Lien Position. CalHFA is committed to providing sustainable homeownership solutions to California families. Thirty-year fixed-rate mortgage that’s combined with the CalHFA Zero Interest Program (ZIP) for closing costs. If you want COMPLETE TRANSPARENCY about ALL OPTIONS, work with a licensed and approved mortgage lender who specializes in assistance programs. Effective with CalHFA loans locked on and after April 1, 2020, the interest rate for the MyHome subordinate lien will be reduced to 2.50%. California’s CalHFA Zero Interest program gives you access to a lower interest rate on your 30-year conventional FHA loan, along with deferred interest … The ZIP loan can be used to cover closing costs up to 2% or 3% of the mortgage. California home buyers have many options to choose from. California home buyers have many options to choose from. ZIP Interest Rate Disclosure; CalHFA Tax Return Affidavit (7/10/13) and Verification of Rents – (only required for borrowers who do NOT need to file taxes). Offered by the California Housing Finance Agency, this new CalHFA loan program is designed to help well-prepared low to moderate income families become homeowners in California. View Larger Image As of writing, this extra cost is 0.375% added to the interest rate. VA Request for a COE (VA Form 26-1880) VA Appraisal Order Form. Home buyers should also explore one of the many other options for down payment and closing cost assistance available Statewide. The School Teacher and Employee Assistance Program can be used with the CalPLUS assistance program as well. N2 Funding Job Fair; Steven is having fun training Dona!! Interest rates vary depending on your finances and your lender. FHA HOA Cert. How much interest can you save by increasing your mortgage payment? Check the CalHFA website for current interest rates. The CalHFA FHA offers financing up to 96.5% of the purchase price or appraised value whichever is less. CalPLUS assistance funds are not generated from pubic tax dollars, so they never run out of funds! Deferred Payments. CalHFA’s Zero Interest Program (ZIP) provides assistance funds for both CalPLUS Conventional and CalPLUS FHA programs which makes 100% financing possible. This loan is a 30-year fixed interest rate first mortgage. The MCC program can be combined with the CalPLUS assistance program as well. ... (800) 340-2957 NMLS ID# 21116. UPDATE: Effective February 1, 2018, all CALHFA FHA loan programs will now offer a Limited 203(k) option. • MyHome Assistance Program (loan, must be combined with CalHFA irst mortgage product) • Extra Credit Teacher Home Purchase Program (loan, must be combined with CalHFA This program offers a 30-year, fixed-interest-rate program for homebuyers to be used with the CalHFA Conventional Zero Interest Program (ZIP). BEWARE: most lenders are not experienced in working with assistance programs and most are NOT EVEN APPROVED to offer CalHFA home loans and may try steering you into other higher cost assistance programs to prevent you from working with a lender who can offer you this program. Thirty-year fixed-rate mortgage that’s combined with the CalHFA Zero Interest Program (ZIP) for closing costs. CalHFA ZIP Interest Rate Disclosure. The MyHome Assistance loan is available up to 3.5% of the sales price or appraised value, whichever is less, and can be used for either down payment or closing costs. FHA Case Number Request Form. income limits, total debt-to-income ratio and loan and property requirements of CalHFA, FHA, the lender or the master servicer Rate Locks Broker has option to float or lock the interest rate at time of submission Lock Option Periods 30 days for existing/resale properties 60 … These mortgages will come with a slightly higher 30-year fixed interest rate but are bundled with the Zero Interest Program (ZIP). The CalPLUS Conventional mortgage program does have monthly paid PMI mortgage insurance because you don’t have 20% down payment…..there is no way to avoid that, and FHA always requires monthly mortgage insurance. Remember, CalHFA does not lend money directly to consumers, but rather purchases loans from lenders that originate and underwrite loans that meet CalHFA’s specific loan guidelines. California first-time homebuyer programs. Eligible CalHFA borrowers have the option to choose how much ZIP assistance they want. Pacific Funding Mortgage Division 2020-12-10T19:42:29+00:00 December 23rd, 2020 |. Assistance funds cannot be used to pay off your debts or to pay the gap between an appraisal price and a sales price if the home should appraise for less than the sales price. Choosing to use the ZIP program, and the amount you choose, will result in paying a slightly higher interest rate on the first mortgage. CalHFA ZIP is a deferred payment, zero interest second mortgage that is used with the CalPLUS first mortgage program. The CalPLUS with ZIP (Zero Interest Program) home mortgage loan is a CalHFA down payment assistance program to help California home buyers even if they aren’t first time buyers. FHA Gift Letter. California offers several financing assistance programs for first-time homebuyers. Lien Position. Deferred Payments. Search for: Recent Posts. Search for: Recent Posts. FHA HOA Cert. CalHFA Zero Interest Program. UPDATE: Effective February 1, 2018, all CALHFA FHA loan programs will now offer a Limited 203(k) option. Conv HOA Cert (Limited Review – Short Form) Founder Scott Schang is a NMLS (#279893 ) licensed mortgage loan officer and California Real Estate Broker CalBRE#01329470. The CalPLUS with ZIP (Zero Interest Program) home mortgage loan is a CalHFA down payment assistance program to help California home buyers even if they aren’t first time buyers. Equal Housing Opportunity Lender, Success Stories……Real People, Real Experiences, Real Reviews, California Down Payment Assistance Programs, California Upside Down Mortgage Refinance – HARP, School Teacher and Employee Assistance Program, Extra Credit Teacher Homebuyer Assistance Purchase Program, DO NOT have to be a first time home buyer, 680 minimum credit score for Conventional, Homebuyer Education course and a Home Warranty is required for true first time home buyers (call me for details), CalPLUS is NOT subject to a recapture tax, Manufactured homes ARE allowed with a minimum 660 credit score, Whether you choose the 2% ZIP or 3% ZIP assistance option, Reduced rate when a borrowers income is below the Area Median Income (AMI), which is specific to a certain geographic area, Reduced interest rate if the geographic area has no income limit due to it being in a low income designated census tract. CalHFA Borrower Affidavit & Cert. For conventional and FHA mortgages, CalHFA offers a special CalPlus program. CalHFA Borrower Affidavit & Cert ... CalHFA ZIP Interest Rate Disclosure ; Search for: Recent Posts. ZIP Interest Rate Disclosure; CalHFA Tax Return Affidavit (7/10/13) and Verification of Rents – (only required for borrowers who do NOT need to file taxes) Product Code: CF30CAPLZ2 - CONF FIXED 30YR CALHFA PLUS ZIP 2.0% CF30CAPLZ3 - CONF FIXED 30YR CALHFA PLUS ZIP 3.0%. CalHFA ZIP Interest Rate Disclosure. The CalPLUS w/ ZIP mortgage program comes in two flavors. CalHFA VA program is a VA-insured loan featuring a CalHFA fixed interest rate first mortgage. N2 Funding Job Fair; Steven is having fun training Dona!! FHA-VA-USDA Home Loans Down Payment Assistance, CalPLUS w/ ZIP (Zero Interest Program) FTHB Assistance Loan, © All Rights Reserved. Going forward, users will be able to create the CalHFA zip 3 rd. Program rates and parameters are subject to change without notice. Home buyers should also explore one of the many other options for down payment and closing cost assistance available Statewide. All Rights Reserved. N2 Funding Job Fair; Steven is having fun training Dona!! ZIP funds may not be used to pay off borrower debt. Homeloanartist.com, & Brad Yzermans are not affiliated with or representing FHA, VA, CalHFA, USDA, FNMA or any other government agency. VA Request for a COE (VA Form 26-1880) VA Appraisal Order Form. When ZIP is added to the CalPLUS loan, it offers a deferred-payment second mortgage with a tiered interest rate of 3% or 4% of the first mortgage amount. Patriot Pacific Financial Corp & Brad Yzermans are licensed to lend in California. Welcome Ashley! CalHFA ZIP Interest Rate Disclosure. This financial calculator helps you find out. These funds come in the form of a loan with 3 percent simple interest per year, accrued annually. CalHFA Borrower Affidavit & Cert ... VA Nearest Living Relative Statement. If you choose to use the CalHFA Zero Interest Program (ZIP), please be aware of the following features: 1. Talk with Loan Officer (626) 701-4159 If you haven’t owned a home in the last 3 years, the state government of California considers you to be a first time homeowner. 2nd lien ahead of any non-CalHFA Community Second Program (CSP) 3rd lien behind CalHFA MyHome Program CalHFA Financial Calculators. CalHFA, California, CalPLUS, Conventional, Down Payment Assistance, FHA, First Time Homebuyer, Zero Interest Program, ZIP, © 2020 Temecula & Murrieta Mortgage Broker & Lender, | NMLS Consumer Access Site |   © All Rights Reserved. We'll match you with a first-time buyer expert that we know and trust, Let us match you with a mortgage expert that we know and trust, 2130 Main Ste. VA Nearest Living Relative Statement. See our picks for CalHFA participating lenders. California home buyers should also explore Mortgage Credit Certificates, CRA Programs, Lender/Agent Credits or other creative down payment and closing cost assistance options. thirty (30) year fixed interest rate first mortgage. This amount is designed to go toward closing costs, and any payments on the loan are deferred for the entire time you live in the home. CalHFA's Molly Ellis walks you through getting the smallest down payment for your first-time homebuyer! The CalHFA MyHome Assistance Program is a deferred payment, simple interest rate silent second mortgage. Program rates and parameters are subject to change without notice. CalHFA determines and sets the interest rate for both programs, so the interest rate is the same no matter which lender you work with. CalHFA FHA Program. Zero Interest. Welcome to the Funding Department, Dona!! The CalHFA MyHome Assistance program that provides down payment and closing cost assistance that can be used with the CalPLUS FHA or CalPLUS Conventional assistance program. The CalPLUS w/ ZIP mortgage program comes in two flavors. Click the "View Report" button to see a complete amortization payment schedule, and how much you can save on your mortgage! ZIP offers a 30-year, no-interest, deferred-payment second mortgage equal to 3% to 4% of the first mortgage amount designed to cover the closing costs. An interest rate may temporarily not be available for any given loan program. If funds are no longer available, or you are unable to meet the qualifications for this assistance program, there are other options that may be available to you. (continued on next page) 2016 ALiFORNiA OUSiG iANCiG GENCY www.calhfa.ca.gov 8779.CalHFA 877922.5432) 2 ... 18200 Von Karman Ave. #750 Irvine, CA 92612 | (800) 340-2957 NMLS ID# 21116. Search for: Recent Posts. In January 2019, we researched the most current information on first-time homebuyer programs in California, which included reviewing program websites and guidelines from the California Housing Finance Agency. CalHFA Zero Interest Program. Welcome to the Funding Department, Dona!! The MyHome Assistance program, STEAP and the MCC tax credit programs require buyers be true first time homebuyers….meaning they cannot have owned a home in the previous 3 years and cannot show any deduction of mortgage interest paid on their tax returns for the last 3 years. The reason for the higher interest rate is because the CalPLUS FHA loan can be used in collaboration with the CalHFA Zero Interest Program (ZIP). The CalPLUS interest rates depend on three variables: You can search the Area Median Incomes on the Fannie Mae HomeReady Eligibility income look up map on this page here. This loan is fully amortized for a 30-year term and is combined with the CalHFA Zero Interest Program (ZIP) for down payment assistance. Search for: Recent Posts. Now i know the HFA is a silent 2nd which the proponent of the GSFA made it sound bad but i dont considering i dont look to sell this home anytime soon if at all. CalPLUS Conventional – up to 97% LTV CalPLUS FHA – up to 96.5% LTV, Closing Costs Only. The CalHFA Conventional loan is not subject to Recapture Tax. © 2020 Find My Way Home. ... 18200 Von Karman Ave. #750 Irvine, CA 92612 | (800) 340-2957 NMLS ID# 21116. CalHFA ZIP Interest Rate Disclosure. Please be assured that CalHFA is open and accepting reservations during this time. When ZIP is added to the CalPLUS loan, it offers a deferred-payment second mortgage with a tiered interest rate of 3% or 4% of the first mortgage amount. The good news is that the private mortgage insurance premiums are discounted when using the CalPLUS Conventional program, which helps keep your payment lower. Turn times are estimates and are not warranted or guaranteed. CalHFA Borrower Affidavit & Cert. The interest rate increases with a higher ZIP loan. ZIP Assistance is 3% or 4% of the total first mortgage loan, Has exclusive access to ZIP - Zero Interest Program, CalPLUS loans are not subject to a recapture tax, Single Family Residence and HUD approved condos, 1 Year Home Warranty (except new construction), Refrigerator, Oven/Stove/Range, Microwave, Washer/Dryer. Eligibility Requirements In order to qualify, the MyHome program must be combined with a California Housing Finance Agency (CalHFA) mortgage, in addition to the following … To make owning your first home more affordable, down payment and closing cost assistance may be combined with the CalHFA FHA program. Equal Housing Opportunity Lender. 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