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California First-Time Home Buyer Programs CalHFA & CalPLUS Conventional Loan Programs

California First-Time Home Buyer Programs CalHFA & CalPLUS Conventional Loan Programs - Pros – These can be paired with different programs to customize your loan to what you need Cons – Higher interest rates for CalPLUS Eligibility – Must be a single-family home – Cannot be worth more than county price guidelines – Have to attend homebuyer education Best For – Anyone searching for a standard loan with closing cost and down payment assistance

The CalHFA and CalPLUS loans are both part of California’s conventional loan program, and both are 30-year fixed-rate mortgages, although the CalPLUS is fully amortized. These are fairly standard loans with solid interest rates, though each must be privately insured. To get better benefits, these mortgage options can be paired with the CalHFA Zero Interest Program and Extra Credit Teacher Home Purchase Program.

California, First-Time, Home, Buyer, Programs, CalHFA, CalPLUS, Conventional, Loan, Home Loan, Mortgage

California set up the Zero Interest Program to provide borrowers closing cost assistance, and this is only eligible for CalPLUS applicants. On the other hand, the Extra Credit Teacher Home Purchase Program is reserved for CalHFA loan borrowers who are first-time homebuyers and a teacher, school district employee, school administrator or another kind of school staff member. This closing cost/down payment assistance can be for anywhere from $7,500 to $15,000.

CalHFA FHA & CalPLUS FHA Loan Programs Pros – Can be paired with other programs – More lax credit requirements Cons – CalPLUS FHA loans receive higher interest rates Eligibility – Single-family homes only – Home must meet county price guidelines – Have to attend homebuyer education Best For – Applicants with a low credit score and history

FHA-insured CalHFA FHA and CalPLUS FHA loans are 30-year fixed-rate mortgages. The CalPLUS FHA loan is offered as a fully amortized loan. Aside from the backing from the FHA, these loans are identical to the conventional CalHFA and CalPLUS loans listed above. That means that the CalHFA FHA loan is eligible for the Extra Credit Teacher Home Purchase Program, and the CalPLUS FHA is matched with the Zero Interest Program.

MyHome Assistance Program Pros – Can be up to 3.5% of your home’s value to cover closing costs or a down payment – Payments are deferred until the home is sold, paid off, refinanced Cons – Stringent application stipulations Eligibility – For only first-time homebuyers – Must be a single-family home Best For – Middle- to low-income individuals who need help paying a down payment and/or closing costs

In order to help qualified Californians pay their closing costs and put down an initial payment, it created the MyHome Assistance Program. For those who are eligible, you could get up to 3.5% of your home’s price back as a deferred-payment loan. That means that until you refinance, pay off your existing mortgage or you sell the home, you will not be required to start making payments. You cannot take advantage of this offer unless you already have a first mortgage.

School Teacher and Employee Assistance Program Pros – Get a loan for up to 4% of your home’s value to use toward a down payment or closing costs – You pay nothing on the loan until the home is sold, refinanced or fully paid off Cons – Can only be combined with a CalHFA first mortgage loan Eligibility – Solely for teachers, administrators and employees at K-12 public schools in California -Must be a first-time homebuyer purchasing a single-family home Best For – Eligible applicants with less for a down payment

Any K-12 public school teachers, administrators and other employees can take advantage of the School Teacher and Employee Assistance Program. You can combined this with some first-time homebuyer mortgages through CalHFA, and it’s meant to aid you in paying your down payment and any closing costs. You can get back with this second mortgage as much as 4% of the purchase price of your home. Like some of the other programs on this list, until you sell your new home, fully pay it off or you choose to refinance, you do not have to make payments.

Cal-EEM + Grant Program Pros – Paired with a Cal-EEM Grant that can be for up to 4% of your first mortgage amount – Lowered credit requirements – Can be combined with MyHome Assistance Program & School Teacher and Employee Assistance Program Cons – Useless for anyone who doesn’t want to make energy-efficient improvements Eligibility – Has to be a single-family home Best For – First-time homeowners looking to make energy-efficient home improvements

Cal-EEM stands for CalHFA Energy Efficient Mortgage, and it is a 30-year fixed-rate loan. This is specifically for making energy efficient home improvements, and is paired with the Cal-EEM Grant which does not have to be repaid and can be used for these improvements. Also, because the FHA backs this loan, the credit level necessary for approval is lower than most conventional mortgages.

California allows borrowers in this program to pair their loan with the MyHome Assistance Program and/or School Teacher and Employee Assistance Program.

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