A Cal HFA Preferred Loan Officer Lender can qualify you for a home loan from the California Housing Finance Agency. Each loan program that CalHFA offers to home buyers can have different criteria for income limits, minimum credit scores, citizenship etc. Download the Cal HFA guide to learn everything you need to know about finding a home loan that is right for you and your family.

Note: Cal HFA does not accept applications directly for First Time Home Buyer Programs and Down Payment Assistance. Jim Langdon with the Homebuyers Assistance and Mortgage Consultants Group is a Cal HFA Preferred Loan Officer who can help you with your application (NMLS #228920).

The best place to start is getting pre-approved with a local lender. Jim explains here that pre-qualified is NOT the same as pre-approved. A local lender will know about down payment programs that can fit your circumstances. A bank or online lender will likely have limited program choices. We encourage you to speak with three lenders and compare the options for yourself.

Download the California income limits pdf.

Crunch some numbers with these calculator tools.

Buying a home is a big decision and you likely have many questions.

• How much house can I afford?
• What do I need for a down payment?
• How much interest will I pay on the life of the loan?
• How does my interest rate affect my monthly payment?
• Can I get down payment assistance?

If you are in the planning stages and would like to run some numbers, use these calculators to get an idea of payments and interest for different loan amounts. You can also use the Interest Rate Calculator to see the effect of different interest rates on your monthly payment. As a rule of thumb, the higher the down payment, the better your chance for locking in an interest rate on the lower end of the current market rate.

Contact Jim to learn about specific requirements and program availability. He will be able to answer your questions about down payment programs and eligibility.

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Home Buyer Education Requirements

In general, these are borrower eligibility requirements for all CalHFA programs:

• You must be a U.S. citizen, permanent resident or other qualified alien.
• You will need to meet the income and loan requirements of the CalHFA-approved lender and the mortgage insurer.
• You will need to live in the home you are purchasing for the entire term of the loan, or until the home is sold or refinanced.
• CalHFA borrowers must complete home buyer education counseling and obtain a certificate of completion through an eligible home buyer counseling organization.
• CalHFA’s down payment programs require you to be a First Time Home Buyer.

*Disclosures: You can see examples of different loan rate structures here.

CalHFA firmly believes that home buyer education is critical to the success and happiness of a home owner, and requires home buyer education for first-time home buyers using a CalHFA program. CalHFA will accept hard or online copies of home buyer education counseling certificates.

Who needs to take this Home Buyer Education course? Only one occupying first-time borrower on each loan transaction.

How do I take this course?

• ONLINE: You can take eHome’s eight-hour Homebuyer Education course online (fee: $99)
• IN-PERSON: face-to-face Homebuyer Education through NeighborWorks America or any HUD-Approved Housing Counseling Agency
  (fee varies by agency)

Are You a First-Time Home Buyer?

CalHFA’s down payment programs require you to be a first-time home buyer. To know for sure, you should understand that a first-time home buyer is defined as someone who has not owned and occupied their own home in the last three years. That means if you’ve never owned a home, you’re a first-time home buyer. It also means that if you owned your home three or more years ago, but sold it, you are right back to being a first-time home buyer again, and you can take advantage of all of the benefits of CalHFA’s first-time home buyer programs.

Are you ready to get started? Email us below, or click to call us today!