We
will provide the forms you need to qualify 
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CHFA
or CHAFA = California Housing Finance Authority
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1st
Time Qualified Homebuyers
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100%
Available Financing
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Generally, the loan consists of a:
| 1st Mortgage | 97% Eligible 1st Time Purchase |
| 2nd Mortgage | 3% 'Silent Second' CHFA down payment |
| Type of Mortgage | 30-Year Fixed Rate Mortgage |
You must be a first-time homebuyer, which is defined as a person(s) who has not had an ownership interest in their primary residence during the previous three years. This requirement is waived if property is located in a Federally designated Target Area.
2nd Mortgage - Sleeping and/or Silent Second:
| 2nd Mortgage | 30-Year Fixed | at 3% Simple Interest |
All payments are deferred on this second mortgage until one of the following happens: the CHAFA first mortgage becomes due and payable; the first mortgage is paid in full or refinanced; or, the property is sold.
In
order to qualify for a CHFA loan you must
meet certain requirements:
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Your
annual household income cannot exceed per county income limits for your
family size
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You
must have 3% or 5% sufficient funds to cover down payment and closing
costs.
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Your
property must be owner-occupied
for the term of the loan or until sold.
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You
must have the legal right to permanently reside in the United States.
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Meet CHFA guidelines for sales price and income limits,
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EXTRA
CREDIT TEACHER PROGRAM: (ECTP) |
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HIGH
COST AREA PURCH. ASST. PROGRAM: (HiCAP) |
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OUTREACH LOAN PROGRAM In recognition of the changing demographics of first - time home buyers in California, the Agency has identified lenders with bilingual capability in Spanish. The Agency will join with these lenders and other community based organizations to co-sponsor first - time home buyer housing fairs in the various Hispanic communities. |
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CaHLIF
LOAN PROGRAMS An expanded 97% Loan Program, requiring only 3% down by the buyer, or an 100% Loan Program CHFA offers a "silent" second mortgage to defer the 3% down payment until the property is sold or the first mortgage is paid in full. CHFA charges a 3% simple interest for the "silent" second. |
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100%
CHFA LOAN PROGRAM
FREDDIE MAC AFFORDABLE The affordable 100% program is true first mortgage. There is no down payment required from the borrower. This program introduced as a pilot, is now a standard loan program purchased by Freddie Mac. |
WHERE DOES
CHFA GET THEIR MONEY?
CHFA is a state - chartered housing finance agency deriving its capital through
the issuance of 100% self - supporting mortgage revenue bonds and mortgage insurance
reserves.
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As of November 30, 2001 - Originated
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Second Loans Originated
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Home ownership Mortgage Insurance:
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Multifamily Loans Originated:
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HIGH COST AREA STRATEGY:
To meet this challenge, the Agency has adopted a high-cost area strategy available in the selected counties. The strategy involved increasing the number of CHFA approved lenders. Currently their are approximately 48 CHFA approved lenders with over 600 hundred offices State wide.
RECAPTURE TAX:
CHFA loans are subject to a Federal Recapture Tax that borrowers may have to pay if they SELL or TRANSFER their CHFA-financed home within 9-YEARS. To see more on the Recapture amounts click Recapture Brochure Guide.
These loans are subject to INCOME and SALES PRICE LIMITS.
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All programs, rates
and terms are for broker use only and are subject to change without notice.
