How The Cal HFA Down Payment Assistance Works?
You can get financing of up to 105% of your home’s purchase price or the appraised value – whichever is lower – through the CalHFA FHA. What’s more, there are opportunities to get closing cost and down payment assistance if you combine your CalHFA mortgage with a CalHFA junior loan program.
There aren’t any first-time homebuyer requirements to meet, but when it comes time to close escrow you cannot be the owner of any other homes. Plus, your FICO score must be at least a 640, or a 660 if you are purchasing a manufactured home. Remember, in order to qualify you have to finish your first-time homebuyer course and have the signed certificate delivered directly to us.
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Online: http://ehomeamerica.org/calhfa
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In Person: http://www.calhfa.ca.gov/homebuyer/calhfa_neighborworks_america.pdf orhttp://hud.gov/offices/hsg/sfh/hcc/hcs.cfm?weblistaction=summary
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Refer to CalHFA’s income limits established for the county in which the property is located. http://www.calhfa.ca.gov/homeownership/limits/income/income-moderateFHA.pdf
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Refer to CalHFA’s published sales price limits for the county in which the property is located. http://www.calhfa.ca.gov/homeownership/limits/salesprice/salesprice.pdf
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Be a U.S. citizen, permanent resident alien or other qualified alien.
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Existing single family, one-unit residence, including condominium/PUDs and Manufactured Housing(Certain Restrictions Apply) Leaseholds/Land Trusts are not allowed with this program.
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CalHFA offers the California Homebuyer’s Downpayment Assistance Program (CHDAP) which can be used for down payment and/or closing cost assistance.
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CalHFA has partnered with over 300 local agencies under the Affordable Housing Partnership Program (AHPP) which can be combined with the CalHFA FHA for down payment and closing cost.
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Homebuyer education is required for each CalHFA borrower.