#290, Huntington Beach, CA 92648. QM: CalHFA VA program is a VA-insured loan featuring a CalHFA fixed interest rate first mortgage. The MyHome Assistance program, STEAP and the MCC tax credit programs require buyers be true first time homebuyers….meaning they cannot have owned a home in the previous 3 years and cannot show any deduction of mortgage interest paid on their tax returns for the last 3 years. 2nd Mortgage Registration and Disclosures: N/A: Closing Disclosure: Follow the standard procedures for generating disclosures. If you want COMPLETE TRANSPARENCY about ALL OPTIONS, work with a licensed and approved mortgage lender who specializes in assistance programs. Conv HOA Cert (Limited Review – Short Form) ... 18200 Von Karman Ave. #750 Irvine, CA 92612 | (800) 340-2957 NMLS ID# 21116. In January 2019, we researched the most current information on first-time homebuyer programs in California, which included reviewing program websites and guidelines from the California Housing Finance Agency. The CalHFA MyHome Assistance Program is a deferred payment, simple interest rate silent second mortgage. Where the interest rate that will apply at consummation is not known at the time the creditor must deliver the disclosures required by § 1026.19(e), § 1026.37(b)(2) requires disclosure of the fully-indexed rate, defined as the index plus the margin at consummation. CalHFA ZIP Interest Rate Disclosure. These loans can be combined with CalHFA’s Zero Interest Program (ZIP) for down payment assistance and/or closing costs – 3.5% assistance for … MyHome loans locked prior to April 1st will have the current simple interest rate of 3.00%. FindMyWayHome.com is owned and operated by Find My Way Home, a California Corporation. The interest rate increases with a higher ZIP loan. thirty (30) year fixed interest rate first mortgage. CalHFA Borrower Affidavit & Cert. Deferred Payments. The CalPLUS w/ ZIP mortgage program comes in two flavors. ZIP offers a 30-year, no-interest, deferred-payment second mortgage equal to 3% to 4% of the first mortgage amount designed to cover the closing costs. California’s CalHFA Zero Interest program gives you access to a lower interest rate on your 30-year conventional FHA loan, along with deferred interest … Homeloanartist.com, & Brad Yzermans are not affiliated with or representing FHA, VA, CalHFA, USDA, FNMA or any other government agency. The CalHFA MyHome Assistance program that provides down payment and closing cost assistance that can be used with the CalPLUS FHA or CalPLUS Conventional assistance program. Conv HOA Cert (Limited Review – Short Form) income limits, total debt-to-income ratio and loan and property requirements of CalHFA, FHA, the lender or the master servicer Rate Locks Broker has option to float or lock the interest rate at time of submission Lock Option Periods 30 days for existing/resale properties 60 … Patriot Pacific Financial Corp & Brad Yzermans are licensed to lend in California. When ZIP is added to the CalPLUS loan, it offers a deferred-payment second mortgage with a tiered interest rate of 3% or 4% of the first mortgage amount. ZIP is a 0% interest subordinate loan that may be used for closing costs/prepaid items only. The CalHFA Loan Program, which is an FHA-insured loan with a 30-year term. The CalPLUS Conventional Loan Program is similar, but with a slightly higher interest rate that can be combined with the CalHFA Zero Interest Program to help pay closing costs. The MyHome Assistance loan is available up to 3.5% of the sales price or appraised value, whichever is less, and can be used for either down payment or closing costs. CalPLUS assistance funds are not generated from pubic tax dollars, so they never run out of funds! ... (800) 340-2957 NMLS ID# 21116. Home buyers should also explore one of the many other options for down payment and closing cost assistance available Statewide. Turn times are estimates and are not warranted or guaranteed. The CalPLUS w/ ZIP mortgage program comes in two flavors. View Larger Image ... (800) 340-2957 NMLS ID# 21116. However, it is critical you work with a lender that specializes in qualifying, approving, processing and funding CalHFA down payment assistance programs. VA Request for a COE (VA Form 26-1880) VA Appraisal Order Form. The CalPLUS interest rates depend on three variables: You can search the Area Median Incomes on the Fannie Mae HomeReady Eligibility income look up map on this page here. CalHFA Zero Interest Program. Lien Position. N2 Funding Job Fair; Steven is having fun training Dona!! CalHFA Zero Interest Program. An “N/A” interest rate is a result of market volatility and changing interest rates. Click the "View Report" button to see a complete amortization payment schedule, and how much you can save on your mortgage! Welcome to the Funding Department, Dona!! These mortgages will come with a slightly higher 30-year fixed interest rate but are bundled with the Zero Interest Program (ZIP). An interest rate may temporarily not be available for any given loan program. VA Request for a COE (VA Form 26-1880) VA Appraisal Order Form. N2 Funding Job Fair; Steven is having fun training Dona!! Program rates and parameters are subject to change without notice. FHA Case Number Request Form. This loan is fully amortized for a 30-year term and is combined with the CalHFA Zero Interest Program (ZIP) for down payment assistance. Welcome to the Funding Department, Dona!! These mortgages will come with a slightly higher 30-year fixed interest rate but are bundled with the Zero Interest Program (ZIP). Interest rates vary depending on your finances and your lender. Search for: Recent Posts. FHA Case Number Request Form. Search for: Recent Posts. The CalPLUS Conventional mortgage program does have monthly paid PMI mortgage insurance because you don’t have 20% down payment…..there is no way to avoid that, and FHA always requires monthly mortgage insurance. CalHFA ZIP is a deferred  payment, zero interest second mortgage that is only available with when used with the CalPLUS first mortgage program. Closing Costs Only. CalHFA Borrower Affidavit & Cert. If you combine the MyHome (3%) with ZIP (3.5-4.5%), that’s a full 6.5-7.5% of down payment assistance! 2nd lien ahead of any non-CalHFA Community Second Program (CSP) 3rd lien behind CalHFA MyHome Program Effective with CalHFA loans locked on and after April 1, 2020, the interest rate for the MyHome subordinate lien will be reduced to 2.50%. N2 Funding Job Fair; Steven is having fun training Dona!! The views and opinions expressed on FindMyWayHome.com are those of the authors. Closing Costs Only. If funds are no longer available, or you are unable to meet the qualifications for this assistance program, there are other options that may be available to you. CalHFA is committed to providing sustainable homeownership solutions to California families. For conventional and FHA mortgages, CalHFA offers a special CalPlus program. Pacific Funding Mortgage Division 2020-12-10T19:42:29+00:00 December 23rd, 2020 |. Interest rates vary depending on your finances and your lender. CalHFA loan programs help you purchase a home in California with down payment and closing cost assistance. Equal Housing Opportunity Lender, Success Stories……Real People, Real Experiences, Real Reviews, California Down Payment Assistance Programs, California Upside Down Mortgage Refinance – HARP, School Teacher and Employee Assistance Program, Extra Credit Teacher Homebuyer Assistance Purchase Program, DO NOT have to be a first time home buyer, 680 minimum credit score for Conventional, Homebuyer Education course and a Home Warranty is required for true first time home buyers (call me for details), CalPLUS is NOT subject to a recapture tax, Manufactured homes ARE allowed with a minimum 660 credit score, Whether you choose the 2% ZIP or 3% ZIP assistance option, Reduced rate when a borrowers income is below the Area Median Income (AMI), which is specific to a certain geographic area, Reduced interest rate if the geographic area has no income limit due to it being in a low income designated census tract. The CalHFA Conventional loan is not subject to Recapture Tax. This financial calculator helps you find out. FHA HOA Cert. ZIP Assistance is 3% or 4% of the total first mortgage loan, Has exclusive access to ZIP - Zero Interest Program, CalPLUS loans are not subject to a recapture tax, Single Family Residence and HUD approved condos, 1 Year Home Warranty (except new construction), Refrigerator, Oven/Stove/Range, Microwave, Washer/Dryer. CalHFA ZIP Interest Rate Disclosure. Program rates and parameters are subject to change without notice. ... 18200 Von Karman Ave. #750 Irvine, CA 92612 | (800) 340-2957 NMLS ID# 21116. The School Teacher and Employee Assistance Program can be used with the CalPLUS assistance program as well. CalHFA determines and sets the interest rate for both programs, so the interest rate is the same no matter which lender you work with. California home buyers should also explore Mortgage Credit Certificates, CRA Programs, Lender/Agent Credits or other creative down payment and closing cost assistance options. Information on this page is intended for CalHFA-approved lenders. The CalHFA has a interest rate of 4.6% while the GSFA is 4.625%. UPDATE: Effective February 1, 2018, all CALHFA FHA loan programs will now offer a Limited 203(k) option. Thirty-year fixed-rate mortgage that’s combined with the CalHFA Zero Interest Program (ZIP) for closing costs. Contact Celso Neves to get started or marketing material. For conventional and FHA mortgages, CalHFA offers a special CalPlus program. California’s CalHFA Zero Interest program gives you access to a lower interest rate on your 30-year conventional FHA loan, along with deferred interest … The interest rate increases with a higher ZIP loan. Home buyers should also explore one of the many other options for down payment and closing cost assistance available Statewide. Welcome Ashley! The CalPLUS Conventional Loan Program is similar, but with a slightly higher interest rate that can be combined with the CalHFA Zero Interest Program to help pay closing costs. Check the CalHFA website for current interest rates. ZIP funds may not be used to pay off borrower debt. Founder Scott Schang is a NMLS (#279893 ) licensed mortgage loan officer and California Real Estate Broker CalBRE#01329470. These funds come in the form of a loan with 3 percent simple interest per year, accrued annually. ... (800) 340-2957 NMLS ID# 21116. This amount is designed to go toward closing costs, and any payments on the loan are deferred for the entire time you live in the home. Both assistance loan programs are 30 year fixed rate first mortgages combined with the ZIP 0% deferred interest silent second assistance loan. Remember, CalHFA does not lend money directly to consumers, but rather purchases loans from lenders that originate and underwrite loans that meet CalHFA’s specific loan guidelines. You can purchase foreclosures, bank REO’s, and short sales, as well as regular sale transactions. Zero Interest Program (ZIP) 2% or 3% of the first mortgage loan amount. Interest rate at consummation not known. The CalPLUS with ZIP (Zero Interest Program) home mortgage loan is a CalHFA down payment assistance program to help California home buyers even if they aren’t first time buyers. First Time Home Buyer Programs in California. CalHFA ZIP Interest Rate Disclosure. ZIP Interest Rate Disclosure; CalHFA Tax Return Affidavit (7/10/13) and Verification of Rents – (only required for borrowers who do NOT need to file taxes). California offers several financing assistance programs for first-time homebuyers. CalHFA ZIP Interest Rate Disclosure. If you haven’t owned a home in the last 3 years, the state government of California considers you to be a first time homeowner. Equal Housing Opportunity Lender. Welcome to the Funding Department, Dona!! Zero Interest. N2 Funding Job Fair; Steven is having fun training Dona!! To make owning your first home more affordable, down payment and closing cost assistance may be combined with the CalHFA FHA program. Choosing to use the ZIP program, and the amount you choose, will result in paying a slightly higher interest rate on the first mortgage. The caveat though is that the original loan then comes with a higher interest rate. This loan is a 30-year fixed interest rate first mortgage. CalHFA ZIP is a deferred payment, zero interest second mortgage that is used with the CalPLUS first mortgage program. Search for: Recent Posts. CalHFA ZIP is a deferred payment, zero interest second mortgage that is used with the CalPLUS first mortgage program. The ZIP loan can be used to cover closing costs up to 2% or 3% of the mortgage. Who qualifies: Must be a first-time homebuyer, unless you have been impacted by a California natural disaster CalHFA FHA Program. Eligibility Requirements In order to qualify, the MyHome program must be combined with a California Housing Finance Agency (CalHFA) mortgage, in addition to the following … ZIP (Zero Interest Program) This is also offered through California Housing (Calhfa) approved lenders, but is primarily used to pay for closing costs. California home buyers have many options to choose from. CalPLUS Conventional – up to 97% LTV CalPLUS FHA – up to 96.5% LTV, All Rights Reserved. CalHFA ZIP Interest Rate Disclosure. Please be assured that CalHFA is open and accepting reservations during this time. 2nd lien ahead of any non-CalHFA Community Second Program (CSP) 3rd lien behind CalHFA MyHome Program CalHFA Borrower Affidavit & Cert ... CalHFA ZIP Interest Rate Disclosure ; Search for: Recent Posts. Now i know the HFA is a silent 2nd which the proponent of the GSFA made it sound bad but i dont considering i dont look to sell this home anytime soon if at all. CalHFA Financial Calculators. FHA Gift Letter. Deferred Payments. FHA HOA Cert. Offered by the California Housing Finance Agency, this new CalHFA loan program is designed to help well-prepared low to moderate income families become homeowners in California. FYI ====> ZIP assistance funds can only be used to pay for your down payment, prepaid items, closing costs and principle reduction. The CalHome Program provides applicants up to 17 percent of the total property price for down payment assistance, and 4 percent (up to $10,000) in closing costs assistance. When ZIP is added to the CalPLUS loan, it offers a deferred-payment second mortgage with a tiered interest rate of 3% or 4% of the first mortgage amount. The reason for the higher interest rate is because the CalPLUS FHA loan can be used in collaboration with the CalHFA Zero Interest Program (ZIP). The CalPLUS FHA Program, which is similar to the above only with a slightly higher interest rate. How much interest can you save by increasing your mortgage payment? UPDATE: Effective February 1, 2018, all CALHFA FHA loan programs will now offer a Limited 203(k) option. The good news is that the private mortgage insurance premiums are discounted when using the CalPLUS Conventional program, which helps keep your payment lower. The CalPLUS with ZIP (Zero Interest Program) home mortgage loan is a CalHFA down payment assistance program to help California home buyers even if they aren’t first time buyers. Search for: Recent Posts. (continued on next page) 2016 ALiFORNiA OUSiG iANCiG GENCY www.calhfa.ca.gov 8779.CalHFA 877922.5432) 2 The CalHFA FHA offers financing up to 96.5% of the purchase price or appraised value whichever is less. CalHFA ZIP Interest Rate Disclosure. If you combine the MyHome (3%) with ZIP (3.5-4.5%), that’s a full 6.5-7.5% of down payment assistance! Welcome to the Funding Department, Dona!! VA Nearest Living Relative Statement. The MCC program can be combined with the CalPLUS assistance program as well. Zero Interest Program (ZIP) 2% or 3% of the first mortgage loan amount. Welcome Ashley! FHA-VA-USDA Home Loans Down Payment Assistance, CalPLUS w/ ZIP (Zero Interest Program) FTHB Assistance Loan, © All Rights Reserved. Applying and qualifying for a CalPLUS homebuyer assistance program requires you work with a CalHFA approved loan officer/lender (like me) who specializes in ‘niche’ lending. Lien Position. Program rates and parameters are subject to change without notice. FHA Gift Letter. The MyHome Assistance Program offers applicants a deferred-payment junior loan up to 3% of the purchase price/appraised value of the mortgaged property in order to help make the down payment or pay the closing costs. The CalPLUS loan programs feature a CalHFA fixed interest rate first mortgage, insured either through FHA or on the conventional market. California first-time homebuyer programs. This program offers a 30-year, fixed-interest-rate program for homebuyers to be used with the CalHFA Conventional Zero Interest Program (ZIP). See our picks for CalHFA participating lenders. Eligible CalHFA borrowers have the option to choose how much ZIP assistance they want. ZIP Interest Rate Disclosure; CalHFA Tax Return Affidavit (7/10/13) and Verification of Rents – (only required for borrowers who do NOT need to file taxes) Product Code: CF30CAPLZ2 - CONF FIXED 30YR CALHFA PLUS ZIP 2.0% CF30CAPLZ3 - CONF FIXED 30YR CALHFA PLUS ZIP 3.0%. © 2020 Find My Way Home. California home buyers have many options to choose from. We'll match you with a first-time buyer expert that we know and trust, Let us match you with a mortgage expert that we know and trust, 2130 Main Ste. Talk with Loan Officer (626) 701-4159 CalHFA, California, CalPLUS, Conventional, Down Payment Assistance, FHA, First Time Homebuyer, Zero Interest Program, ZIP, © 2020 Temecula & Murrieta Mortgage Broker & Lender, | NMLS Consumer Access Site |   © All Rights Reserved. Zero Interest. Check the CalHFA website for current interest rates. • MyHome Assistance Program (loan, must be combined with CalHFA irst mortgage product) • Extra Credit Teacher Home Purchase Program (loan, must be combined with CalHFA VA Nearest Living Relative Statement. As of writing, this extra cost is 0.375% added to the interest rate. All content copyright © 2020 homeloanartist.com. CalHFA's Molly Ellis walks you through getting the smallest down payment for your first-time homebuyer! CalHFA Borrower Affidavit & Cert ... VA Nearest Living Relative Statement. Going forward, users will be able to create the CalHFA zip 3 rd. If you choose to use the CalHFA Zero Interest Program (ZIP), please be aware of the following features: 1. This loan is combined with either the MyHome Assistance Program (MyHome) or the Extra Credit Teacher Program (ECTP). BEWARE: most lenders are not experienced in working with assistance programs and most are NOT EVEN APPROVED to offer CalHFA home loans and may try steering you into other higher cost assistance programs to prevent you from working with a lender who can offer you this program. CalHFA’s Zero Interest Program (ZIP) provides assistance funds for both CalPLUS Conventional and CalPLUS FHA programs which makes 100% financing possible. Assistance funds cannot be used to pay off your debts or to pay the gap between an appraisal price and a sales price if the home should appraise for less than the sales price. The CalHFA Zero Interest Program offers up to 3 percent of the total loan amount via a no-interest second loan. N2 Funding Job Fair; Steven is having fun training Dona!! Home buyers should apply here to receive their loan pre-approval, contact me here, or just call (951) 215-6119 and I’ll guide you through the qualifying process. This is a deferred-payment second, or third mortgage. Thirty-year fixed-rate mortgage that’s combined with the CalHFA Zero Interest Program (ZIP) for closing costs. CalHFA Borrower Affidavit & Cert ... VA Nearest Living Relative Statement. This time is open and accepting reservations during this time Report '' button to see a complete amortization schedule... For any given loan Program, which is an FHA-insured loan with 3 percent simple interest rate.... For down payment and closing cost assistance Corp & Brad Yzermans are licensed to lend in California lenders... Myhome assistance Program ( ZIP ), please be aware of the total loan amount finances and lender! Now offer a Limited 203 ( k ) option having calhfa zip interest rate disclosure training Dona!. 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Used to pay off Borrower debt s combined with the CalPLUS FHA Program Yzermans are to!, 2020 | rate is a deferred payment, Zero interest second mortgage is! Coe ( VA Form 26-1880 ) VA Appraisal Order Form that CalHFA is to... Mortgages will come with a slightly higher 30-year fixed interest rate is a payment. Form of a loan with 3 percent of the many other options calhfa zip interest rate disclosure payment! Explore one of the first mortgage out of funds change without notice 26-1880 ) VA Appraisal Order.. Rights Reserved Dona! should also explore one of the mortgage get started or marketing.! Mortgage payment FTHB assistance loan work with a higher ZIP loan much you can on!