Accessing Down Payment Assistance - CalHFA Programs
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Accessing Down Payment Assistance –
CalHFA Programs
Insights by Molly Ellis of the California Housing Finance Agency &
Marc Farfel, Lender Liaison California Association of REALTORS®
February 6th, 2020
12:30 p.m. – 1:30 p.m.
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TransactionRescue@car.org
(213) 739-8383
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Accessing Down Payment Assistance –
CalHFA Programs
Insights by Molly Ellis of the California Housing Finance Agency &
Marc Farfel, Lender Liaison California Association of REALTORS®
February 6th, 2020
12:30 p.m. – 1:30 p.m.
mortgage.car.org
TransactionRescue@car.org
(213) 739-8383
http://Mortgage.car.org
FREE Member Benefit
FinanceHelpline@car.org
TransactionRescue@car.org
(213) 739-8383
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We understand that you may have your own preferred companies and ultimately,
it’s your decision as to whose services you will seek.
mortgage.car.org
TransactionRescue@car.org
(213) 739-8383
Transaction Rescue™
CALIFORNIA ASSOCIATION OF REALTORS®
Accessing Down Payment Assistance – CalHFA Programs
Molly Ellis
Lender Training Marc Farfel
Specialist Lender Liaison
California Housing California Association of
Finance Agency CalHFA REALTORS®2020 CONFORMING & HIGH BALANCE LOAN
LIMITS BY COUNTY FOR FREDDIE & FANNIE
(AS OF 1/01/2020)
The Federal Housing Finance Agency’s (FHFA) announcement to increase the 2020 conforming loan limits for
mortgages acquired by Fannie Mae and Freddie Mac to $510,400 on one-unit properties and a cap of
$765,600 in high-cost areas. The previous loan limits were $484,350 and $726,525, respectively.
Higher Loan Limits = More Properties Available to Entry Level Buyers
Higher Loan Limits = More Properties Available to Entry Level Buyers
Loan Limit Counties
$765,600 – Alameda, Contra Costa, Los Angeles, Marin, Orange
San Benito, Santa Clara, Santa Cruz, San Mateo
$510,000 > San Diego, Ventura, Santa Barbara, San Luis Obispo, Monterey
< 765.600 Napa, Sonoma, Yolo, Sacramento, Placer, El Dorado
$510,400 – All Remaining Counties for FHLMC/FNMA, FHA are less.
Link to Freddie Mac (FHLMC) / Fannie Mae (FNMA) 2020 Loan Limits
▪ https://www.fhfa.gov/DataTools/Tools/Pages/Conforming-Loan-Limits-Map.aspx
Link to FHA Loan Limits just changed on the 3rd of December for 2020 Limits –
Conforming $510,400 max, less in many areas (Riv/SB 442,750 vs. 431,250)
https://entp.hud.gov/idapp/html/hicost1.cfmUSING DOWN PAYMENT ASSISTANCE • FindDownPayment.car.org is the website provided to all of our REALTORS® and their Clients, providing available HFA, Grants, WISH, IDA, and Mortgage Credits. • As 1 – 4 units fall into Residential (FHA & Conforming loan options) you can tie these same plans to your owner-occupied units, some work for CalHFA 2nd TD’s, and Molly will follow up. • http://FindDownPayment.car.org
CALIFORNIA ASSOCIATION OF REALTORS® -
DOWN PAYMENT RESOURCE DIRECTORY
• PROPERTY INFORMATION
• HOUSEHOLD INFORMATION
• SPECIAL CIRCUMSTANCES
• GENERAL SEARCH –
CITY, COUNTY, TOWN, ETC.
• ACTUAL PROPERTY
• SALES PRICE
• CURRENTLY OWN A HOME
• HOUSEHOLD INCOME
• VETERAN
• EDUCATOR
• LAW ENFORCEMENT
• FIREFIGHTER
• HEALTHCARE
• DISABILITY
• MILITARY
• ENERGY EFFICIENT
• VIDEO
• DISPEL THE MYTHSCALIFORNIA ASSOCIATION OF REALTORS® -
DOWN PAYMENT RESOURCE DIRECTORY
http://FindDownPayment.car.org
https://www.car.org/marketing/clie
nts/downpaymentresource
Within the C.A.R Tool, you can find:
• Participating Lenders
• Program Guide/Flyer
• Guidelines:
• Eligible Properties
• Maximum Sales Price
• Eligible Borrowers
• Maximum Household Income
• Loan Terms
• Benefits
• Latest UpdatesCALIFORNIA HOUSING FINANCE AGENCY (CALHFA)
• California Housing Finance Agency (CalHFA):
https://www.calhfa.ca.gov/homeownership/materials/
• Participating Lenders
• Available FHA & Fannie Mae Loan Programs
• Silent 2nd TD’s
• Details about Income Requirements or Loan Limits
• Special Options or Details about those professions in those
professions in Public School District Employees and Fire Department
Employees
• Todays Rates - https://www.calhfa.ca.gov/apps/rates/CALIFORNIA HOUSING FINANCE AGENCY (CALHFA)
$300K, $400K, 525K, & 750K SALE SCENARIO’S
SEE SCENARIOSCALIFORNIA HOUSING FINANCE AGENCY (CALHFA)
$300K, $400K, 525K, & 750K SALE SCENARIO’S (WITH CLOSING COSTS)
SEE SCENARIOSCalHFA
Click to edit Master title style
Mission:
To create and finance progressive housing solutions so
more Californians have a place to call home.
The California Housing Finance Agency has provided
special financing and down payment assistance to help
low to moderate income California families achieve
homeownership since 1975.
Programs are administered at no cost to taxpayers. All
loans must comply with established federal and state
laws, as well as CalHFA guidelines.How it Works Click to edit Master title style CalHFA offers programs for First Time Homebuyers through a network of our approved lenders. • Approved Lender – Meet the requirements of the First Mortgage, CalHFA, MI company & the Master Servicer • Brokers – Can broker through a CalHFA-Approved Wholesale Lender • CalHFA – Reviews for program compliance º First Time Homebuyer º Income and Sales Price Limits º Homebuyer Education º Forms
CalPLUS Conventional with Zero Interest Program (ZIP) Click to edit Master title style • CalHFA Conventional first mortgage up to 97% LTV with built in assistance for closing costs • Additional fee applies to loans over $510,400 º Only applicable if Fannie, HomeReady loan limit allows º Max LTV of 95.00% for loans over $510,400 º See rates and fees on CalHFA website • HomeReady™ Guidelines º Fannie Mae’s HFA Preferred Program • Any Fannie approved mortgage insurance company
CalPLUS Conventional with Zero Interest Program (ZIP) Click to edit Master title style • ZIP loan = 2% or 3% of first mortgage loan amount º Including upfront MI if applicable • Zero interest rate • Deferred payments • Only used for closing costs • Can be combined with the School Program or MyHome
CalPLUS
Click FHAMaster
to edit with Zerotitle
Interest
styleProgram (ZIP)
• FHA first mortgage with built in closing cost assistance called Zero
Interest Program (ZIP)
• Additional fee for loans over $510,400
• ZIP loan = 2% or 3% of first mortgage total loan amount
º Zero interest rate
º Deferred payments
• Can be combined with the School Program or MyHome
• Only used for closing costs
• Limited 203K optionClick to edit Conventional
CalHFA Master titleand
style
CalHFA FHA
• CalHFA FHA - Lower Interest Rate
º FHA guidelines with CalHFA overlays
• CalHFA Conventional – Lower rate and lower MI
º Fannie, HomeReady guidelines with CalHFA overlays
• Available for both first time homebuyers and repeat buyers
• If first time homebuyer can be combined with MyHome or School ProgramSchool Teacher and Employee Assistance Program
Click to edit
** Master title style
Through February 28th 2020
• Eligible Teachers, Administrators, Classified Employees and
Staff Members
• Available for Any K-12 California Public Schools
• First Time Homebuyers Only
• 4% of the sales price or appraised value (whichever is less)
• 3.00% Simple Interest
• Deferred Payment
• Can not be combined with MyHomeClick MyHome Assistance
to edit Master Program
title style
• 3.5% loan amount on FHA or 3% on Conventional, VA or USDA loans
• 3% simple interest
• Deferred payment
• Additional down payment or closing costs
• First-time homebuyer
• Combine with ZIP
• Can not be combined with the School Program
• Must be in 2nd lien positionProgram Requirements Click to edit Master title style • 660 Minimum credit score on Gov’t loans, 680 on Conventional • 45.00% max DTI • DU Approve/Eligible º Manual u/w on FHA with 43% DTI • Lender approval (including overlays) • Homebuyer education º Use CalHFA link
Eligibility Requirements
Click to edit Master title style
• First-time homebuyer
º No interest in primary residence for 3 years
• Purchase and occupy one-unit property
• Meet CalHFA Income Limits
º Los Angeles County - $144,700
º Include Lenders qualifying income
• Meet CalHFA Sales Price Limits
º All State of CA = $795,000Click
CalHFAto edit–Master
Rates 2/5 title style
https://www.calhfa.ca.gov/apps/rates/
https://www.calhfa.ca.gov/homeownership/programs/fha.pdf
https://www.calhfa.ca.gov/homeownership/programs/calplus.pdf
https://www.calhfa.ca.gov/homeownership/programs/conventional.pdf
https://www.calhfa.ca.gov/homeownership/programs/calplus-conventional.pdf
https://www.calhfa.ca.gov/homeownership/programs/myhome.pdf
https://www.calhfa.ca.gov/homeownership/programs/school.pdfClick to edit Master title style
Loan Scenario
https://www.calhfa.ca.gov/calc/scenario.html
https://www.calhfa.ca.gov/homeownership/programs/fha.pdf
https://www.calhfa.ca.gov/homeownership/programs/calplus.pdf
https://www.calhfa.ca.gov/homeownership/programs/conventional.pdf
https://www.calhfa.ca.gov/homeownership/programs/calplus-conventional.pdf
https://www.calhfa.ca.gov/homeownership/programs/myhome.pdf
https://www.calhfa.ca.gov/homeownership/programs/school.pdfClick to edit Master title style
https://www.calhfa.ca.gov/homeownership/materials/files/tool-matrix-conventional.pdfClick to edit Master title style
https://www.calhfa.ca.gov/homeownership/materials/files/tool-matrix-gov.pdfProcess Click to edit Master title style • Submission to CalHFA after Lender has issued full approval • CalHFA reviews lender package for Program Eligibility • Upon approval lender draws docs • Lender funds and closes loan
Click to edit Master
Forms, titleTips
Tools and style
• CalHFA website
º Videos
º Loan Scenario Calculator
º Handbooks including forms for each program
º File Review Status: Updated daily
º ENEWS SignupCALHFA INFORMATION – INCOME LIMITS HTTPS://WWW.CALHFA.CA.GOV/HOMEOWNERSHIP/LIMITS/INCOME/INCOME.PDF
CALHFA INFORMATION – MY HOME / SCHOOL TEACHER & EMPLOYEE ASSISTANCE PROGRAMS
HTTPS://WWW.CALHFA.CA.GOV/HOMEOWNERSHIP/BULLETINS/2020/2020-01.PDFThanktoYou
Click edit Master title style
Contact Information
Molly Ellis 916.326.8680 (direct)
mellis@calhfa.ca.gov 916.203.8876 (cell)KEY TAKEAWAYS & RESOURCES
▪ Down Payment Assistance Tool: http://FIndDownPayment.car.org
▪ Loan Limits:
▪ Conventional Loan Limits
▪ FHA Loan Limits
▪ CalHFA Preferred Lenders
▪ CalHFA Key REALTOR® Information
▪ CalHFA Loan Program
▪ Property Eligibility
▪ CalHFA Borrower Eligibility
▪ Transaction Rescue (Mortgage Assistance)
▪ Always establish a partnership with your lender, to maximize your
Clients experience & your knowledge as an Industry expert.TYPES OF DOWN PAYMENT ASSISTANCE (DPA)
/SUBSIDY PROGRAMS – (SEE REVISITING DPA)
• Community Second Program (CSP)
• Employer Assisted Housing (EAH)
• Grants
• Deed Restrictions
• Mortgage Credit Certificate (MCC)
• Matched Savings Program
• First Mortgage Programs with Combined
AssistanceHTTP://WWW.CAR.ORG/FINWEBINARS
COMMUNICATIONS & WIRE WARNINGS
Language and general
letter contact:
WIRE FRAUD IS ON
THE RISE. PROTECT
YOUR FUNDS.
Do not wire funds
based on an email
request, without
verbal confirmation.
(Lender Name) will
NEVER request that
borrowers wire funds
in connection with
their transaction.
▪ Lender Name
ExampleUPCOMING WEBINAR EVENTS
FROM TRANSACTION RESCUE
Reviewing Your Client’s Loan
Application & Loan Process
Thursday – February 13th
12:30pm – 1:30pm
http://www.car.org/FinWebinars
https://www.car.org/knowledge/multimedialibrary/webinars/financehelplineSTEPS TOWARD HOMEOWNERSHIP WORKSHOP
BECOMING A HOMEOWNERSHIP EXPERT
UPCOMING DATES!
Bakersfield Marriott Convention Center –
Thursday February 20th 9:30am – 2:30pm
Modesto – Doubletree Hotel
Friday May 29th 9:30am – 2:30pm
Riverside Mission Inn Resort
Thursday July 23rd 9:30am – 2:30pm
Long Beach Convention Center/Marriott
Monday October 12th 9:30am – 2:30pm
Insights by Lenders, Housing Counselors, FICO, Housing Finance Agencies, and More.
Learn How to Educate Your Clients About Budgeting, Credit Planning, DPA, Loan Programs,
and Overall Expectations for Closing Your/Their Transactions
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