CalHFA 1st Mortgages

• 30 year fixed, 40 year fixed, 35 year fixed with interest-only payments. All at below-market rates. Current rates are the following: 35-year fixed @ 6.25% for conforming loan amount ($417,000 and under) and 6.375% for non-conforming loan amounts (over $417,000), 40-year fixed @ 6.5%, and 30-year fixed @ 6.375%. The 35-year fixed with interest-only payments will provide the lowest payment for a given loan amount of these 3 CalHFA 1st mortgages. A buyer will qualify for the most using this 35-year fixed.
   
• Purchase price limits in most San Diego County areas: ($543,859 Resale) ( $486,625 New Construction)
   
• 1st mortgages to 100% of purchase price
   
• Income in San Diego County limited to: ($80,028 for up to a 2-person household) ($93,366 for a 3 or more person household)
   
• Households in San Diego County in the low income category ($50,544 for up to a 2-person household, $58,126 for a 3 or more person household) can obtain a CalHFA 30-year fixed mortgage at a rate of 6.0%
   
• Income is only totaled from people who will be on the loan. Income from income earners who are not on the loan will not be included in qualifying income
   
• 620 minimum middle FICO score, 4 credit trade lines, No bankruptcy within last 3 years
   
• Buyer must have at least 1 month of mortgage payments having been in the bank for 2 months prior to the close
   
• Combines with number other subordinate mortgage assistance programs
   
• If one of the borrowers is veteran, the first-time home buyer status requirement ( no borrower has not own their primary residence in the last three years) is waived. This rule applies only to CalHFA 1st mortgage products and the HiCAP (which can no longer be used in San Diego County). It does not apply to the CHDAP, HIRAP, or ECTP programs.
   
• TARGETED AREAS - If the property being purchased with a CalHFA 1st mortgage is within a federally-designated target area, the buyer does not have to be a first-time homebuyer and the purchase price limits are higher. In San Diego County, the maximum purchase price in targeted areas for resale homes is $670,580 and for new construction is $617,289. A Map Of Targeted Census Tracts is shown here (it is a large file and may take a few seconds to download). On the map, the targeted census tracts are outlined in red. A List Of The Targeted Census Tract Numbers is shown here. To obtain the census tract number of any address, Click Here And Type In The Address. Only CalHFA 1st mortgage can be used if the buyer is not a first-time homebuyer and the price of the property in the targeted area exceeds the normal CalHFA guidelines.

By the way, I am a CalHFA Preferred Loan Officer.

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