CalHFA
Down Payment Assistance Programs
CalHFA DPA Loan Programs Overview
MyHome & ZIP (Zero Interest) Programs
CalHFA down payment assistant programs may help you reach more clients and expand your pipeline all while helping borrowers get into their dream home!
Offered by the California Housing and Finance Agency, CalHFA offers various loan programs through mortgage lenders, like Forward Lending to assist the needs of low to mid-income borrowers. These loans have deferred payments which helps keep a borrower’s monthly mortgage payment affordable.
Each loan program that CalHFA offers to homebuyers can have different criteria for income limits, minimum credit scores, citizenship etc. Contact an Account Executive to learn about specific requirements and benefits for each program.
CalHFA loans are for First Time Homebuyers. A first-time homebuyer is defined as someone who has not owned and occupied their own home in the last three years. Plus, if they owned a home three or more years ago, but sold it, they qualify as a first-time homebuyer again, and can take advantage of all of the benefits of CalHFA’s first-time homebuyer programs. Exceptions may apply.
CalHFA recipients are also required to complete Homebuyer Education courses to help them understand the importance and responsibilities of homeownership. To learn more about these requirements, visit the CalHFA Borrower Eligibility Requirements page: https://www.calhfa.ca.gov/homebuyer/borrower.htm#first-time
MyHome Can be added to the CalHFA and CalPLUS to provide down payment assistance.
ZIP (Zero Interest Program) from CalHFA, may be used with CalPLUS and MyHome to cover closing costs at a zero interest rate.
CalHFA Conventional Loan DPAs
- CalHFA Conventional DPA Loans and MyHome offer a deferred payment program up to the lesser of 3% of the purchase price or appraised value to assist with down payment and/or closing costs. ZIP Not Allowed.
- CalPLUS Conventional DPA, MyHome, and ZIP provide the down payment assistance of MyHome with the addition of the ZIP program for closing costs.
CalHFA FHA Loan DPAs
- CalHFA FHA DPA Loans and MyHome offer a deferred payment program up to the lesser of 3.5% of the purchase price or appraised value to assist with down payment and/or closing costs.
- CalPLUS FHA DPA, MyHome, and ZIP provide the down payment assistance of MyHome with the addition of the ZIP program for closing costs.
CalHFA and CalReady Programs
CalPLUS Access Programs
CalHFA and CalReady: Conventional Programs
- Conforming Loan Limits
- SFR and Condos
- Max LTV 97% / 105%
- Min Credit Score 680*
- Max DTI 50%
- Must be combined with MyHome (2nd lien), FNMA Community Seconds Optional
CalHFA and CalReady: FHA Government Program
- FHA County Limits
- SFR and Condos
- AUS requirements apply – see matrix
- Max LTV/CLTV 97.5% / 105%
- Min Credit Score 640*
- Max DTI 50%
- Must be combined with MyHome (2nd Lien), FHA Approved Seconds optional for down payment and closing assistance
CalPLUS Access Conventional Program
- Conforming Loan Limits
- Loan type: HFA Preferred
- SFR and condos
- Max LTV/CLTV 97% / 105%**
- Min Credit Score 680
- Max DTI 50%
- Must be combined with MyAccess (3rd Lien) and MyHome (2nd Lien) for down payment and closing assistance
CalPLUS Access FHA Government Program
- SFR and Condos
- Max LTV/CLTV 96.5% / 105%**
- Min Credit Score 640
- Max DTI 50%
- Must be combined with
- MyAccess (3rd Lien) and MyHome (2nd Lien) for down payment and closing assistance
NO SPEED LIMITS HERE!
YOUR FORWARD LENDING TPO SUBMISSION PORTAL REDUCES DAYS TO CLOSE BY BEING FAST AND EFFICIENT.
Our TPO submission portal allows you to:
- Get Pricing immediately on our Prime and Non-QM Programs.
- Run Credit, DU/LP separately or at the same time.
- Disclose your loan immediately or Quick Submit.
Join Forward Lending, Wholesale Lending Division and get access (as thousands of Approved Mortgage Brokers have done in the past) to Prime, Government, and Non-QM loan programs for your clients.