Get Pre-approved on CALHFA VA LOAN PROGRAM
First Time Home Buyer California
CalHFA VA LOAN PROGRAM
Program Eligibility
Am I eligible to apply for this program?
Review the guidelines below for both “Borrower” and “Property” Requirements to determine if you may be eligible to apply for the CalHFA VA Program.
Borrower Requirements
- Occupy the property as a primary residence; non-occupant co-borrowers are not allowed.
- CalHFA borrowers must complete homebuyer education counseling and obtain a certificate of completion through an eligible homebuyer counseling organization.
- Meet CalHFA income limits for this program.
- Present a valid certificate of eligibility per VA guidelines.
*In the case of conflicting guidelines, the lender must follow the more restrictive.
Property Requirements
- Be a single-family, one-unit residence, including approved condominium/PUDs
- Guest houses, granny units and in-law quarters may be eligible
- Manufactured housing is not permitted
- Condominiums must meet the guidelines of the first mortgage
- There is a five acre maximum on the size of the property
*In the case of conflicting guidelines, the lender must follow the more restrictive.
Homebuyer Education Requirement
CalHFA firmly believes that homebuyer education and counseling is critical to the success and happiness of a homeowner, and requires homebuyer education and counseling for first-time homebuyers using a CalHFA program.
Who has to take this Homebuyer Education and Counseling course?
Only one occupying first-time borrower on each loan transaction.
How do I take this education and counseling course?
- ONLINE: eHome’s eight-hour Homebuyer Education and Counseling course is the only online course accepted by CalHFA. (fee: $99) Other online courses like Frameworks are not acceptable because they do not provide a one-hour, 1-on-1 counseling follow-up session.
- IN-PERSON: face-to-face Homebuyer Education and Counseling through NeighborWorks America or any HUD-Approved Housing Counseling Agency
(fee: varies by agency)
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EXPERT FIRST TIME HOME BUYER GUIDE
CalHFA is a state agency that has been helping Californians find affordable housing since 1975. It provides a variety of loan programs aimed at making homeownership more accessible. These programs include down payment assistance, first mortgage loans, and special financing options for teachers and first responders. The goal is to support those who may face financial barriers in securing a home loan through traditional means.
Key Features of the CalHFA Program
1. **Down Payment Assistance**: One of the standout features of the CalHFA program is its down payment assistance options. These can significantly reduce the initial financial burden of buying a home.
2. **Competitive Interest Rates**: CalHFA offers competitive interest rates, making monthly mortgage payments more affordable.
3. **Deferred Payment Loans**: Some CalHFA loans allow for deferred payments, meaning you don’t have to start repaying the loan immediately.
4. **Flexible Eligibility Requirements**: CalHFA programs are designed to be accessible to a wide range of income levels and credit scores.
The CalHFA program provides a valuable pathway to homeownership for low-to-moderate income families in California. With a range of loan options, down payment assistance, and special programs for educators and first responders, CalHFA makes it easier to achieve the dream of owning a home. By understanding the eligibility requirements and following the application process, you can take advantage of these opportunities and secure an affordable mortgage that suits your needs. Start your journey to homeownership with CalHFA today and make your dream home a reality.