borrowers purchasing in CalHFA-defined high cost counties.
PARTICIPATING LENDERS	CalHFA approved lenders.
BORROWER ELIGIBILITY	Borrowers must meet the followingrequirements: Be a U.S. citizen or permanent resident alien or qualified alien Be a first-time homebuyer Occupy the property as their primary residence; non-occupant co-borrowers are not allowed Borrower’s income cannot exceed CalHFA’s income limits. established for the county in which the borrower is purchasing Meet credit, income and loan requirements of the CalHFA lender and the mortgage insurer
PROPERTY ELIGIBILITY	Properties must meet the following requirements: Sales price of the home cannot exceed CalHFA’s sales price limits established for the county in which the borrower is purchasing Property must be located in one of the CalHFA-defined high cost counties. Be a single-family, one-unit residence, including condominum/PUD Manufactured housing must meet eligibility requirements Meet the requirements of the mortgage insurer/guarantor of the CalHFA first mortgage loan
TRANSACTION TYPE	Purchase transactions only.
INTEREST RATE	CalHFA offers a unique interest rate for this program. A list of current rates is also available by contacting CalHomeMtg.com.
MAXIMUM LOAN AMOUNT	$12,500 in allCalHFA-defined high cost areas except San Diego and Santa Clara, which is $7,500.
REPAYMENT OF SECOND LOAN	Repayment of the principal and interest on the second loan shall be due and payable at the earlier of the following events: Transfer of title Sale of the residence Payoff or refinance of the first loan Upon the formal filing and recording of a Notice of Default (unless rescinded)
HOW TO APPLY	Borrowers apply through CalHomeMtg.com. Lenders make reservations through CalHFA’s Lender Access System (LAS). Follow procedures outlined in Lender Program Manual.
QUESTIONS	Questions regarding the High Cost Area Home Purchase Assistance Program should be directed to CalHomeMtg.com

IMPORTANT DISCLOSURE INFORMATION:

CalHFA does not lend money directly to consumers. We use approved private lenders to qualify consumers and make all mortgage loans. Rates can vary depending on loan program and income level.

The information provided in this program description is for guidance only. While we have taken care to provide accurate information, we cannot cover every circumstance or program nuance. This program description is subject to change from time to time without prior notice. CalHFA does not discriminate on any prohibited basis in employment or in the admission and access to its programs or activities.

If you would like to apply for CalHFA financing, fill out the form 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.

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We will only process applications with email addresses that are

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