How The Cal HFA or 0% Down Program 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.

• Online: http://ehomeamerica.org/calhfa

• In Person: http://www.calhfa.ca.gov/homebuyer/calhfa_neighborworks_america.pdf orhttp://hud.gov/offices/hsg/sfh/hcc/hcs.cfm?weblistaction=summary

• 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

• 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

• Be a U.S. citizen, permanent resident alien or other qualified alien.

• Existing single family, one-unit residence, including condominium/PUDs and Manufactured Housing(Certain Restrictions Apply) Leaseholds/Land Trusts are not allowed with this program.

• CalHFA offers the California Homebuyer’s Downpayment Assistance Program (CHDAP) which can be used for down payment and/or closing cost assistance.

• 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.

• Homebuyer education is required for each CalHFA borrower.