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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