HomeChoice Program

PROGRAM DESCRIPTION

The HomeChoice Program is a joint Fannie Mae/California HomeChoice Coalition/CalHFA program designed to meet the homeownership needs of low and moderate income first-time homebuyers who have disabilities or have family members with disabilities living with them. This unique program helps borrowers purchase a home anywhere in California. The program consists of two loans:

1. A Fannie Mae first mortgage loan, and
2. A CalHFA Housing Assistance Program (CHAP) deferred payment second mortgage to be used for down payment assistance.

CalHFA will establish the interest rate on the first and second mortgages.

TARGET MARKETS

This program is intended for low and moderate income first-time homebuyers who are disabled or have a family member with a disability living with them.

PARTICIPATING LENDERS

Guild Mortgage

BORROWER ELIGIBILITY

Borrowers must meet the following requirements :

• Disabled or have a family member with a disability living with them
• 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 Fannie Mae’s HomeChoice program 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
• Be a single-family, one-unit residence, including approved condominium /PUD
• Meet the requirements of Fannie Mae, CalHFA and the mortgage insurer

INTEREST RATE

CalHFA offers a unique interest rate for this program. A list of current rates is also available by contacting Guild Mortgage .

MAXIMUM LOAN AMOUNT

First loan: Based on borrowers’ qualifying ability, not to exceed Fannie Mae’s maximum loan amount.

Second loan: 3% of the sales price or appraised value, whichever is less.