Loan Program Handbooks for Lenders, Realtors, and Non-Profits

CalHFA has organized its program information into convenient handbooks for easy reference. All the information for a given program—from qualifying criteria to forms & docs—is collected in one easy place. You can print them out for desktop reference, or browse and search them online in PDF format. Get familiar with their layout, and you'll be a CalHFA program whiz in no time.

FIRST MORTGAGE PROGRAMS

Conventional Loans

Lender Training Video: Conventional First Mortgage Products
11/01/2016 - A description of how your clients can benefit from CalHFA's Conventional Loan Programs. Don't forget to take the exam after each video for a verification of training.

Conventional Program Matrix

• For loans rate locked on or after 11/01/16
• For loans rate locked on or before 10/31/16

CalHFA Conventional Loan Program Handbook
The CalHFA Conventional program is a first mortgage loan insured through private mortgage insurance on the conventional market. The interest rate on the CalHFA Conventional is fixed throughout the 30-year term.

• CalHFA Conventional Handbook for loans rate locked on or after 11/01/16
• CalHFA Conventional Handbook for loans rate locked on or before 10/31/16

CalPLUS Conventional Loan Program Handbook
The CalPLUS Conventional program is a conventional first mortgage with a slightly higher fixed interest rate than our standard conventional program. This loan is fully amortized for a 30-year term and is combined with the CalHFA Zero Interest Program (ZIP) for closing costs, prepaid items and principal reduction.

• CalPLUS Conventional Handbook for loans rate locked on or after 11/01/16
• CalPLUS Conventional Handbook for loans rate locked on or before 10/31/16

Government Insured Loans

Lender Training Video: FHA First Mortgage Products
11/01/2016 - A description of how your clients can benefit from CalHFA's FHA Loan Programs. Don't forget to take the exam after each video for a verification of training.

FHA Program Matrix

• For loans rate locked on or after 11/01/16
• For loans rate locked on or before 10/31/16

CalHFA FHA Loan Program Handbook
The CalHFA FHA program is an FHA-insured loan featuring a CalHFA fixed interest rate first mortgage. This loan is fully amortized for a 30-year term.

• CalHFA FHA Handbook for loans rate locked on or after 11/01/16
• CalHFA FHA Handbook for loans rate locked on or before 10/31/16

CalPLUS FHA Loan Program Handbook
The CalPLUS FHA program is an FHA-insured first mortgage with a slightly higher fixed interest rate than our standard FHA program. This loan is fully amortized for a 30-year term and is combined with the CalHFA Zero Interest Program (ZIP) for closing costs, prepaid items and principal reduction.

• CalPLUS FHA Handbook for loans rate locked on or after 11/01/16
• CalPLUS FHA Handbook for loans rate locked on or before 10/31/16

Cal-EEM + Grant Program Handbook
The Cal-EEM + Grant program combines an FHA-insured Energy Efficient Mortgage first mortgage loan with an additional Cal-EEM Grant, making energy efficient improvements even easier. The interest rate on the Cal-EEM is fixed throughout the 30-year term.

• Cal-EEM + Grant Handbook for loans rate locked on or after 11/01/16
• Cal-EEM + Grant Handbook for loans rate locked on or before 10/31/16

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DOWN PAYMENT ASSISTANCE PROGRAMS

MyHome Assistance Program Handbook
Offers a deferred-payment junior loan of an amount up to the lesser of three and half percent (3.5%) of the purchase price or appraised value to assist with down payment and/or closing costs.

• MyHome Assistance Handbook for loans rate locked on or after 11/01/16
• MyHome Assistance Handbook for loans rate locked on or before 10/31/16

Extra Credit Teacher Home Purchase Program (ECTP) Handbook
This program is for teachers, administrators, school district employees and staff members working for any California K-12 public school, which includes Charter schools and county/continuation schools. Applicants must also be first-time homebuyers. Offers a deferred-payment junior loan of an amount not to exceed the greater of $7,500 or 3.5% of the sales price or in CalHFA-defined high cost areas an amount not to exceed the greater of $15,000 or 3.5% of the sales price. Assistance can be used for down payment.

• ECTP Handbook for loans rate locked on or after 11/01/16
• ECTP Handbook for loans rate locked on or before 10/31/16

Subordination Process for CalHFA Junior Loans

Recent legislation has enabled CalHFA to subordinate existing junior loans if homeowners meet certain eligibility requirements. This legislation will help existing homeowners keep their homes by allowing them to refinance their existing first mortgage and not be forced to pay off their existing CalHFA junior loan(s).

• CalHFA Subordination Process - Please review these instructions for where to submit subordination requests
• CalHFA Subordination Application
• CalHFA Subordination Checklist

Please review these instructions for where to submit subordination requests

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OTHER PARTNERSHIP & PROGRAM OPTIONS

Mortgage Credit Certificate Tax Credit Program Handbook (MCC)
A federal credit which can reduce potential federal income tax liability, creating additional net spendable income which borrowers may use toward their monthly mortgage payment. This MCC Tax Credit program may enable first-time homebuyers to convert a portion of their annual mortgage interest into a direct dollar for dollar tax credit on their U.S. individual income tax returns.

• Becoming a CalHFA MCC participating lender
• Access MCC Training
• MCC Participating Lenders

Updates and changes will be announced from time to time via a Program Bulletin ("Program Bulletin" or "Program Bulletins") and Lenders should sign up for Enews announcements and monitor CalHFA’s website for specific Program Bulletin updates and changes to the Program Manual.

Whenever possible, CalHFA will provide its Lenders a five (5) business day notice via a CalHFA Program Bulletin or Enews announcement regarding program and policy changes.

Some exceptions may apply to the notification policy, such as daily interest rate announcements and changes directed by other state (e.g. State Treasurer’s Office), federal (e.g. GSEs, FHA) or private (e.g. Master Servicer and Mortgage Insurance provider) partners who have not allowed sufficient time for a 5-day notification.

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