The California Housing Finance Authority has down payment assistance programs offered to California residents to help with the funds needed to purchase a new primary residence.
Calhfa made easy/ Frequently asked questions:
- Who is Eligible: Any California resident that qualifies to purchase a qualified owner occupied property in CA as long as they meet the income limits and haven’t owned a home in the past three years.
- Does it need to be re-payed: It depends on the layered program chosen to assist with down payment or closing costs.
- What properties qualify: Owner occupied, single family residences. Agency approved condominiums and Planned unit developments (PUDS) Guest houses, Granny units and in law quarters, Manufactured homes for FHA only.
- What properties do Not qualify: Investment properties, vacation or second homes and Modular Homes, 2-4 Units, Properties over 5 acres, leaseholds, income producing properties, properties over 25 years old.
- Are there income limits: Yes there are different income limits, contact Colleen Craig for more information.
- What programs can the program be used with: Conventional & FHA,
- How much is the assistance : Can be up to 15,000 or 4% of the loan amount, Depending on the layered program, Contact Colleen Craig for options
- What is the maximum loan amount: 424,100 or maximum loan amounts permitted by county per HUD/Fannie Mae for 1 Unit. Contact Colleen Craig for details.
This program is being Sponsored by the California Housing Finance Agency
By Colleen Craig