CalHFA Down Payment Assistance Program



WHAT ARE THE CALHFA PROGRAM REQUIREMENTS? icon

WHAT ARE THE CALHFA PROGRAM REQUIREMENTS?

Borrowers must be either a citizen or other National of the United States, or a “Qualified Alien”, meet credit, income, property and loan requirements, and be a first-time home buyer.

ARE THERE EXCEPTIONS TO THE FIRST-TIME HOMEBUYER REQUIREMENT? icon

ARE THERE EXCEPTIONS TO THE FIRST-TIME HOMEBUYER REQUIREMENT?

Yes. Your Lender can discuss exceptions to this rule. If you aren't already working with a Lender, I can introduce you to a down payment assistance expert.

IS HOMEBUYER EDUCATION REQUIRED? icon

IS HOMEBUYER EDUCATION REQUIRED?

Yes. Homebuyer education and counseling is required for one occupying first-time homebuyer. You can complete the education online or face-to-face. Certificates are good for one-year.

DO I QUALIFY IF I'VE OWNED A HOME BEFORE? icon

DO I QUALIFY IF I'VE OWNED A HOME BEFORE?

A first-time homebuyer is defined as a borrower who has not had an ownership interest in any principal residence or resided in the home owned by a spouse during the previous three years.

WHAT IS THE MINIMUM CREDIT SCORE REQUIRED? icon

WHAT IS THE MINIMUM CREDIT SCORE REQUIRED?

The minimum credit score varies between 660 to 680, based on a borrower's income in comparison to the HomeReady program's AMI LI income limit.

CAN A LENDER STILL CHARGE FEES? icon

CAN A LENDER STILL CHARGE FEES?

Yes. A Lender can still charge fees for the origination and processing of the fees; however, there are programs limits.

IS THERE A MAXIMUM LOAN AMOUNT? icon

IS THERE A MAXIMUM LOAN AMOUNT?

Yes. The maximum first mortgage loan amount cannot exceed current Fannie Mae loan limits. These figures are subject to change, so your Lender can go into detail once you're ready to get pre-approved.

WHAT CAN I USE CALHFA FUNDS FOR? icon

WHAT CAN I USE CALHFA FUNDS FOR?

Depending on the CalHFA program you qualify for, funds may be used for closing cost and/or down payment assistance. They cannot be used to pay off debt.

ARE THERE OTHER FEES CHARGED? icon

ARE THERE OTHER FEES CHARGED?

Yes. Other customary third party fees such as credit report fee, appraisal fee, insurance fee or similar settlement or financing cost should be accounted for. Your Lender will discuss this with you during the process.

WHAT ARE THE LOAN TERMS? icon

WHAT ARE THE LOAN TERMS?

30-years is the maximum loan term allowed.

ARE THERE OWNER OCCUPANCY REQUIREMENTS? icon

ARE THERE OWNER OCCUPANCY REQUIREMENTS?

All borrowers must occupy the property as their primary residence within sixty (60) days of closing.

IS THERE A LIMIT ON LOT SIZE? icon

IS THERE A LIMIT ON LOT SIZE?

Yes. The lot size cannot exceed five (5) acres maximum.

DOES THE PROPERTY NEED TO BE A CERTAIN TYPE? icon

DOES THE PROPERTY NEED TO BE A CERTAIN TYPE?

Yes. The property must be a single-family/ one-unit residence, condominium/ PUD, townhome or a manufactured home (with some restrictions). Properties must meet the requirements of the California Health and Safety Code.

DOES A HOME WARRANTY MATTER? icon

DOES A HOME WARRANTY MATTER?

Yes. CalHFA requires that all first-time homebuyer(s) obtain a one-year home warranty protection policy. The insurance must cover the following items at a minimum: Water Heater(s), Air Conditioning, Heating, and Oven/Stove/Range.

Learn More About The Programs Available


My team of Lender partners and I are down payment assistance program experts. If you would like to discuss your options, you can fill out this form or contact me directly at 619.752.4177. I look forward to connecting with you!