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1.
I want to short-sell my home. Can CalHFA help me? Views: 9539
If you are having problems making mortgage payments and you are considering a Short Sale of your home, you should contact the CalHFA Loan Servicing Unit by calling us toll free at 800.669.1079. 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 mus More...
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2.
How do I apply for the Homeowner Assistance Fund for mortgage relief? Views: 1291
Please visit https://camortgagerelief.org/ for more information on the California Mortgage Relief program. In the meantime, if you need immediate assistance, please reach out to your mortgage servicer, contact a HUD-certified housing counselor at 1-800-569-4287 or visit the State's Housing Is Key (ca.gov) website to find information on other resources currently offered.
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3.
How can I find out if the down payment assistance
for our borrowers can be forgiven? Views: 1288
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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4.
How do I file for the homeowners assistance program?
Views: 1101
Please visit https://camortgagerelief.org/ for more information on the California Mortgage Relief program. In the meantime, if you need immediate assistance, please reach out to your mortgage servicer, contact a HUD-certified housing counselor at 1-800-569-4287 or visit the State's Housing Is Key (ca.gov) website to find information on other resources currently offered.
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5.
Can we use CalHFA down payment assistance with the Fannie Mae Homepath loan? Views: 803
We require that our down payment assistance programs be used with a CalHFA first, so unfortunately a HomePath loan would not work.
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6.
If I want to short-sale to avoid foreclosure, do I
have to pay income tax on the difference between the
mortgage (owned by CalHFA) and the amount it is sold
for?
Views: 735
CalHFA cannot give tax advice or financial counsel, as every home and owner presents a unique situation, and we do not have financial advisors on staff. The best thing to do would be to consult a tax attorney or CPA to find the implications of a short sale on your home, as state and federal regulations can be very confusing. The best course of action to find out about the tax implications of any aspect of your home is to talk with a financial advisor.
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7.
Do I have to pay back my second and/or third loan(s)? Views: 619
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.
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8.
Can a CalHFA homeowner who lives in the home
full time as primary residence also rent one room
of the house to someone? Views: 609
A borrower who is living in the property as their primary residence may rent a room without any approval from CalHFA. The customer must make the full payment. For instance, they cannot send in two checks, one from them and one from the renter.
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9.
How do I request cancellation of Private Mortgage Insurance (PMI)? Views: 595
In order for cancellation of your mortgage insurance (MI) to be considered, 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 leas More...
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10.
Will CalHFA automatically terminate my Private Mortgage Insurance (PMI) at a certain point? Views: 453
In order for cancellation of your mortgage insurance (MI) to be considered, 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 leas More...
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11.
What is the process to order a payoff demand?
Views: 425
This process requires homeowner information and verification of identity for privacy purposes. Please call our loan servicing division directly at 800.669.1079. They can help you out, and are answering phones 8:00-4:30, Monday-Friday.
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12.
Where do I mail my monthly payment and coupon? Views: 413
You should send your monthly payment to your loan servicer, whose address will be on your mortgage bill that comes in the mail. If you have questions about your specific loan, please call us toll-free at 800.669.1079.
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13.
How do I apply for the ADU Grant? Views: 361
**Please note the ADU Grant program has distributed all its funds as of 12/9/22 and is no longer accepting applications.**
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14.
What are the re-subordination requirements for CalHFA loans?
Views: 279
CalHFA does not re-subordinate junior loans except possibly in a loss mitigation situation (imminent default, default, etc.)
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15.
On behalf of my client, can I request payoff information for a short sale? Views: 277
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. Your client can also call us directly at 800.669.1079.
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16.
How do I make payments on my CHDAP/MyHome/ZIP/subordinate loan? Views: 254
Payments being sent via overnight services or for subordinate loans should be mailed to the following address: CalHFA Attn: Payoffs 500 Capitol Mall, Suite 1400 Sacramento, CA 95814
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17.
How can I apply for a loan modification? Views: 219
Contact CalHFA Loan Servicing at 800.669.1079 to inquire about the CalHFA Loan Modification Program.
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18.
How do I electronically access my CalHFA second or subordinate loan? Views: 219
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.
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19.
How can I remove a borrower or add a borrower to my loan? Views: 181
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.
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20.
Will I be assessed a prepayment penalty? Views: 160
CalHFA loans do not have prepayment penalties.
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21.
Can CalHFA automatically withdraw my monthly payment from my checking account? Views: 144
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
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22.
Will the CalPLUS Conventional program go down to a 97%
LTV when being used for a condo? Views: 127
Yes. We don't have any additional overlays for condominiums.
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23.
How can I pay by phone the same day? Views: 127
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...
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24.
Is there is a maximum time that I must live in the home CalHFA helped me buy before I can purchase a new home and turn my CalHFA home into a rental property? Views: 124
There's no maximum time for rentals, so it's up to you. Our programs and the economic advantages people get from using them are aimed at first-time homebuyers, and we hope that people will live by the spirit of that when they have reached the point of being ready to purchase their next home. In other words, consider paying it forward and selling your current home to another first-time homebuyer!
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25.
When will I receive my year-end tax statements (IRS form 1098, 1099INT, etc)? Views: 109
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.
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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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