CalHFA offers a variety of loan programs to help you purchase a home in California.
CalHFA offers a variety of loan programs to help you purchase a home in California. The Foregivable Equity Builder is a brand new loan. It is a Silent Second (so you don't pay on it in your monthly payment). They will loan you up to 10% in closing costs and monies towards a down payment. It is A GRANT, IT IS FORGIVABLE IF YOU REMAIN IN THE HOME FOR 5 YEARS. Example, the home cost is $800,000, 10% is $80,000, that is forgivable....I like that!!! There are also loan that assist those of you who wish to add an ADU to your property (Additional Dwelling Unit) and increase it's value. This is a great opportunity to own a home and save a lot of money. See the programs below:
First Mortgage Programs -- Government Loans:
CalHFA FHA Loan Program
The CalHFA FHA Program is an FHA-insured loan featuring a CalHFA 30 year fixed interest rate first mortgage.
CalPLUS FHA Loan Program
The CalPLUS FHA program is an FHA-insured first mortgage with a slightly higher 30 year fixed interest rate than our standard FHA program and is combined with the CalHFA Zero Interest Program (ZIP) for closing costs.
CalHFA VA Loan Program
The CalHFA VA program is a VA-insured loan featuring a CalHFA fixed interest rate first mortgage. This loan is a 30-year fixed interest rate first mortgage.
CalHFA USDA Program
The CalHFA USDA Program is a USDA Guaranteed first mortgage loan program, which can be combined with the MyHome Assistance Program (MyHome). This loan is a 30-year fixed interest rate first mortgage.
CalHFA Conventional Loan Program
The CalHFA Conventional program is a first mortgage loan insured through private mortgage insurance on the conventional market. The interest rate on the CalHFA Conventional is fixed throughout the 30-year term.
CalPLUS Conventional Loan Program
The CalPLUS Conventional program is a conventional first mortgage with a slightly higher 30 year fixed interest rate than our standard conventional program and is combined with the CalHFA Zero Interest Program (ZIP) for closing costs.
Down Payment Assistance Programs
The money you put "down" or the down payment on your home loan can be one of the largest hurdles for many first-time homebuyers. That's why CalHFA offers several options for down payment and closing cost assistance. This type of assistance is often called a second or subordinate loan. CalHFA's subordinate loans are "silent seconds", meaning payments on this loan are deferred so you do not have to make a payment on this assistance until your home is sold, refinanced or paid in full. This helps to keep your monthly mortgage payment affordable.
MyHome Assistance Program
CalHFA Government Loans (FHA): MyHome offers a deferred-payment junior loan of an amount up to the lesser of 3.5% of the purchase price or appraised value to assist with down payment and/or closing costs.
CalHFA Conventional Loans: MyHome offers a deferred-payment junior loan of an amount up to the lesser of 3% of the purchase price or appraised value to assist with down payment and/or closing costs.
Forgivable Equity Builder Loan
Home equity has proven to be one of the strongest ways for families to build and pass on intergenerational wealth and CalHFA is committed to improving equitable access to homeownership for all Californians. The Forgivable Equity Builder Loan gives first-time homebuyers a head start on this with immediate equity in their homes via a loan that is forgivable if the borrower continuously occupies the home as their primary residence for five years.
The Forgivable Equity Builder Loan is a forgivable subordinate loan program that may only be used with a CalHFA first mortgage.
The Accessory Dwelling Unit (ADU) Grant Program will create more housing units in California by providing a grant of up to $40,000 to reimburse pre-development and non-reoccurring closing costs associated with the construction of the ADU.
Please call me with any questions or for a lender - the lender needs to be on an approved list for CALHFA Programs and I do work with these lenders. You can reach out to me at 909 292-8259 by text or phone call or email me. This is an awesome opportunity so I wanted to share with you all.