CalHFA FHA First Time Home Buyer Program
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
