This new Down Payment Assistance program from CalHFA is phenomenal!! Here are a few highlights!
- Must be first time homebuyer
- Primary residence only
- No non Occupying Co-borrowers
- Min FICO: conventional: 680
- Income limits by county (attached)
- NO max purchase price
- Rates are very competitive; today’s pricing 6.375% or 6% for low income
- Borrower paid comp only (max 200 bps)
- DTI 45% or 50% with 700 FICO (condo/sfr only)
- Manufactured homes ok
*** 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 must 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: https://calhfa.ehomeamerica.org/sponsor_user/sponsor_main
and Counseling course is the only online course accepted by CalHFA. (fee: $99) Other online courses like Frameworks and Home View are not acceptable because they do not provide a one-hour, 1-on-1 counseling follow-up session.
• IN-PERSON or VIRTUAL: Live Homebuyer Education and Counseling in-person or virtually though https://www.neighborworks.org/Homes-Finances/Homeownership/HomeOwnership-Center-Directory
or any https://hudgov-answers.force.com/housingcounseling/s/?language=en_US
(fee: varies by agency) (This will be the BEST Option because it does both the Education and the Counseling)
• Additionally, Borrowers are required to complete CalHFA homebuyer education specifically for Shared Appreciation loans. https://www.calhfadreamforall.com/
Watch our guide above and review the cost analysis to the right to see the program in action.
Remember, funds for this program are limited so you’ll want to reach out to your buyers ASAP!
For a one on one review, or for additional information, give us a ring!
Gene Agustin and Bernie Tomei
NMLS 357731 & 350615