State Programs

Savvy, Sound and Safe Home Loan Program

The Savvy, Sound and Safe Home Loan Program (SSSHLP) offers 105% purchase home loans for little money down, with affordable rates, and easier qualification for deserving wage earners (teachers, administration, whoever!) whom the lending industry will typically turn down or charge excessive fees. (Contact Loan Officer Hassan Nicholas hnicholas@cfrc.net or 323.233.1900 ext. 231 for details)

One-Stop Home Loan Program

• Fixed rate with 30 year term
• Minimum borrower contribution of $500 from personal funds
• Flexible credit guidelines
• Flexible income source requirements
• Additional benefits/flexibilities for teachers, firefighters, police officers, healthcare workers, and military personnel
• Free ongoing assistance and counseling with loan officer
• 100% LTV with credit score of 620, 97% LTV with credit score of 600
• Property must be owner occupied
• Complete online homebuyer education after loan close
• Early delinquency counseling
• Purchase and Rate-term Refinance Allowed
• Purchase up to 4-units

Extra Credit Home Loan Program

• Fixed rate with 30 year term
• Minimum borrower contribution of $500 from personal funds
• Flexible credit guidelines
• Flexible income source requirements
• Additional benefits/flexibilities for teachers, firefighters, police officers, healthcare workers, and military personnel
• Free ongoing assistance and counseling with loan officer 100% LTV
• Property must be owner occupied
• Complete online homebuyer education after loan close
• Early delinquency counseling
• Credit score less than 620 requires four alternative tradelines
• Purchase and Rate-term Refinance Allowed
• Purchase up to 4-units

HomeRun Loan Program

• Fixed rate with 30 year term
• Minimum borrower contribution of $500 from personal funds
• Flexible credit guidelines
• Flexible income source requirements
• Additional benefits/flexibilities for teachers, firefighters, police officers, healthcare workers, and military personnel
• Free ongoing assistance and counseling with loan officer 100% LTV
• Property must be owner occupied
• Complete online homebuyer education after loan close
• Early delinquency counseling
• Credit score less than 620 requires four alternative tradelines
• Purchase and Rate-term Refinance Allowed
• Purchase up to 2-units

Programs/Products Offered

• CalPERS Member Home Loan Program offers a variety of loan options. There is no requirement to be a first-time homebuyer, no minimum vesting requirement, and you are eligible on your first day of employment.
• A CalPERS conventional or government home loan may be used for one- to four-unit owner-occupied residences, condominiums and Planned Unit Developments (PUDs). 
• A 100% Financing Option available.

• All active, inactive, and retired members of CalPERS are eligible to participate in this program.

Contact Information
For more questions, please call (800) 874-7377

Programs/Products Offered

Conventional Home Loan Program

• Competitive rates
• The total loan amount cannot exceed $834,000

• The maximum loan-to-value ratio will be up to 97 percent for purchases and refinances
• A 3% down payment is required
• A minimum of 1% must come from the borrower's own funds
• Maximum loan amount: $550,000

• Combination of traditional 95 percent loan-to-value with the secondary financing    provided by CalSTRS that equals to 5 percent of the purchase price of the home
• First and second mortgage have the same interest rate
• Maximum loan amount: $450,000

Requirements

• CalSTRS member

Contact Information
For additional questions, please call (800) 228-5453 or (916) 229-3541 (TTY)

CALIFORNIA HOUSING FINANCE AGENCY

EXTRA-CREDIT TEACHER PROGRAM

This program is intended to assist high priority school sites recruit and retain credentialed school staff to increase their academic standing and thus provide pupils with a high quality education.

CalHFA First Loan

• 30 year term
• Fixed rate
• Below market rate

Combined with:

CalHFA Second Loan

• The greater of $15,000 or 3% of the sales price in high-cost area , or the greater of $7,500 or 3% of the sales price in non high-cost area .
• 30-year term loan.
• Deferred payments (no monthly payment required).
• Forgivable interest rate from 5% to 0% - If an eligible borrower remains employed at a high priority school continuously for 3 years, the interest rate on the second loan will be reduced progressively to zero percent (0%) and remain there for the term of the loan. The interest rate on the first loan remains fixed at the initial rate for the entire term of the loan.
• Extra-Credit Teacher Program can be combined with City’s Soft Second Programs if client’s city is listed on Affordable Housing Partnership Program (AHPP) with CalHFA, click here for more information http://www.calhfa.ca.gov/homeownership/programs/ahpp.htm.
• Be a holder of an appropriate credential or classified employee - Credential List.
• Currently be employed in a high priority school that scores in the bottom fifty percentile (50%) Statewide Rank Academic Performance Index ("API"), or in a high priority district.
• Intend to work for three years continuously from the date of the loan in a high priority school or high priority school district.
• First-time homebuyer.
• The total borrower income does not exceed CalHFA Income Limits adjusted for county and family size.
• The borrower must be able to qualify (meet credit criteria) for either a CalHFA FHA-insured, VA Guaranteed, or Mortgage Insurance Services-insured 30 year fixed rate first loan for the amount necessary to purchase a home.

CALIFORNIA HOMBUYER'S DOWNPAYMENT ASSISTANCE PROGRAM (CHDAP)

Deferred-payment junior loan of an amount up to the lesser of 3% of the purchase price or appraised value, designed as funds covering down payment or closing costs.

CalHFA First Loan

• Standard 95% CalHFA
• 30 year term
• Fixed rate

CalHFA Second Loan

• Low simple interest rate
• Up to 3% of the sales price used towards down payment or closing costs
• Cannot be combined with ECTP or HIRAP.
• 30-year Term Loan.
• Deferred Payments (no monthly payment required).
• First-time homebuyer.
• The total borrower income does not exceed CalHFA Moderate Income Limits adjusted for county and family size.
• The borrower must be able to qualify (meet credit criteria) for either a CalHFA, non-CalHFA conventional, FHA-insured, VA Guaranteed, or Mortgage Insurance Services-insured 30 year fixed rate first loan for the amount necessary to purchase a home.

For questions regarding the California Homebuyer’s Downpayment Assistance Program (CHDAP), call (877)-9-CALHFA, e-mail: homeownership@calhfa.ca.gov or visit website: www.calhfa.ca.gov

CALIFORNIA HOUSING FINANCE AGENCY-HIGH COST AREA HOME PURCHASE ASSISTANCE PROGRAM (HiCAP)

 The High Cost Area Home Purchase Assistance Program (HiCAP) is a deferred-payment (no monthly payment required) junior loan of an amount up to 4% of the sales price used toward down payment.

CalHFA Second Loan

• Low simple interest rate
• Cannot be combined with FHA or CHAP loans.
• 30-year Term Loan.
• First-time homebuyer.
• Property must be primary residence
• The total borrower income does not exceed CalHFA Income Limits adjusted for county and family size.
• The borrower must be able to qualify (meet credit criteria) for either a CalHFA 30 year fixed rate first loan for the amount necessary to purchase a home.

 For questions regarding HiCAP, call (877)-9-CALHFA, e-mail: homeownership@calhfa.ca.gov or visit website: www.calhfa.ca.gov

Community Home Loan Program (CHLP)

• Reduced sales price of at least 12% off estimated value of eligible REO properties
• Special reduced interest (currently, 5.5%)
• 100% financing available
• Can only be combined with CHDAP
• Borrower must complete homeownership education
• Eligible properties are Real Estate Owned (REO) properties located in selected counties and zip codes in California.