CalHFA Loans
CalHFA Loans* are designed to provide financing assistance and sometimes down payment assistance to people with lower incomes. This program is for mortgage loans that are insured or guaranteed by FHA, VA, or USDA and features a 30-year term with a low, fixed interest rate.*
*Other restrictions and guidelines apply. Please contact lender for full program details.
What is a CalHFA Loan*?
CalHFA (California Housing Finance Agency) provides loans to California homebuyers through private lenders.
CalHFA loans* are not provided directly to borrowers. Instead, they are provided through approved lenders. Conventional CalHFA loans* are insured through private mortgage insurance. They are also available for home mortgages that are government insured, such as FHA and VA loans.

Eligibility Requirements for CalHFA Loans*
FIXED-RATE MORTGAGES
To qualify for a CalHFA loan*, borrowers must meet a number of eligibility requirements that include personal financial requirements, property requirements, and homebuyer education requirements.
CalHFA Income Limits
CalHFA loans* are only available for borrowers whose income falls below a specified level based on where they live. These CalHFA income limits vary from city to city throughout California.
CalHFA Home Occupation Requirements
There are several home occupation requirements that homebuyers must meet to be eligible for a CalHFA loan*.
- The home’s sales price can’t exceed the CalHFA sales price limit of $705,000.
- The home must be a single-family, one-unit residence and the property can’t be more than five acres in size. Condominiums may be eligible as long as they meet the first mortgage guidelines. Guesthouses, in-law quarters, and granny units may also be eligible.
- The home being purchased must be the primary residence of the buyer.
CalHFA Credit Requirements
To qualify for a CalHFA loan*, borrowers typically must have a minimum credit score of 640.
CalHFA Homebuyer Education Counseling
Homebuyer education and counseling are required for all first-time homebuyers applying for the CalHFA loan*. However, only one first-time homebuyer is required to take the homebuyer education and counseling course on a single CalHFA loan*.
There are two ways borrowers can take the course. If they choose to do so online, they will need to take the 8-hour eHome Homebuyer Education and Counseling course, which costs $99. This is the only course accepted by CalHFA. Borrowers can also take the course in person through any HUD-approved Housing Counseling Agency or through NeighborWorks America.
The best way for a borrower to find out whether they meet the eligibility requirements of the CalHFA is to speak to a consultant today.
CalHFA – FAQ
Further information about CalHFA is discussed through the following Frequently Asked Questions:
*Other restrictions and guidelines apply. Please contact lender for full program details.
CalHFA My Home
The MyHome Assistance Program provides a loan of up to 3.5 percent of the lesser of the purchase price or appraised value of the home. This loan is meant to be used for the down payment or closing costs and must be combined with the CalHFA first mortgage loan.
Only first-time homebuyers are eligible. Borrowers must meet other eligibility requirements as well.
CalHFA School Teacher And Employee Assistance Program
The MyHome Assistance Program provides a loan of up to 3.5 percent of the lesser of the purchase price or appraised value of the home. This loan is meant to be used for the down payment or closing costs and must be combined with the CalHFA first mortgage loan.
Only first-time homebuyers are eligible. Borrowers must meet other eligibility requirements as well.
MCC (Mortgage Credit Certificate Tax Credit Program)
The MCC is a federal credit program that can help reduce the borrower’s federal income tax liability, thereby creating more net spendable income that can be used towards mortgage payments.
Borrowers could also potentially convert part of their annual mortgage interest into a dollar-for-dollar tax credit on their income tax returns. Borrowers must be first-time homebuyers and must meet several other eligibility requirements as well.
For loan examples and more information visit our disclosure page at https://uslendingcompany.com/disclosures/