CalHFA Home Loan Program
The CalHFA offers a wide range of first-time homebuyer loan programs that work for both conventional and government-issued loans. They provide access to fixed-rate loans and the options to roll in down payment and closing cost assistance. These include:
- A minimum credit score of 660
- A debt-to-income ratio below 45%
- Must meet specific income requirements based on your location in California
- Must be a first-time homebuyer (this means no homeownership within the last 3 years)
- Must be a U.S. citizen, permanent resident, or qualified alien
- Attend a home buying counseling course and provide a certificate of completion
In addition, the CalHFA Home Loan Program have requirements when it comes to the property you are looking to purchase. These can include:
- Sales price must be less than $970,800
- Property must be located in California
- Property must be used as a primary residence
- Property must be a single-family home, though some condos and manufactured homes may be considered
- No land trusts or leaseholds
Once these requirements are met, there are different programs under CalHFA that you may be eligible for.
For more information call Abdi Mohammadian NMLS # 356391 at 925-785-7851, or contact me here.