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What is The CAL HFA Conventional Mortgage?

The CalHFA conventional program is a fully amortized thirty 30 year fixed interest rate mortgage.

This program may be combined with the My Home, Extra Credit Teacher Program, and other non CAL HFA subordinate loans.

In addition, the CAL HFA Conventional loan may be layered with a mortgage credit certificate tax credit program (MCC) for first time home buyers only.

  • May not have any current interest in a residential property
  • Owner must occupy the property within 60 days of closing
  • Must be a U.S. citizen, permanent resident alien, or qualified alien
  • LTV cannot exceed 97%
  • CLTV cannot exceed 105%
  • $417,000 max first mortgage loan amount
  • $600,000 max sales price for Los Angeles county
  • 640 minimum credit score requirement
  • 45% max DTI ratio
  • No manual underwrites
  • Mortgage insurance is required for all loans that are 80.01% LTV or higher

Subordinate Financing

This program may be layered with the following down payment and/or closing cost assistance programs for first-time home buyers only. A first time home buyer is defined as someone who has not had an ownership interest in a residential dwelling within the last three years.

Apply now for Cal HFA Conventional

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MyHome Assistance Program

›  May be used for closing cost and/or down payment assistance

›  In the case of conflicting guidelines, the lender must follow the more restrictive

›  Must be recorded in Second Lien Position

 

Extra Credit Teacher Program (ECTP)

›  May be used for down payment assistance

›  In the case of conflicting guidelines, the lender must follow the more restrictive

 

Non-CalHFA Subordinate

› This program may be layered with a Fannie Mae approved Community Seconds program used for closing costs and/or down payment assistance per individual requirements.

› The locality subordinate loan must meet Fannie Mae Community Seconds guidelines

› The maximum CLTV must meet CalHFA requirements

› In the case of conflicting guidelines, the lender must follow the more restrictive

Other Programs and Assistance

› This program may be layered with CalHFA Mortgage Credit Certificate Tax Credit Program (MCC Tax Credit Program) or other Mortgage Credit Certificate (MCC) programs for first time homebuyers only

› The MCC credit may be used for credit qualifying purposes as per investor guidelines

Ask us Anything

If you're interested in the CAL HFA Conventional loan program and you want more information or if you would like to get started then leave a message or give us a call at 661.799.8515.

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