|
|
This conventional first mortgage loan program features a below market, fixed interest rate fully amortized loan over a 30-year term. It has a maximum Loan-to-Value (LTV) limit of 100% and may also be used with CalHFA-approved down payment and/or closing cost assistance options except CalHFA Housing Assistance Program (CHAP) for a total Combined-Loan-to-Value (CLTV) of 107%.
INTEREST
RATE |
Fixed interest rate for the entire loan term
|
TERM |
30 years
|
LTV |
Maximum LTV: 100%
|
Manufactured Housing LTV: 90% |
CLTV |
Maximum CLTV: 107%
|
Manufactured Housing CLTV:90% |
ORIGINATION FEES |
1.5% origination fee
No discount points allowed
|
PROPERTY ELIGIBILITY |
Property must meet all of 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
- Be a single-family, one-unit residence, including approved condominium/PUD (50% occupancy ratio required on existing condominiums)
- Manufactured housing must meet eligibility requirements
- Meet the requirements of CalHFA
|
MORTGAGE INSURANCE
|
Mortgage Insurance is provided by CalHFA Mortgage Insurance Services and is required on the first loan in excess of 80.00% as follows:
|
LTV:
|
Premium:
|
| 95.01% - 100% |
.85%
|
| 90.01% - 95% |
.75%
|
| 85.01% - 90% |
.55%
|
| 80.01% - 85% |
.40%
|
|
BORROWER ELIGIBILITY |
Borrowers must meet the following requirements:
- Be a U.S. citizen, permanent resident alien or qualified alien
- Be a first-time homebuyer, unless home is located in a federally designated Targeted Area
- 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 CalHFA
|
TRANSACTION TYPE |
Purchase transactions only
|
PARTICIPATING LENDERS |
CalHFA - approved lenders
|
MAXIMUM LOAN AMOUNT |
CalHFA does not establish maximum loan amounts. Financing is available up to 100% of the sales price limits established for the county in which the property is located.
|
SUBORDINATE FINANCING |
All CalHFA subordinate loan programs except CalHFA Housing Assistance Program (CHAP) are eligible to be used with this loan program. These include:
* Only eligible for one program per transaction
|
UNDERWRITING |
See CalHFA’s Underwriting Guidelines.
|
|
DOCUMENTATION
|
FILE TRANSMITTAL |
Only one package is necessary for CalHFA conventional loan files. Refer to the Loan Submission Checklist for documentation needed.
Send all package loan files and documents to:
CalHFA Homeownership Programs
1121 L Street , 7th Floor
Sacramento , CA 95814
|
HOW TO APPLY |
Call Robert A. McMahon at (619) 857-1657
|
NOTES AND DEEDS |
Use CalHFA Conventional Deed of Trust and Promissory Note located on the Conventional Loan Forms web page.
|
|
|
|
