California Housing Finance Agency
For 35 years, the California Housing Finance Agency (CalHFA) has supported the needs of renters and first-time homebuyers by providing financing and programs that create safe, decent and affordable housing opportunities for low and moderate income Californians.
Established in 1975, CalHFA was chartered as the State’s affordable housing bank to make low interest rate loans through the sale of tax-exempt bonds. A completely self-supporting State agency, bonds are repaid by revenues generated through mortgage loans, not taxpayer dollars.
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This conventional Cal30 first mortgage loan program is designed to enhance affordability and homeownership opportunities by offering a fixed interest rate that will not change during the entire loan term. This program is intended for first-time homebuyers who meet specific income requirements and who are purchasing a new or existing home in California.
How The Program Works
The Cal30 Conventional loan offers up to 95% financing. This first mortgage loan may also be combined with CalHFA junior loan programs for down payment and closing cost assistance to make owning your first home more affordable.
CalHFA partners with over 300 localities (cities, counties, housing authorities, nonprofit entities, and redevelopment agencies) to offer the AHPP.
This program is intended for low income first-time homebuyers who meet specified income limits and who are purchasing a new or existing home anywhere in California.
The CHDAP offers down payment assistance for first-time homebuyers who meet specified moderate income limits.
How The Program Works
The CHDAP provides a deferred-payment junior loan – up to 3% of the purchase price, or appraised value, whichever is less – to qualified borrowers to be used for their down payment or closing costs. This junior loan may be combined with a CalHFA or non-CalHFA fixed rate, first mortgage loan.
The Section 8 Housing Choice Voucher Program enables qualified first-time homebuyers to receive monthly assistance for homeownership expenses in lieu of monthly rent aid. Pursuant to Congressional authority, HUD has authorized states and Public Housing Authorities (PHA's) to provide this assistance using funds available through the Section 8 rental voucher program. The PHA's may choose to participate in offering the Section 8 for homeownership but are not required to do so. Under the Program at least 30% of the eligible homebuyers' income will go to pay the homeownership expenses with Section 8 covering the remainder.
The California Housing Finance Agency (CalHFA) does not provide funding or administer this program but has approved its use in partnership with our first mortgages and subordinate loans by those PHA's approved by CalHFA.