CalHFA Conventional Loan Programs Matrix - California

Conventional First Mortgage Programs

CalHFA Conventional Loan Programs Matrix

Program Name

CalHFA Conventional Loan

Program1

CalPLUSSM Conventional Loan

Program1 (used exclusively with ZIP)

Max Loan Amount 2

Conforming Loan Limits

Conforming Loan Limits

Loan Type

HFA Preferred, Homestyle EEM

Property Type

SFR and Condos

Manufactured Homes - MH Advantage

Credit Score

6803 700 6803 700

680

Manufactured

Homes -

680

Standard MH

SFR and Condos

6803 700

HFA Preferred, Homestyle EEM

Manufactured Homes - MH Advantage

680

Manufactured

Homes -

680

Standard MH

Max DTI 45.00% 50.00% 45.00% 50.00% 45.00%

45.00%

45.00% 50.00%

45.00%

45.00%

First Time Homeb uyer

Yes

Homebuyer Education Required

Yes

1-Year Home Warranty

Requirement

Yes

No

No

No

Yes

Yes

Yes

No

No

No

Yes

Yes

Yes

No

No

No

LTV / CLTV 97% / 105% 97% / 105% 95% / 105%

97% / 105%

Yes

Yes

Yes

97% / 105%

95% / 105%

Layering Capabilities

Lien Position

Mortgage Insurance Requirements

AUS Requirement

Allowable Lender Fees

Fannie Mae Community Seconds/MyHome

Standard MI

1st

Rates Fannie Mae Low

Income (LI) borrowers are

eligible for Reduced MI

DU approve/eligible only No Manual

Underwriting allowed

3% or $3,000 whichever is

greater

Rates

ZIP (Mandatory), Fannie Mae Community Seconds/MyHome

Standard MI

1st

Rates Fannie Mae Low

Income (LI) borrowers are

eligible for Reduced MI

DU approve/eligible only No Manual

Underwriting allowed

3% or $3,000 whichever is

greater

Rates

Zero Interest

Program (ZIP) (used 2% or 3% of the

exclusively with

first mortgage

N/A

CalPLUSSM

loan amount4

Conventional)

N/A

N/A

N/A

Yes

Yes

Yes

CalPLUSSM Conventional

N/A

(mandatory), Fannie Mae

3rd5

N/A

Community Seconds/MyHome

N/A

$50 fee

3% of the

MyHome Assistance Program (MyHome)

appraised value/sales price, whichever

N/A

is less

10% of the

Forgivable Equity Builder Loan6

appraised value/sales price, whichever

N/A

is less

N/A

N/A

N/A

Yes

Yes

N/A

N/A

N/A

Yes

Yes

Must be combined with a CalHFA

N/A

N/A

first mortgage

2nd

N/A

CLTV must be Must be combined with a CalHFA

N/A

between 80- Conventional. Can't be combined

2nd

N/A

105%

with CalPLUS with ZIP or MyHome

N/A

$250 Fee

N/A

$50 Fee

Subordinate Mortgage

1 Lower Interest rates and Mortgage Insurance Coverage Requirements are available for borrowers that meet Fannie Mae's HomeReady ................
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