30-Year Fixed Mortgage

INTEREST
RATE

Fixed interest rate for the entire loan term

TERM

30 years

LTV

Maximum LTV: 100%

CLTV

Maximum CLTV: 107%

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:

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:

• High Cost Area Home Purchase Assistance Program (HiCAP)
• California Homebuyer’s Downpayment Assistance Program (CHDAP)*
• Extra Credit Teacher Program (ECTP)*
• Affordable Housing Partnership Program (AHPP)
• School Facility Fee Down Payment Assistance Program (SFF)

* 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.