CalHFA FHA Program
The CalHFA FHA Program is an FHA-insured loan featuring a CalHFA 30 year fixed interest rate first mortgage.
Review the sections below to find out more about the CalHFA FHA 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 CalPLUS Conventional.
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.
*In the case of conflicting guidelines, the lender must follow the more restrictive.
Property Requirements
- The sales price of the home cannot exceed CalHFA’s sales price limit
- 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 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.
Interest Rate
What is the interest rate?
Interest rates will vary depending on your financial circumstances, lender fees, and other factors. Interest rates can also change daily. We recommend that you check with a CalHFA-approved loan officer to receive an accurate rate quote for this program.
CalHFA does not lend money directly to consumers. CalHFA works through and uses approved lenders to qualify consumers and to make all mortgage loans. The fees you pay could be different depending on the lender and the program.
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)
How To Apply
How do I apply for this loan program?
Since CalHFA is not a direct lender, our mortgage products are offered through private loan officers who have been approved & trained by our Agency. These loan officers can help you find out more about CalHFA’s programs and guide you through the home buying process.
What documents should I have ready?
When initially contacting a loan officer, you may want to have this list of documents and information available to help answer questions that they will ask you:
- Pay stubs
- Bank statements
- Employment history
- Previous tax returns
**Newpoint Funding Inc. is not affiliated with or acting on behalf of or at the direction of FHA, VA, USDA or the Federal Government.
