HomeChoice Program

Designed to meet the needs of low- and moderate-income homeowners and first-time homebuyers with disabilities or a family member with disabilities living with them, the HomeChoice Program offers borrowers the ability to purchase a home anywhere within California. As a joint program with Fannie Mae, California HomeChoice Coalition and CalHFA, this program consists of 2 loans. These are:

• A Fannie Mae Mortgage Loan, and
• A CalHFA Housing Assistance Program (CHAP), a second mortgage to be used for downpayment assistance on a home located within a CHAP designated area. Learn more about the areas here

Am I eligible?

The HomeChoice Program offers financing to qualifying homeowners. In order to qualify, you must:

• Be a low- to moderate-income household
• Be a first-time homebuyer
• Have a disability or a live with a family member who has a disability
• Occupy the property as your primary residence
• Meet credit, income and loan requirements according to Fannie Mae's HomeChoice Program ans well as the mortgage insurer

Just as you must fall within the above requirements, your home must also qualify. In order for a home to qualify for the HomeChoice Program, it must:

• Have a sale price which does not exceed CalHFA's Sale Price Limits*
• Be a single family, single unit residence

* Sale Price Limits

How does it work?

Call the California HomeChoice Coalition at 888-346-9700 for additional information and finding a lender in your area. The toll free number is an automated voice mail system where you can leave a name and address for additional information.

Are there any alternatives?

If you qualify according the above requirements and are in need if special financing in order to purchase a home, it is recommended that you consider a HomeChoice loan. If, however, you are able to afford a conventional loan, you may wish to inquire at your local lender for the best option for you.

Do I really need this type of loan?

If the only thing holding you back from purchasing a home is a lack of a conventional downpayment or market interest rates, a HomeChoice loan may be your best option. Inquire at your local lender to explore all of your options.

Can I afford it?

When purchasing a home using the HomeChoice Program, your first loan is based on your qualifying ability, which is not to exceed the Fannie Mae maximum loan amount. The second loan is 2% of the sale price or appraised value, whichever is less.