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First Time Homebuyer's Loan Program for Napa Homes for Sale
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This CalHFA FHA loan program is designed to enhance affordability and homeownership opportunities by offering a low, fixed interest rate that will not change during the entire loan term. This program is intended for first-time homebuyers who meet specific income and sales price requirements and who are purchasing a new or existing home anywhere in California.
How The Program Works
The CalHFA FHA offers financing up to 96.5% of the purchase price or appraised value whichever is less. To make owning your first home more affordable, down payment and closing cost assistance may be obtained when combining this CalHFA first mortgage with CalHFA junior loan programs.
Program Elements
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REQUIREMENTS
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DETAILS AND REFERENCE SOURCES
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First-Time Homebuyer
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Borrower must be a first-time homebuyer purchasing a primary residence intended for owner-occupancy.
A borrower is considered a first-time homebuyer if they have not owned and occupied a home in the past three (3) years.
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Income Limits
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Refer to CalHFA's income limits established for the county in which the property is located.
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Sales Price Limits
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Refer to CalHFA's published sales price limits for the county in which the property is located.
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Citizenship
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Be a U.S. citizen, permanent resident alien or other qualified alien.
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Property Eligibility
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- Existing single family, one-unit residence, including condominium/PUDs.
- Manufactured housing is not permitted.
- Leaseholds/Land Trusts are not allowed with this program
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Available Through Approved Lenders
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Refer to CalHFA's approved lender list for a lender in your area.
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Down Payment and
Closing Cost Assistance
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- The California Homebuyer's Downpayment Assistance Program (CHDAP) can be used for down payment and/or closing cost assistance.
- The School Facility Fee Down Payment Assistance Program (SFF) is a conditional grant program that provides assistance to buyers of newly constructed homes throughout California
- CalHFA has partnered with over 300 local agencies under the Affordable Housing Partnership Program (AHPP) which can be combined with the CalHFA FHA for down payment and closing cost.
For more information refer to a CalHFA approved lender.
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Homebuyer Education
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Homebuyer education is required for each borrower. CalHFA will accept a homebuyer education counseling certificate of completion via online, in-person, or by phone from the following providers:
- Fannie Mae Homebuyer Counseling Counselors/Administrators Search
- Freddie Mac Homebuyer Counseling Counselors/Administrators Search
- HUD-approved Housing Counselor
- Fannie Mae and CalHFA's master servicer approved private mortgage insurers
- Please contact a CalHFA approved lender for a list of approved private mortgage insurers
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Other Requirements
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Borrowers and properties must qualify for and meet the requirements of the CalHFA lender and FHA. Other program requirements may apply; please contact a CalHFA-approved lender for more details.
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For more information on Napa homes for sale, please contact via phone, email or text. To see what's for sale throughout Napa please visit my website at: www.soldbynicole.com and click on search the MLS. If you want to know how much your current Napa home is worth, click on CMA and I will happily provide you with a complimentary, no obligation, "Current Market Analysis" of your home. I also write a blog about market statistics for most of the bay area markets. Click here to view my blog: http://activerain.com/blogs/nicolemonary
To learn about this loan program, please call or email me.
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