CALHFA

CALHFA DOWN PAYMENT ASSISTANCE PROGRAMS

Exciting Update for First-Time Homebuyers!
The California Housing Finance Agency (CalHFA) has increased its income limits, making it easier for you to achieve homeownership.

• Income Limits:

  • Statewide Income Limits: $162,000
    (Limits vary slightly by county, with this statewide figure applicable for general guidance)

• Maximum Sales Price: $660,000 (statewide limit).

• Eligible Loan Types:
  CalHFA loans can be used with both Conventional and FHA first trust deeds.

• Requirements:

  • Must be a first-time homebuyer.
  • Minimum credit score of 640.

Down Payment Assistance Options

CalHFA offers various programs that can be combined for down payment and closing costs:

• MyHome or School Teacher/Employee Assistance programs for down payments.
• ZIP loan to cover closing costs and prepaid expenses.

Example Breakdown

For a home priced at $450,000, here’s how you can structure the assistance:

• MyHome Assistance:
  3.5% of $450,000 = $15,750 (second lien for down payment)

• ZIP Loan Option (4%):
  4% of $450,000 = $18,000 (third lien for closing costs)

Total Assistance: $33,750 for both down payment and closing costs.

Note: ZIP funds can only be used for closing costs and prepaid expenses, while MyHome and the Teachers Program can be applied to both down payment and closing costs. You have the flexibility to use only MyHome or the Teachers Program without the ZIP loan if preferred.

For immediate assistance call Yessica Moore at 7602374092!
Call us today to get started and get your home loan pre qualified!