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1.
What credit score is necessary to qualify for a CalHFA loan?
Views: 16852
Credit scores (also known as FICO [Fair Isaac COrporation] scores) are generally indicative of a borrower's likelihood to stay current on debts. Our minimum is currently 640-680, depending on the debt-to-income ratio in the loan application and which loan program you choose. For more details on eligible FICO scores, please work with a CalHFA-approved lender. You can find a list of our Preferred Loan Officers here: https://www.calhfa.ca.gov/apps/PLO
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2.
Is it possible to refinance my CalHFA loan? Views: 16525
Certainly. CalHFA is prohibited from offering refinances, but you should be able to work through virtually any other bank. We'd suggest using a CalHFA Preferred Loan Officer, as they have undergone training and are familiar with CalHFA programs. You can find a geographical list here: http://www.calhfa.ca.gov/homebuyer/lenders.htm Just click on the link CalHFA Preferred Loan Officers.
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3.
What are the income limits? Views: 15187
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4.
Do I qualify for CalHFA programs? Views: 9469
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5.
How do I find a CalHFA Loan Officer? Views: 8730
Check out our list of Preferred Loan Officers: https://www.calhfa.ca.gov/apps/PLO/ Any one of the loan officers listed will be more than happy to help you understand and proceed with securing a CalHFA loan for your home purchase. They also should be able to help if you are unfamiliar with the process of buying a home. Additionally, you can call our toll-free number at 877.9.CalHFA (877.922.5432) and one of our representatives can put you in touch with a loan officer in your area.
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6.
What loan programs does CalHFA offer?
Views: 8685
Normal 0 false false false MicrosoftInternetExplorer4 CalHFA currently offers several first mortgages and down payment assistance programs. For detailed information on these programs, please visit our Program Descriptions page: http://calhfa.ca.gov/homebuyer/programs/index.htm
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7.
Who is considered a first-time homebuyer? Views: 8251
California residents who have not owned and occupied their own home in the last three years are considered first-time homebuyers as defined by the Federal Government. Even though you must be a first-time homebuyer to use our down payment programs, our first mortgages do not require that you be a first-time homebuyer.
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8.
Can a person still qualify (meeting all other
requirements) if he/she uses a "co-borrower" or "co-
signer" for CalHFA FHA loans?
Views: 3025
Non-occupant co-borrowers and co-signers are not allowed on any CalHFA loan program.
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9.
What are the interest rates for your programs? Views: 2789
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10.
Can my status be that of an H1 visa holder or an L1 visa holder? I don't have a green card and I am not a citizen. Views: 2370
CalHFA does not have overlays for citizenship--check with a loan officer, who should follow federal and Government-Sponsored Enterprise guidelines.
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11.
How can I apply for a CalHFA loan? Views: 2316
Normal 0 MicrosoftInternetExplorer4 /* Style Definitions */ table.MsoNormalTable {mso-style-name:"Table Normal"; mso-tstyle-rowband-size:0; mso-tstyle-colband-size:0; mso-style-noshow:yes; mso-style-parent:""; mso-padding-alt:0in 5.4pt 0in 5.4pt; mso-para-margin:0in; mso-para-margin-bottom:.0001pt; mso-pagination:widow-orphan; font-size:10.0pt; font-family:"Times New Roman";} CalHFA is not a direct lender and works with hundreds of loan officers and brokers who are trained in processing CalHFA l More...
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12.
Does owning a timeshare disqualify you from being a
first time home buyer? Views: 2236
As long as you're not on the title of the property, and it's not your primary residence, time-shares do not disqualify you from first-time homebuyer status.
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13.
Can I still apply for this benefit in spite of having filed for bankruptcy a few years ago? Views: 2161
Your lender will need to follow either Fannie Mae or FHA underwriting guidelines for the length of time needed between the bankruptcy and new loan. Talk to a CalHFA Preferred Loan Officer for more details. https://www.calhfa.ca.gov/apps/PLO/
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14.
How can I find out if the down payment assistance
for our borrowers can be forgiven? Views: 1333
CalHFA down payment loans cannot be forgiven, although they can be subordinated in certain refinance cases. Here's the info on subordinations: http://www.calhfa.ca.gov/homeownership/programs/subordination.pdf
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15.
I am on the deed of a home purchased by my parents.
However, I am not on the mortgage loan. Am I
eligible for first time homebuyer status? Views: 1332
The Federal definition of a first-time homebuyer is someone who has not been on the title of a home for the past three years. Even though you weren't on the loan, you being on the title of your parents' home makes you ineligible for first-time homebuyer status unless you can document that you have been living in a rental property as your primary residence for the last 3 years. Documentation includes 36 months cancelled checks and a Verification of Rent (VOR) from a Property Management More...
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16.
Can DACA recipients qualify? Views: 1247
We don't have any overlays about DACA, so just use whatever qualifications you'd usually use for Fannie/Freddie.
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17.
What is the definition of a first-time homebuyer? Views: 1160
A first-time homebuyer is someone who has not lived in *and* been on title of a primary residence in the past three years. If you've been renting for the past three years, and previously owned a home, then you're considered a first-time homebuyer.
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18.
Does CalHFA require tax returns, tax transcripts or a tax affidavit with loan submissions? Views: 1010
As of 2019, CalHFA does not require tax returns, transcripts or affidavits with loan submissions.
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19.
Can a non-purchasing spouse go on title? Views: 928
Unfortunately, no. People can only go on title if they're also on the loan.
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20.
Can we do a FHA Energy Efficient first mortgage (EEM) with your down payment assistance? Views: 799
The best solution is to take a look at our CalEEM + Grant program, which combines a normal EEM with an additional 4% grant for energy upgrades. You can use our MyHome Assistance Program or School Program with this loan. Here's all the details. http://calhfa.ca.gov/homebuyer/programs/eem.htm
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21.
We are buying a mobile home with a loan, but it is on leased land so we pay rent for the space. We also pay county personal property tax. Would we qualify as a first-time homebuyer? Views: 761
You may qualify as a first-time homebuyer, but unfortunately, you wouldn't be able to use our programs to purchase this type of mobile home: the mobile home is taxed as personal property instead of real estate, which makes it ineligible
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22.
If borrower has 2106 expenses, do you deduct that
from his/her compliance or qualifying income?
If borrower has 2106 expenses do you deduct that
from his/her qualifying income?
The borrower is a w-2 Employee that receives a base
salary and commission income.
Views: 702
CalHFA uses lender qualifying income for income purposes, so use those guidelines.
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23.
On a conventional loan, can an occupying cosigner own
property? Views: 600
None of the borrowers, aka occupying cosigners, can own other property at time of loan closing on a CalHFA conventional loan.
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24.
Can you qualify for the CalHFA program if you have a
work permit or via DACA?
Views: 586
CalHFA doesn't have any citizenship overlays, so it's up to the lender and their FHA or Conventional underwriting guidelines.
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25.
Can buyers get a down payment assistance program with a ground sublease? Views: 501
Unfortunately, CalHFA cannot do loans on ground subleases--the borrower must own the building and the ground.
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View Mobile Help CalHFA does not lend money directly to consumers. CalHFA works through and uses approved private lenders to qualify consumers and to make all mortgage loans. CalHFA purchases closed loans that meet CalHFA's requirements. The fees consumers pay could be different depending on the lender and the program.
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