FHA
Too many people put off buying a home because they think they need a big down payment. We can help. Our FHA loans are perfect for homebuyers with limited savings and easier to qualify for than you might think.
- Just 3.5% down. For less than a few months’ rent, your clients could be building equity in a home of their own.
- Easy qualification. Our FHA loans are more forgiving when it comes to past credit.
- Fast and worry-free. We close most loans in 30 days or less. Your clients may even be able to include their closing costs in the mortgage.
- Gift funds accepted. Your client's family members are welcome to help out with the down payment.
- 100% FHA Financing available.
USDA
Take advantage of our elite USDA rates starting at 640 FICO
- Special low rates for qualified borrowers – $125,000 minimum loan amount
- 100% financing – no down payment required
- Potentially roll closing fees into the monthly payment
- Smooth and easy process helps deliver a fast closing
- Available on multi-wide manufactured homes
You can purchase with a USDA loan only in a qualified rural area, but many people are shocked to learn how the USDA defines “rural.” Generally, according to their guidelines, it includes any areas with a population of less than 35,000. In fact, an estimated 97 percent of the U.S. is eligible for USDA lending.
HomeReady
Conventional options for borrowers looking to purchase with a low down payment or refinance with limited equity. Use the Fannie Mae Lookup Tool to see if a subject property meets the county loan limit requirement.
- Purchases up to 97% including FTHB
- Refinances serviced by FNMA eligible up to 97% LTV
- Reduced Mortgage Insurance
- High Balance available
- Income up to 80% of the AMI
- Gift funds eligible for entire down payment
- Available on single- and multi-wide, condos and PUDs for Manufactured Homes with LTV up to 95%
- 2-1 and 1-0 Temporary Rate Buydowns available for primary and second home purchases
Down Payment Assistance Programs
The money you put "down" or the down payment on your home loan can be one of the largest hurdles for many first-time homebuyers. That's why CalHFA offers several options for down payment and closing cost assistance. This type of assistance is often called a second or subordinate loan. CalHFA's subordinate loans are "silent seconds", meaning payments on this loan are deferred so you do not have to make a payment on this assistance until your home is sold, refinanced or paid in full. This helps to keep your monthly mortgage payment affordable.
MyHome Assistance Program
CalHFA Government Loans (FHA): MyHome offers a deferred-payment junior loan of an amount up to the lesser of 3.5% of the purchase price or appraised value to assist with down payment and/or closing costs.
CalHFA Conventional Loans: MyHome offers a deferred-payment junior loan of an amount up to the lesser of 3% of the purchase price or appraised value to assist with down payment and/or closing costs.