***CalHFA is soon to announce their 100% Financing- No MI Fannie Mae Advantage Program. Check back soon for updates. To get up to date information via email, contact melissab@clearinghousecdfi.com to be put on our email update and rate sheet distribution list.
CalHFA offers homeownership opportunities to low and moderate income first-time homebuyers. This is accomplished by offering low, fixed interest rate mortgage products, along with down payment and closing cost assistance. Clearinghouse CDFI is one of very few lenders who offers these programs on a wholesale basis.
California Homebuyers Down Payment Assistance Program (CHDAP)
The California Homebuyer’s Downpayment Assistance Program (CHDAP) is a deferred payment, simple interest rate junior loan. The CHDAP loans are available up to, but cannot exceed 3% of the sales price or appraised value, whichever is less.
The CHDAP can be used for down payment assistance or closing costs with CalHFA's first mortgage loans or non-CalHFA fixed rate, first mortgage loans.
In addition, CalHFA will permit qualified homebuyers to use other down payment assistance loans or grants to help in the purchase of the home.
- To view the CHDAP underwriting guidelines CLICK HERE.
- To view the income and sales price limits for this program CLICK HERE.
- To view current funding availability for this program CLICK HERE.
Cal30SM Conventional
This Cal30SM Conventional first mortgage features a fixed interest rate, fully amortized loan over a 30-year term. It has a maximum Loan-to-Value (LTV) of 95% and a maximum total Combined-Loan-to-Value (CLTV) of 102%. This program is subject to Mortgage Insurance guidelines. We can go up to 95% with a minimum FICO of 720 and a maximum DTI of 41% on single family residences, PUD’s and detached condominiums per our Mortgage Insurer guidelines. (attached condo’s are not eligible for mortgage insurance as a third party originated loan).
Once approved by Clearinghouse CDFI and conditions are received, all loan packages must be sent to CalHFA and the Mortgage Insurer for underwriting, so please build some additional time into your escrow period for this additional underwriting.
- To view our Mortgage Insurers rates and guidelines CLICK HERE.
- To view CalHFA’s Cal30 Underwriting guidelines CLICK HERE.
- To view income and sales price limits for this program CLICK HERE.
Affordable Housing Partnership Program (AHPP)
The Affordable Housing Partnership Program (AHPP) is a joint effort between CalHFA and over 300 cities, counties, redevelopment agencies, housing authorities and nonprofit housing organizations. This program allows borrowers to combine a CalHFA first mortgage loan with down payment and/or closing cost assistance from an AHPP partner.
- To view approved AHPP partners CLICK HERE.
- If there is a program that you are interested in, but isn’t on the list, CLICK HERE.
CalHFA General Information
Rates are set by CalHFA and may change daily. To view the current interest rate for their programs
CLICK HERE. Please note that there is a Loan Level Price Adjustment associated with the published rate of 1% that will need to be paid up front at closing (for Cal30 loans only). To request a rate lock, you must log in to the Clearinghouse CDFI broker portal and request your lock according to our wholesale lending guide.
In addition to your normal application package, a full 3 years of signed federal tax returns including all schedules will be required to verify first time homebuyer status.
The following forms are required for all CalHFA loans:
CalHFA Forms
For additional information please CLICK HERE or contact Melissa Brown at (949) 525-4960 or email melissab@clearinghousecdfi.com.
Borrower's Affidavit
