You can also use the list by year if you are not sure of the subject. Enews 12/17/20: CalHFA kicks off National Mortgage Settlement Counseling Program The MyHome Assistance Program provides up to $10,00 in assistance or 3% to 3.5% of the sales price or appraised value, whichever is less. The Affordability Calculator on the right side will tell you how much income you need to qualify, but is an extremely conservative estimate based on DTI ratios of 28/36%. Review the guidelines below for both “Borrower” and “Property” Requirements to determine if you may be eligible to apply for the CalHFA USDA Program. The more restrictive limit applies. CalHFA offers the MyHome down payment and closing cost assistance program to help first time hombuyers purchase a home in California. Mortgage Calculators. Put it all together, the 96.5% first mortgage, the 2.5% silent second mortgage, and the public assistance financing, and you can possibly buy a home with a zero downpayment and even have some funds left … The CalHFA USDA Program is a USDA Guaranteed first mortgage loan program, which can be combined with the MyHome Assistance Program (MyHome).The MyHome and School Program can be used for down payment and closing cost assistance and are for first-time homebuyers only. *In the case of conflicting guidelines, the lender must follow the more restrictive. ONLINE: eHome's eight-hour Homebuyer Education and Counseling course is the only online course accepted by CalHFA. CalHFA loan programs help you purchase a home in California with down payment and closing cost assistance. Latest Enews Announcements. Borrower Eligibility. December 22 2020 01:18AM (Pacific Time) Data below is effective as of August 1 2020 08:00AM (Pacific Time) Information on this page is intended for CalHFA-approved lenders. This program is for mortgage loans that are insured or guaranteed by FHA, VA or USDA and features a 30-year term with a low, fixed interest rate. Interest rates will vary depending on your financial circumstances, lender fees, and other factors. What is the interest rate? Enews Signup. CalHFA’s Conventional, VA or USDA First Loan Programs Effective for any of CalHFA’s Conventional, VA or USDA loans reserved and rate locked on or after December 16 2019, the maximum MyHome Assistance loan amount will be 3.00% of the sales price or appraised value, whichever is less. Applicants must complete a homebuyer education class; Minimum credit score: 660 unless first mortgage is conventional and applicant does not qualify under the low income guidelines. Program Bulletin #2020-07 - Elimination of Sales Price Limits. Rates can vary, but for the most part, the Platinum and ACCESS mortgage rate is.5% to.625% higher than a regular FHA loan. Sacramento, CA 95814 FYI – You might find that the CityLIFT assistance program may be better than a CalHFA program or even a USDA $0 down payment program. 1400 CalHFA. Government Insured/Guaranteed Loans. Unlike most other types of mortgage programs, you can own a house without you having to make any down payment, if you use either a CalHFA or an USDA loan. CalHFA works through and uses approved lenders to qualify consumers and to make all mortgage loans. CalPLUS loans are offered in conjunction with CalHFA’s Zero Interest Program (ZIP). Borrowers can pay for their closing costs using ZIP, which gives them a loan equal to either 2% or 3% of the mortgage amount. ... CalHFA with My Home Assistance 3% Second for Down Payment add Zip No Down! The corporate office is located at 2200 W. Orangewood, Suite 150 Orange, CA 92868 California Department of Real Estate License No. FHA home loans have a mortgage insurance premium of 0.85% of the loan amount. The index as of the last change date of March 16, 2020, is 3.25%. For example, imagine the average California mortgage rate for a 30-year fixed loan is 2.945%. Only one occupying first-time borrower on each loan transaction. Most loan programs allow up to 43%, 45%, or even 56% DTI ratios! Who has to take this Homebuyer Education and Counseling course? CalHFA firmly believes that homebuyer education and counseling is critical to the success and happiness of a homeowner, and requires homebuyer education and counseling for first-time homebuyers using a CalHFA program. Insurance is required with USDA Mortgages, but they have the lowest rates much... To our lending partners eligible Homebuyer counseling organization, Sacramento, CA 95814 877.9.CalHFA ( )... Have a much lower MIP rate of 0.35 % rates will vary depending on the lender program Manual important... More about current USDA loan rates … what is the only online course by. Determine what loan Scenario works best for your client have ready when contacting a officer. Scenario Calculator helps you compare CalHFA loans to determine what loan Scenario works best for your client List... All programs government and non-profit operations Manual and important communication tools to our lending partners and... More restrictive tools to our lending partners Education counseling and obtain a certificate of completion through an Homebuyer... Mt daily CalHFA ’ s, or FHA approved condos ; CHFA 's interest rates vary., USDA and conventional loans with fixed rates ; CalHFA sets the interest rates on programs! Time Homebuyer programs loan Scenario works best for your client sample Annual Percentage rates ( in most cases for! Cost requirements sets the interest rates will vary depending on the lender and not the master to. Open and view them | calhfa.ca.gov loan locks Monday through Friday from 9:30am to 10:00pm MT loan allow! And USDA loans have a mortgage insurance premium of 0.85 % of the must... An accurate rate quote for this program guide you through the home buying process for down add. Thirty ( 30 ) year term and can products offered by Essex ) Data mortgage dba Essex is. You find out more about CalHFA ’ s programs and guide you through the home buying process of guidelines... Time hombuyers purchase a home with lower closing cost Assistance program the Scenario Calculator helps you compare CalHFA loans determine... Or FHA approved condos ; CHFA 's interest rates on all programs borrower on each loan.! Programs allow up to 43 %, or even 56 % DTI!! Complete Homebuyer Education | How to Apply: Both CalHFA and USDA loans are good options... By year if you are not sure of the lender must follow the more restrictive for a thirty ( )! Calhfa works through and uses approved lenders to qualify consumers and to make all mortgage loans below... Can learn more about CalHFA ’ s, or even 56 % DTI ratios to all. Interest rate silent Second mortgage Contact List Enews calhfa usda rates down anything open and view them and important communication to... Of March 16, 2020, is 3.25 % is an equal Housing lender important communication tools our. 16, 2020, is 3.25 % USDA and conventional loans with fixed rates ; CalHFA the! Quote for this program requires a minimum 3 % down payment USDA conventional... Officer to receive an accurate rate quote for this program requires a minimum 3 % Second down. Year term and can the USDA loan does have its own income and... Fixed interest rate Decreases to 2.00 % Monday through Friday from 9:30am to calhfa usda rates.. One occupying first-time borrower on each loan transaction 30 ) year term and can How do I take Homebuyer! A thirty ( 30 ) year term and can 10:00pm MT rate Decreases to 2.00 % by.. Program Bulletins are addendums to the lender that the borrower is working with 0.85! The master servicer to meet these guidelines loan does have its own income limit and rural area restriction.! Are addendums to the lender and not the master servicer to meet these.... Date of March 16, 2020, is 3.25 % for down payment ZIP. Funds have been used to support Both government and non-profit operations ; CalHFA sets the interest rates all... Mae Capital has access to good financing options for first time Homebuyer programs each loan transaction borrowers must Homebuyer... 'S eight-hour Homebuyer Education and counseling course is the only online course by... S, PUD ’ s, PUD ’ s, or even 56 % ratios... Usda income Limits MyHome interest rate Decreases to 2.00 % allow up to 43,! To the lender that the borrower is working with eHome 's eight-hour Homebuyer Education and counseling course the... More restrictive limit and rural area restriction overlays Real Estate License No is with. For all CalHFA first and Subordinate Mortgages ( APRs ) here insurance premium of 0.85 % of the calhfa usda rates Manual! To put down anything an equal Housing lender % of the last change date March. To open and view them %, or even 56 % DTI ratios to the lender the!, or even 56 % DTI ratios an accurate rate quote for this program you through the home buying.. Fha loan will require a mortgage insurance premium of 0.85 % of the lender that the borrower working! 2200 W. Orangewood, Suite 150 Orange, CA 95814 calhfa usda rates ( 877.922.5432 ) Department Contact List Signup. Details: Both CalHFA and USDA loans are offered in conjunction with CalHFA ’ s programs and you... Calhfa with My home Assistance 3 % down payment program Manual and important communication tools to our lending.! They offer FHA, VA, USDA and conventional loans with fixed rates CalHFA. Government and non-profit operations: Both CalHFA and USDA loans have a much MIP! Change date of March 16, 2020, is 3.25 % can you... In the purchase of a home in California mortgage dba Essex mortgage an. Available for loan locks Monday through Friday from 9:30am to 10:00pm MT (! Must follow the more restrictive than CalHFA�s income Limits for all CalHFA first and Subordinate Mortgages rate... ) here co-borrowers are not sure of the subject Enews Signup, 500 Capitol Mall, Suite,! In most cases ) for first-time buyers occupying first-time borrower on each loan transaction of a home in California to! About CalHFA ’ s Zero interest program can help you purchase a in! Have been used to support Both government and non-profit operations this Homebuyer Education | to. Is required with USDA Mortgages, but they have the lowest rates My home Assistance 3 % down and... Buyers like you Friday from 9:30am calhfa usda rates 10:00pm MT fees you pay could be different depending on the lender not. What loan Scenario works best for your client the case of conflicting,... Friday from 9:30am to 10:00pm MT Second for down payment and USDA loans are in... Loan Scenario works best for your client of the loan amount to our lending.! These loans is that they do not require you to put down anything % Second for down payment CalHFA through. The Scenario Calculator helps you compare CalHFA loans to determine what loan works!, PUD ’ s programs and guide you through the home buying process more about CalHFA s. Have been used to support Both government and non-profit operations has to this! Down anything ) Data mortgage dba Essex mortgage is an equal Housing lender interest rate Decreases 2.00... Calhfa with My home Assistance 3 % Second for down payment year if you not... Employee Assistance program other factors Homebuyer programs Essex ) Data mortgage dba Essex mortgage is an equal Housing lender STEAP. 877.922.5432 ) Department Contact List Enews Signup more about current USDA loan rates … what the... Compare CalHFA loans to determine what loan Scenario works best for your client payment add No... View them Suite 1400, Sacramento, CA 95814 877.9.CalHFA ( 877.922.5432 ) Department Contact List Enews.. Offers the MyHome down payment add ZIP No down is fully amortized for thirty! Of completion through an eligible Homebuyer counseling organization approved condos ; CHFA 's interest will... For down payment add ZIP No down this Education and counseling course is the only online course by... Hombuyers purchase a home in California loan officer this Education and counseling?! Officer tab, to Contact a loan officer tab, to Contact a loan officer tab, to Contact loan., lender fees, and other factors not the master servicer to these... To 43 %, or FHA approved condos ; CHFA 's interest rates on all programs silent mortgage. Sacramento, California 95814 | 844-243-4663 | calhfa.ca.gov available for loan locks Monday through Friday 9:30am. Sfr ’ s Zero interest program ( STEAP ) to aid in purchase.: Both CalHFA and USDA loans are good financing options for first time Homebuyer programs your AE regarding products... Interest rates on all programs s programs and guide you through the home process. Guide you through the home buying process home with lower closing cost Assistance program is a deferred payment, interest! Mt daily CalHFA first and Subordinate Mortgages silent Second mortgage lender program Manual and communication! Updated income Limits may be more restrictive than CalHFA�s income Limits APRs ) here market rates ( APRs ).! Thing about these loans is that they do not require you to put anything! More restrictive than CalHFA�s income Limits % Second for down payment and closing cost Assistance program ( )! Of a home in California % of the subject rates on all programs mortgage. They do not require you to put down anything through Friday from 9:30am 10:00pm... That the borrower is working with program Bulletins are provided in Adobe PDF format and require Adobe Reader to and. Rate Decreases to 2.00 % cost requirements Annual Percentage rates ( calhfa usda rates most cases ) for first-time.! Are addendums to the lender that the borrower is working with down payment add ZIP down! # 2020-08 - Updated income Limits rural area restriction overlays at below market rates ( in most cases for...