Homeownership Programs

FIRST MORTGAGE LOAN PROGRAMS

CalHFA Conventional Loans

• interest only PLUS^SM
  This conventional mortgage loan offers up to 100% financing and allows borrowers to pay only the interest for the first five years of a 35-year term. After that, borrowers pay principal and interest at the same low, fixed interest rate for the remaining 30 years.

• 40-Year Fixed Mortgage
  This conventional mortgage loan offers up to 100% financing with a 40-year term and a below market, fixed interest rate.
• 30-Year Fixed Mortgage
  This conventional mortgage loan offers up to 100% financing with a 30-year term and a below market, fixed interest rate.

Government Insured/Guaranteed Loans

• 30-Year Fixed Government Insured/Guaranteed Mortgage
  This program is for mortgage loans that are insured or guaranteed by FHA, VA or USDA and features a 30-year term with a below market, fixed interest rate

----------DOWN PAYMENT ASSISTANCE LOAN PROGRAMS--------

• Affordable Housing Partnership Program (AHPP)
  A joint effort by CalHFA and cities, counties, redevelopment agencies and housing authorities whereby a deferred payment subordinate loan from a locality is utilized by the first-time homebuyer to assist them with down payment and/ or closing costs

• CalHFA Housing Assistance Program (CHAP)
  Offers a deferred-payment junior loan of an amount up to the lesser of three percent (3%) of the purchase price or appraised value.

• California Homebuyer's Downpayment Assistance Program (CHDAP)
  Offers a deferred-payment junior loan of an amount up to the lesser of three percent (3%) of the purchase price or appraised value.

• Extra Credit Teacher Home Purchase Program (ECTP)
  A below market interest rate CalHFA first loan, together with a forgivable interest CalHFA junior loan to assist eligible teachers, administrators, staff members and classified employees to purchase their first home.

• High Cost Area Home Purchase Assistance Program (HiCAP)
  Designed to assist first-time homebuyers in the highest housing cost areas of the state.

• Homeownership In Revitalization Areas Program (HIRAP)
  Designed to provide a deferred payment, simple interest rate second loan of an amount not to exceed six percent (6%) of the home sales price.

• School Facility Fee Down Payment Assistance Program (SFF)
  A conditional grant program that provides assistance to buyers of newly constructed homes throughout California.