Now Offering CalFHA VA and USDA Loan Programs

Moving to California? Now Offering CalFHA VA and USDA Loan Programs

So maybe you’re looking to settle down in California, but you’re feeling unsure of how to finance a home. Fortunately, we offer two loan programs that could assist you: the CalFHA VA loan and the CalFHA USDA loan.

These loan programs are specific to California. If you’re not currently living in California but want to move there, check out this article about moving out of state.

What is the CalFHA VA program?

The CalHFA VA program is a VA-insured loan that utilizes a CalHFA fixed interest rate first mortgage, which offers an affordable interest rate. This loan is fully amortized for a thirty-year term.

First-time homebuyers can also combine this program with the MyHome Assistance Program, which can assist with closing costs.

Furthermore, VA loans require zero down and there’s no obligation to pay mortgage insurance. For more information on this, check out this article.

What are the requirements for the CalFHA VA loan?

According to the CalFHA website, requirements include the following:

Borrower Requirements

• Occupy the property as a primary residence
• CalHFA borrowers must complete homebuyer education counseling and obtain a certificate of completion through an eligible homebuyer counseling organization
• Meet CalFHA income limits for this program
• Present a valid certificate of eligibility per VA guidelines

Property Requirements

• Be a single-family, one-unit residence, including approved condominium/PUDs
• Guest houses, granny units and in-law quarters may be eligible
• Manufactured housing is not permitted
• Condominiums must meet the guidelines of the first mortgage

What is the CalFHA USDA program?

The CalHFA USDA Program is a UDSA guaranteed first mortgage loan program with affordable interest rates that offers up to 100% financing. For more information on the rates and financing, check out this article about USDA loans. This loan is fully amortized for a thirty-year term. To use this programs, borrowers need to live in a USDA eligible rural area.

If the borrowers are first-time home buyers, they can also combine this loan with the MyHome Assistance Program, which assists with closing costs.

What are the requirements for the CalFHA USDA loan?

According to the CalFHA website, requirements include the following:

Borrower Requirements

• Occupy the property as a primary residence
• CalHFA borrowers must complete homebuyer education counseling and obtain a certificate of completion through an eligible homebuyer counseling organization
• Meet USDA Income Limit Eligibility

Property Requirements

• Be a single-family, one-unit residence, including approved condominium/PUDs
• Guest houses, granny units and in-law quarters may be eligible
• Manufactured housing is permitted, please check with your loan officer for specific requirements
• Condominiums must meet the guidelines of the first mortgage
• Property must be located in a USDA eligible rural area

This article can tell you more about what kind of property might work for you.

Are one of these programs right for you?

One of these programs may be a great fit for you and your situation. If you want to learn more about these programs, send us an email or give us a call today.