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This program is meant for first-time homebuyers anywhere in California. Low to moderate income first-time homebuyers can use this loan for down payment and/or closing cost assistance. The CalHFA Program allows qualified homebuyers to layer other down payment assistance loans or grants to maximize affordability.
● Must be 18 years or older
● U.S. Citizens
● Green Card Holders (non U.S. Citizen)
● H-1B Visa & EAD Card Holders (non U.S. Citizen)
| CRITERIA | LOAN DETAILS |
|---|---|
| CREDIT | MINIMUM 640 FICO |
| LOAN-TO-VALUE | 100% LTV WITH DPA | 97% LTV WITHOUT DPA |
| DEBT-TO-INCOME | MAXIMUM 45% DTI |
| OCCUPANCY | OWNER OCCUPANCY IS REQUIRED |
| TERMS | 30 YEAR FIXED |
| TRANSACTIONS | PURCHASE ONLY |
| APPRAISAL | AN APPRAISAL IS REQUIRED |
| ELIGIBLE PROPERTIES | 1-4 UNITS | ATTACHED/DETACHED SFRs & PUDs | LOG HOMES | MODULAR HOMES | MANUFACTURED HOMES | HUD APPROVED CONDOS |
| HAVE A CH 7 BANKRUPTCY? | MUST WAIT 2 YEARS AFTER BANKRUPTCY |
| HAVE A FORECLOSURE? | MUST WAIT 3 YEARS AFTER FORECLOSURE |
| INCOME [IF SALARIED] | 2 YRS OF TAX RETURNS & W2s (3 YEARS IF FIRST TIME HOME BUYER) & YTD PAY STUB |
| INCOME [IF SELF-EMPLOYED] | 2 YEARS OF BUSINESS AND PERSONAL TAX RETURNS IF NO TAX RETURNS, A PROFIT & LOSS WILL BE REQUIRED |
| ASSETS | PAST 60 DAYS OF ALL ASSET ACCOUNTS |
| EMPLOYMENT VERIFICATION | PROVE EMPLOYMENT FOR PAST 2 YEARS |
| PROOF OF IDENTITY | PROOF OF IDENTITY DRIVERS LICENSE AND SOCIAL SECURITY CARD |
This program is meant for first-time homebuyers anywhere in California. Low to moderate income first-time homebuyers can use this loan for down payment and/or closing cost assistance. The CalHFA Program allows qualified homebuyers to layer other down payment assistance loans or grants to maximize affordability.
● Must be 18 years or older
● U.S. Citizens
● Green Card Holders (non U.S. Citizen)
● H-1B Visa & EAD Card Holders (non U.S. Citizen)
| CRITERIA | LOAN DETAILS |
|---|---|
| CREDIT | MINIMUM 640 FICO |
| LOAN-TO-VALUE | 100% LTV WITH DPA | 97% LTV WITHOUT DPA |
| DEBT-TO-INCOME | MAXIMUM 45% DTI |
| OCCUPANCY | OWNER OCCUPANCY IS REQUIRED |
| TERMS | 30 YEAR FIXED |
| TRANSACTIONS | PURCHASE ONLY |
| APPRAISAL | AN APPRAISAL IS REQUIRED |
| ELIGIBLE PROPERTIES | 1-4 UNITS | ATTACHED/DETACHED SFRs & PUDs | LOG HOMES | MODULAR HOMES | MANUFACTURED HOMES | HUD APPROVED CONDOS |
| HAVE A CH 7 BANKRUPTCY? | MUST WAIT 2 YEARS AFTER BANKRUPTCY |
| HAVE A FORECLOSURE? | MUST WAIT 3 YEARS AFTER FORECLOSURE |
| INCOME [IF SALARIED] | 2 YRS OF TAX RETURNS & W2s (3 YEARS IF FIRST TIME HOME BUYER) & YTD PAY STUB |
| INCOME [IF SELF-EMPLOYED] | 2 YEARS OF BUSINESS AND PERSONAL TAX RETURNS IF NO TAX RETURNS, A PROFIT & LOSS WILL BE REQUIRED |
| ASSETS | PAST 60 DAYS OF ALL ASSET ACCOUNTS |
| EMPLOYMENT VERIFICATION | PROVE EMPLOYMENT FOR PAST 2 YEARS |
| PROOF OF IDENTITY | PROOF OF IDENTITY DRIVERS LICENSE AND SOCIAL SECURITY CARD |
