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What is The CAL HFA FHA Mortgage?

The CalHFA FHA mortgage is an FHA insured mortgage loan which features a fixed interest rate mortgage. This loan is fully amortized for a 30 year term and can be combined with either the MyHome Assistance Program (MyHome) or the Extra Credit Teacher Purchase Program (E.C.T.P).

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

  • Borrower must be a U.S. citizen, permanent resident alien, or a qualified alien
  • LTV must follow FHA mortgage underwriting guidelines
  • CLTV may not exceed 105%
  • All loans over $417,000 will be subject to an additional fee
  • $600,000 max sales price for Los Angeles county
  • 640 minimum credit score requirement
  • 45% max DTI ratio
  • Manual underwrites accepted!

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.

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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

 

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

Ask us Anything

If you're interested in the CAL HFA FHA 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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