CHFA Loans

We will provide the forms you need to qualify

CHFA

1st Time Qualified Homebuyers

100% Available Financing

The loan consists of a:

1st Mortgage	97% Eligible 1st Time Purchase
2nd Mortgage	3% 'Silent Second' CHFA down payment
Type of Mortgage	30-Year Fixed Rate Mortgage

You must be a first-time homebuyer, which is defined as a person(s) who has not had an ownership interest in their primary residence during the previous three years. This requirement is waived if property is located in a Federally designated Target Area.

2nd Mortgage or Silent 2nd's:

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.

In order to qualify for a CHFA loan you must
meet certain requirements:

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.

Meet CHFA guidelines for sales price and income limits,

Also meet the qualifications of a CHFA approved lender.

EXTRA CREDIT TEACHER PROGRAM: (ECTP)

Established the Extra Credit Teacher Program (ECTP), a program to provide a loan programs for a first mortgage (up to 100% financing) and down payment assistance (in a second loan - forgivable interest) to qualified teachers and principals.

Subject to income and sales price limits, the loans only require a low down payment. CHFA lenders can assist the prospective home buyer with the details.

HIGH COST AREA PURCH. ASST. PROGRAM: (HiCAP)
Adoption of a "high-cost area" strategy which recognizes the difficulty first-time home buyers in the high-cost coastal regions of the State have in taking advantage of CHFA programs.

HiCAP is a "pilot program" is designed to assist FIRST-TIME home buyers in a HIGH HOUSING COST AREAS of the State with up to $25,000 dollars in down payment loan assistance. These counties represent areas with significant affordable housing challenges.

OUTREACH LOAN PROGRAM

In recognition of the changing demographics of first - time home buyers in California, the Agency has identified lenders with bilingual capability in Spanish. The Agency will join with these lenders and other community based organizations to co-sponsor first - time home buyer housing fairs in the various Hispanic communities.

CaHLIF LOAN PROGRAMS
97% Loan and 3% Deferred 2nd Loan

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. CHFA charges a 3% simple interest for the "silent" second.

100% CHFA LOAN PROGRAM
FREDDIE MAC AFFORDABLE

The affordable 100% program is true first mortgage. There is no down payment required from the borrower. This program introduced as a pilot, is now a standard loan program purchased by Freddie Mac.

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. It is important to reiterate that reaching theirs goals will not require any State taxpayer general or Special Funds.

As of November 30, 2001 - Originated
Total Amount: $10.36 billion
Total Loans Financed: 110,134
Current Portfolio Amount: $5.34 billion
Current Loans in Portfolio: 54,661
Second Loans Originated
Total Amount: $116.5 million
Total Loans Financed: 18,923
Current Portfolio Amount: $85.2 million
Current Loans in Portfolio: 16,930
Home ownership Mortgage Insurance:
Mortgages Currently Insured: 9,100
Loan Amount Currently Insured: $1.3 billion
Premium Income Received: $43.7 million
Losses Paid: $5.7 million
Multifamily Loans Originated:
Total Loans Originated: $1.4 billion
Current Portfolio Amount: $1.35 billion
Current Number of Projects: 349
Current Number of Units: 28,353
HIGH COST AREA STRATEGY:
To meet this challenge, the Agency has adopted a high-cost area strategy available in the selected counties. The strategy involved increasing the number of CHFA approved lenders. Currently their are approximately 48 CHFA approved lenders with over 600 hundred offices State wide.

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.

These loans are subject to INCOME and SALES PRICE LIMITS.