CalFHA First Time Home Buyer California

CALFHA FIRST TIME HOME BUYER PROGRAMS

First Time Home Buyer California
CalHFA FHA LOAN PROGRAM

The CalHFA FHA Loan Program is a FHA insured first mortgage loan featuring a fully amortizing fixed interest rate with a maximum 30-year term.

FHA Loans requires a minimum 3.5% down payment.

Borrower Eligibility

  • Owner Occupied only – borrower must live in the home as a primary residence
  • Minimum 640 Credit Score for automated underwriting approvals
  • Minimum 660 Credit Score for manual underwriting approvals
  • Full income / asset documentation only – W2 and/or tax returns
  • Borrower contribution can be Gift
  • Do NOT have to be a first time home buyer
  • Must complete 8 hour Homebuyer Education course if first time home buyer
  • 45% Debt to Income Ratio (regardless of automated approval findings)
  • 43% Debt to Income Ratio if manual underwriting is required
  • Non-Occupying Co-Signers allowed
  • Income Limits Apply (varies by County)
  • 105% Combined Loan to Value including assistance loans

Get Pre-approved on CALHFA FHA LOAN PROGRAM

CalHFA FHA Loan Terms

  • FHA insured first mortgage
  • 30 year fixed rate term
  • High Balance FHA loan amounts allowed
  • Has exclusive access to ZIP – Zero Interest Program
  • Can be combined with ECTP – Extra Credit Teacher Program
  • Can be combined with MCC and/or EEM
  • Can be combined with MyHome Assistance Program
  • CalHFA FHA loans are not subject to a recapture tax

Property Eligibility

  • Single Family Residence and HUD approved condos
  • Sales Price Limit – $660,000
  • Owner Occupied Only
  • Manufactured housing allowed with minimum 660 Credit Score
  • 1 Year Home Warranty (except new construction)

Minimum Home Warranty Coverage

  • Water Heater
  • Air Conditioning/Heating
  • Refrigerator, Oven/Stove/Range, Microwave, Washer/Dryer
How To Get PreQualified For A Home Loan

EXPERT FIRST TIME HOME BUYER GUIDE

CalFHA First time home buyer program California!! Prequalify Today Click Here