CALHFA, No Down Loans
CALHFA is offered by very few lenders and it is specific to California. A seller can pay all the borrrow’s closing costs or the these closoing costs can be paid by CALHFA in exchange for a higher rate. It is considered a true 100% financing product. It is not as compeitive as USDA in either rate or mortgage insurance, but this loan is available in non-rural areas unlike USDA.
Is CALHFA a no down payment loan?
Yes, it can be a no down payment loan.
What is CALHFA financing?
CALHFA financing of either a FHA loan or a Conventional loan combined with a 2nd mortgage. The rates are not as good as they would be with a 3% or 3.5% down scenario.
They are about 1% higher, but still there is no down advantage.
Are there income limits asscoiated with these loans?
Yes and they are county specific. If you are a married couple, without kids, these limits are very low. If you have at least 2 kids, you should be able to be under the requirements.
Is there a minimum fico score?
What are the debt ratio requirements?
Cannot exceed 45%
Are there geogrpahic limits?
No, you can buy anywhere in California.
Are there loan limits?
Yes you can borrow up to at least $548,250 in most counties. Some counties, in rural areas, are lower.