• partnering with FHA and the CHDAP 2nd,
• buyers only need to have 1% of their own money available for the down payment.
• This makes a substantial difference. Example; $300,000 sales price... 3.5%= $10,500 1% = $3,000.

The CalHFA FHA 30 year fixed rate Government Insured loan program requires no home ownership for the last 3 years, and has income restrictions based household size.

•  The income limitations are based on the HUD median income for moderate income households per County.
• The sales price limits also vary County by County. The program is available State wide. Example: Roseville and Placer sales price limits are $522,000.
• Additionally, a HUD or Fannie Mae Homeownership Education Class will be required. The classes vary in cost average pricing is $50.00, a certificate must be provided to the lender.

You'll want to allow a little longer escrow time since the loans will need to go to CalHFA for final underwriting. This will not be your quick close transaction. However, with a little patience you can benefit from some very attractive interest rates.