California - Government Backed Loans

For over 30 years, California Housing Finance Agency (CalHFA) has supported the needs of renters and first-time homebuyers by providing financing and programs that create safe, decent and affordable housing opportunities for individuals within specified income ranges. Established in 1975, CalHFA was chartered as the State's affordable housing bank to make low interest rate loans through the sale of tax-exempt bonds. A completely self-supporting State agency, bonds are repaid by revenues generated through mortgage loans, not taxpayer dollars.

Refinance Programs

HomeOpeners, a Mortgage Protection Program

The HomeOpeners program protects homeowners who currently have a mortgage from missing monthly mortgage payments due to job loss. HomeOpeners is automatically included as part of the primary mortgage insurance, at no additional cost to the borrower. Up to 6 monthly payments are made if a borrower suddenly and involuntarily loses their job, is currently receiving benefits from the California Employment Development Department and is actively seeking re-employment. HomeOpeners makes these payments at no cost to the borrower.

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Purchase Programs

Interest only PLUS

Designed to improve housing affordability for first-time low- to moderate-income homeowners in California, the interest only PLUS program is a 35-year conventional mortgage loan that offers a low, fixed-interest rate wherein borrowers only pay interest for the first 5 years.

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30-Year Fixed Mortgage

The 30-Year Fixed Mortgage is a conventional first home loan program designed to improve affordability and homeownership opportunities for low- to moderate-income, first-time homebuyers within the state of California. The program offers 95% financing and a 30-year term with a low, fixed interest rate.

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California Homebuyer's Downpayment Assistance Program - CHDAP

Designed to assist moderate-income first-time homebuyers, CHDAP provides eligible borrowers with a deferred-payment second loan to be used toward a downpayment and closing costs.

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CalHFA Housing Assistance Program - CHAP

The CalHFA Housing Assistance Program provides first-time, low-income homebuyers with a deferred-payment second loan in order to meet the cost of a downpayment. Since a downpayment is often the biggest hurdle for first-time homebuyers, CHAP offers borrowers access to funds which enable them to realize their dream of homeownership.

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40-Year Fixed Rate Mortgage

The 40-Year Fixed Mortgage is a conventional first home loan program designed to improve affordability and homeownership opportunities for low- to moderate-income first-time homebuyers within the state of California. The program offers 95% financing and a 30-year term with a low fixed interest rate.

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30-Year Fixed - Government Insured/Guaranteed Mortgage

Designed to improve affordability of homes to low- to moderate-income first-time homebuyers, this 30-year fixed loan may be combined with a CalHFA junior loan in order to meet a downpayment and closing costs.

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Affordable Housing Partnership Program - AHPP

The Affordable Housing Partnership Program partners with local organizations in order to offer low-income first-time homebuyers financial assistance through downpayment and closing costs via a Pre-Approved Locality Program. AHPP may be used in conjunction with CalHFA 40-Year Fixed Mortgage and the CalHFA interest only PLUS program, but the reduced interest rate is only available when used with the 30-Year Fixed Mortgage.

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Extra Credit Teacher Home Purchase Program - ECTP

Eligible teachers, administrators, staff members and classified employees of California's high priority schools who are also first-time homebuyers may benefit from the ECTP's deferred-payment junior loan, which to be used for downpayment assistance. This loan may range from $7, 500 to $15, 000, or 3% of the purchase price, whichever is greater. Only to be combined with a CalHFA first mortgage loan, interest on this junior loan is deferred and may be eliminated if the borrower meets continued eligibility requirements.

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High Cost Area Purchase Assistance Program - HiCAP

First-time, low- to moderate-income homebuyers benefit from HiCAP's deferred-payment second loan in the amount of 4% of the home's sales price, or appraised value, whichever is less. This second loan is to be used toward a downpayment, and only to be used in conjunction with a CalHFA conventional first mortgage loan.

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School Facility Fee Down Payment Assistance Program - SFF

The School Facility Fee Down Payment Assistance Program is available to homebuyers of newly constructed homes. SFF is a conditional grant which can used to assist in a downpayment and closing costs, or any costs associated with the homebuyer's first mortgage. SFF provides either a partial or full rebate of the school facility fees that are paid by the home builder, with the average rebate amounting to approximately $4, 700.

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HomeChoice Program

HomeChoice is a statewide program which assists low- to moderate-income homebuyers who are or who live with a family member who is disabled. HomeChoice offers a fixed-rate, 30-year, first home loan with a low interest rate of 4%, along with a second home loan that does not exceed 2% of the home's sales price or appraised value, whichever is less. This second loan is deferred until the first loan is paid off, and is only available to borrowers located within a CHAP-designated area.

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California Tax Credit Allocation Committee

Single Family Program

CDLAC has created the Single Family Program in order to make homeownership more affordable for first-time, low-income homebuyers through various programs.Tax-Exempt Mortgage Revenue Bonds, which fund below market interest rate mortgages through proceeds, and Mortgage Credit Certificates, which help homebuyers to afford their first home through an income tax credit.

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Extra Credit Home Purchase Program

Through Tax-Exempt Mortgage Revenue Bonds and Mortgage Credit Certificates, the Extra Credit Home Purchase Program offers teachers, principals and other certified employees of the state's public school affordable options for first-time homeownership.

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Student Loan Program

The Student Loan Program offers post-secondary students and their families through Student Loan Bonds, which are tax-exempt private activity bonds issued for either financing direct loans to college students and their parents or purchasing bundles of prior loans.

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