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LOAN PROGRAMS:
30-YEAR FIXED LOAN'S
| 1st Mortgage | 97% Eligible 1st Time Purchase | |
| 2nd Mortgage | 3% 'Silent Second' CHFA down payment |
You must be a First-Time Home Buyer, which is a person who has not had an ownership as their primary residence during the 3-Years. This requirement is waived if property is located in a Federally designated Target Area.
2ND MORTGAGE - SILENT SECOND:
|
2nd
Mortgage
|
30-Year
Fixed
|
at
3% Simple Interest
|
All payments are deferred on this second mortgage until one of the following happens: the CHAFA first mortgage becomes due and payable; the first mortgage is paid in full or refinanced; or, the property is sold.
QUALIFYING CONDITONS:
| Your annual household income cannot exceed per county income limits for your family size | ||
| You must have 3% or 5% sufficient funds to cover down payment and closing costs. | ||
| Your property must be owner-occupied for the term of the loan or until sold. | ||
| You must have the legal right to permanently reside in the United States. |
TEACHER PROGRAMS:
 |
Established the Extra Credit Teacher Program (ECTP), a program to provide a loan programs for a first mortgage, and with down payment assistance (in a second loan - forgivable interest) to qualified teachers and principals. |
CaHLIF LOAN PROGRAMS
 |
An expanded 97% Loan Program, requiring only 3% down by the buyer, or an 100% Loan Program CHFA offers a "silent" second mortgage to defer the 3% down payment until the property is sold or the first mortgage is paid in full. |
WHERE
DOES CHFA GET THEIR MONEY?
|
|
CHFA
is a state - chartered housing finance agency deriving its capital through
the issuance of 100% self - supporting Mortgage Revenue Bonds and Mortgage
Insurance Reserves. |
RECAPTURE TAX:
 |
CHFA loans are subject to a Federal Recapture Tax that borrowers may have to pay if they SELL or TRANSFER their CHFA-financed home within 9-YEARS. |