CalFHA Requirements
In order to qualify for a CalHFA loan, certain requirements must be met. They are:
- Be a first-time homebuyer. CalHFA considers you a first-time homebuyer if you have not owned and occupied your own home during the last 3 years. This requirement is not necessary if the property is located in a Federally designated Targeted Area
- Have an annual household/family income within CalHFA’s income limits for the family size and county in which the home is located.
- Purchase a home that is within CalHFA’s sales price limits for the family size and county in which the home is located.
- Live in the home you are purchasing for the entire term of the loan, or until the home is sold or refinanced.
- Meet credit, income and loan requirements of the CalHFA lender and the mortgage insurer.
- Be a citizen or a qualified alien.
December 30, 2008
Census tracts in which 70% or more of the families have income which is 80% or less of the statewide median family income.
CALHFA has been discounted until further notice
