Federal Housing Administration Loans

FHA Loans – With No Down Payment (CalHFA LOAN)

This program is meant for first-time homebuyers anywhere in California. Low to moderate income first-time homebuyers can use this loan for down payment and/or closing cost assistance. The CalHFA Program allows qualified homebuyers to layer other down payment assistance loans or grants to maximize affordability.

WHO QUALIFIES??


• Must be 18 years or older
• U.S. Citizens
• Green Card Holders (non U.S. Citizen)
• H-1B Visa & EAD Card Holders (non U.S. Citizen)


LOAN DETAILS:

  CRITERIA

LOAN DETAILS

CREDIT

MINIMUM 640 FICO

LOAN-TO-VALUE

100% LTV WITH DPA | 97% LTV WITHOUT DPA

DEBT-TO-INCOME

MAXIMUM 45% DTI

 OCCUPANCY

OWNER OCCUPANCY IS REQUIRED

TERMS

30 YEAR FIXED

TRANSACTIONS

PURCHASE ONLY

APPRAISAL

AN APPRAISAL IS REQUIRED

ELIGIBLE PROPERTIES

1-4 UNITS | ATTACHED/DETACHED SFRs & PUDs | LOG HOMES | MODULAR HOMES | MANUFACTURED HOMES | HUD APPROVED CONDOS

HAVE A CH 7 BANKRUPTCY?

MUST WAIT 2 YEARS AFTER BANKRUPTCY

HAVE A FORECLOSURE?

MUST WAIT 3 YEARS AFTER FORECLOSURE

INCOME [IF SALARIED]

2 YRS OF TAX RETURNS & W2s (3 YEARS IF FIRST TIME HOME BUYER) & YTD PAY STUB

INCOME [IF SELF-EMPLOYED]

2 YEARS OF BUSINESS AND PERSONAL TAX RETURNS IF NO TAX RETURNS, A PROFIT & LOSS WILL BE REQUIRED

ASSETS

PAST 60 DAYS OF ALL ASSET ACCOUNTS

EMPLOYMENT VERIFICATION

PROVE EMPLOYMENT FOR PAST 2 YEARS

PROOF OF IDENTITY

PROOF OF IDENTITY DRIVERS LICENSE AND SOCIAL SECURITY CARD

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