100% plus financing options available for 1st time homebuyers through CalHFA loan programs.
First time homebuyer definition:
Have not owned a home in 3 plus years.
California Housing Financing Agency (CalHFA) was established in 1975 and provides first mortgage loans and down payment assistance to first-time homebuyers.
How it works:
1st LOAN – Up to 96.5% of the purchase price – CalHFA Conventional loan or CalHFA FHA loan
- The 1st CalHFA loan’s interest rates are similar to conventional and FHA interest rates.
2nd LOAN – Up to 3.5% of the purchase price, capped at $15,000. Payments are deferred until the home sells or refinances.
- The $15,000 cap does not apply to: school employees and fire department employees, or those purchasing new construction homes, manufactured homes, or homes with ADUs.
- You can use the 2nd and supplement with cash to assist if the $15,000 will not meet the full amount needed for 100% financing.
3rd LOAN – For closing costs: CalPlus-ZIP, this is a zero interest, 30 year loan to help pay for closing costs. This loan is set at 2% – 3% of the purchase price.
Each loan program that CalHFA offers to homebuyers can have different criteria for income limits, minimum credit scores, citizenship etc. To learn about specific requirements and benefits for each program please call and talk with one of our experienced loan officers.
Definition of:
School employees: teachers, administrators, school district employees and staff of a California public school (pre-K-12), public school district, charter, County and continuation schools.
Firefighters: Employees of federal, local, or tribal departments including EMT’s and administrators (Employees of privately held fire departments are not eligible.)
