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

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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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.

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

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.

Non-occupant co-borrowers and co-signers are not allowed on any CalHFA loan program.

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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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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.

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/

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...

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

We don't have any overlays about DACA, so just use whatever qualifications you'd usually use for Fannie/Freddie.

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.

As of 2019, CalHFA does not require tax returns, transcripts or affidavits with loan submissions.

Unfortunately, no. People can only go on title if they're also on the loan.

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​

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

CalHFA uses lender qualifying income for income purposes, so use those guidelines.

None of the borrowers, aka occupying cosigners, can own other property at time of loan closing on a CalHFA conventional loan.

CalHFA doesn't have any citizenship overlays, so it's up to the lender and their FHA or Conventional underwriting guidelines.

Unfortunately, CalHFA cannot do loans on ground subleases--the borrower must own the building and the ground.