Program Highlights:

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• Borrower receives 3% or 3.5% in assistance from CalHFA to cover your minimum down payment

  • CalHFA Conventional = 3% in assistance​

  • CalHFA FHA = 3.5% in assistance

• Assistance is not forgivable and must be repaid if the home is refinanced, sold, or you reach the end of your 30-year term on the loan​

• Borrower can add 2% or 3% in closing cost assistance with CalHFA ZIP ​​

• Loan amount limit based on conforming loan limits

• Interest rates for the program are set by CalHFA and change daily

• Types of approved homes:

  • Single-family homes​

  • Condos/townhomes (approval required)

  • Manufactured homes on owned land (no leased spaces)

  • Below-market-rate (BMR) homes

 

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Eligibility:

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• Borrower must be a first-time homebuyer (not owned a home in the past 3 years)​

• Borrower's gross income must be below the limit for the county the home is purchased in

  • Moderate Income Limits for All California Counties​

• Maximum DTI (debt-to-income ratio) is 45%

• Minimum credit scores:

  • Conventional = 680​

  • FHA = 640

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Complete Program Information