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  • 1. I want to short-sell my home, can CalHFA help me? Views: 2416
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    If you are having problems making mortgage payments and you are considering a Short Sale of your home, you should contact the CalHFA Loss Mitigation Unit by calling us Toll Free at 877-552-4839. To qualify for possible assistance for a Short Sale: • You must have a legitimate and valid financial hardship. • The home must be owner occupied throughout the entire Short Sale process. If the property is vacant the Short Sale will be reviewed on a case by case basis. • The property mu  More...
  • 2. Can we use CHDAP with the Fannie Mae Homepath loan? Views: 1776
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    Generally we are unable to do Home Path loans because of our understanding of the following: Fannie Mae doesn’t require an appraisal. No MI is required. No condo certification Since normally we require all of the above, we don’t usually consider Home Path. However, should a lender bring us a CHDAP behind a Home Path first that meets all of our requirements (does have an appraisal, does require MI, does have condo certification) then we would of course consider purchasing the CHD  More...
  • 3. Will CalHFA automatically terminate my Private Mortgage Insurance (PMI) at a certain point? Views: 1694
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    For certain conventional loans (single-family, single-unit, owner-occupied dwellings), CalHFA will automatically terminate PMI one the date when the loan balance reaches 78% of the original property value based on the loan's original amortization or at the midpoint of the life of the loan, whichever is earlier, if the loan is current and no fees are due.
  • 4. How can I apply for a loan modification? Views: 1501
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    Contact CalHFA Loan Servicing at 800.669.1079 to inquire about the CalHFA Loan Modification Program.
  • 5. I am refinancing a borrower with a CHDAP and need to know if we can subordinate the 2nd TD. We sell directly to FNMA/FREDDIE and the new 1st TD will be a HARP refinance. Views: 1452
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    Here's everything you ever wanted to know about subordination of CHDAP: http://www.calhfa.ca.gov/homeownership/programs/chdap-subordination.pdf
  • 6. How do I request cancellation of Private Mortgage Insurance (PMI)? Views: 1416
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    In order for us to consider cancellation of your mortgage insurance (MI), you will need to submit your request in writing and meet the following criteria: Cancellation Based on the Original Value (subject to confirmation value has not decreased): • Loan-to-value (LTV) requirement: 80.0% (70.0% if subordinate liens other than CalHFA or Local CalHFA Partners subordinate loan(s) created at closing are present) • Provide a current title search or property profile • Loan is at least 2  More...
  • 7. How can I remove a borrower or add a borrower to my loan? Views: 1320
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    In order for a borrower or all parties on the loan to be removed from liability, a formal assumption is required. A formal assumption would apply for the following situations: divorce, death of sole borrower (owner), and a transfer or sale of the property. Similar requirements would apply to add an individual to the loan. Please keep in mind that to assume CalHFA loans the new borrowers must meet CalHFA’s loan requirements. CalHFA subordinate loans cannot be assumed.
  • 8. Do I have to pay back my second and/or third loan(s)? Views: 1297
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    Yes, you signed both a Note and Deed of Trust. CalHFA subordinate financing {second, third and fourth loan(s)} is secured by a recorded lien on the property. If you pay off the first mortgage by selling the property, refinancing the first mortgage, at maturity of the first mortgage, transfer title to the property, or allow others to assume the first mortgage, the subordinate financing becomes due and payable. These loans are not forgivable, nor do they go away after a period of time.
  • 9. Where do I mail my monthly payment and coupon? Views: 1247
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    Send your monthly payment and coupon for your first loan to the address printed on the back of your coupon book. Use the labels provided in your coupon book, or mail them to: CalHFA P.O. Box 13819 Sacramento, CA 95853 Coupons are not required to make payments. They are for customer convenience only. If you send your payment to the above address without the coupon, however, please make sure that either the loan number, or your name and property address are written on your check, money order, or o  More...
  • 10. How do I electronically access my CalHFA second or subordinate loan? Views: 1236
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    Visit the CalHFA Homeowners section on the web site, and click the “Account Login” tab. For new registration, or if you have forgotten your User ID, please contact Loan Servicing at 800.669.1079.
  • 11. What happens to a surplus of property taxes in escrow funds? Views: 1231
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    Upon escrow analysis, if your loan account is not delinquent, and the surplus is $50 or more, CalHFA will automatically send you a check refunding the surplus. If the surplus is less than $50, your monthly payment will be temporarily reduced until the surplus is used up.
  • 12. Can a CalHFA/CHDAP homeowner who lives in the home full time as primary residence also rent one room of the house to someone? Views: 1220
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    A borrower who is living in the property as their primary resident may rent a room without any approval from CalHFA. The customer must make the full payment to CalHFA. For instance, they cannot send in two checks, one from them and one from the renter. The renting of the room must be transparent to CalHFA.
  • 13. Can CalHFA automatically withdraw my monthly payment from my checking account? Views: 1210
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    Yes, CalHFA has ACH drafting which we call CalHFA Automated Mortgage Payment Service CAMP Service. Visit this page on our web site to learn more: http://www.calhfa.ca.gov/myaccount/payment.htm
  • 14. What happens if there is a shortage of escrow funds? Views: 1169
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    If your escrow account balance is less than the minimum balance required at the time of your analysis, your escrow account has a shortage of funds. Your options are: Repay the shortage over the next 12 months. This option is interest-free but increases your monthly payment. You do not need to contact us to choose this option; it is always done automatically. Repay the total shortage immediately. This reduces your monthly payment by 1/12th of the amount repaid.
  • 15. My property taxes have been reduced. When will my payment reflect that reduction? Views: 1163
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    CalHFA will review your escrow account at least annually. If you believe your payment would change by more than $25.00 per month, you can request an early analysis in writing. CalHFA 1040 Riverside Parkway Suite 110, West Sacramento, CA 95605
  • 16. How can I pay by phone the same day? Views: 1142
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    Using our One-Time Drafting payment system, you can make a payment over the phone and it will usually be applied to your account the same day or the next business day. To make your payment today, call us at 800.669.1079. On a Late Charge day, or the last working day of a month, calls must be received before 4:30 p.m. Pacific Time to be processed the same day. (NOTE: The Late Charge Day and the last day of the month are very busy and calls should be made early to make certain your call is taken  More...
  • 17. Will I be assessed a prepayment penalty? Views: 1105
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    CalHFA loans do not have prepayment penalties.
  • 18. I received my property tax statement. Should I pay my property taxes directly? Views: 1100
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    Since you have an escrow account, CalHFA pays your property taxes. If you receive a copy of your property tax bill, it is most likely being sent to you simply for your own record keeping. If you receive an original property tax bill, please send us a copy and keep the original for your records.
  • 19. Can I pay my monthly mortgage electronically? Views: 1075
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    Electronic payments are not currently available. You can make your CalHFA mortgage payments in person, via mail, over the phone or through automatic withdrawal from your checking account by using our CAMP continuous drafting program or One Time Draft online. You may use your financial institutions Bill Pay capabilities but those payments are sent by check through the mail. Subordinate loan payments may only be made in person on via mail.
  • 20. On behalf of my client, can I request payoff information for a short sale? Views: 1041
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    Before we can speak to you, the CalHFA borrower (your client) must fax to Loan Servicing a signed authorization form giving their permission for us to work with you. Our fax number is 916-326-6420.
  • 21. When will I receive my year-end tax statements (IRS form 1098, 1099INT, etc)? Views: 1032
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    CalHFA will mail IRS forms to all customers no later than January 31 of each year. Additionally, most IRS form 1098’s for first loans are usually available online by January 5th of each year. IRS Form 1098 for subordinate loans are not available online.
  • 22. How do I make payments on my CHDAP loan? Views: 108
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    Payments being sent via overnight services or for subordinate loans should be mailed to the following address: CalHFA 1040 Riverside Parkway Suite 110, West Sacramento, CA 95605 Phone: 800.669.1079
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.