Can a CalHFA loan be forgiven?

These loans are not forgivable, nor do they go away after a period of time. (Special conditions exist for a reduction of, and possibly the elimination of, the interest on Extra Credit Teacher second loans only.) Your CalHFA Subordinate Loan is referred to as “Silent” because there are no monthly payments required.

What is the difference between CalHFA and FHA?

The CalPLUS FHA program is an FHA-insured first mortgage with a slightly higher 30 year fixed interest rate than our standard FHA program and is combined with the CalHFA Zero Interest Program (ZIP) for closing costs. The CalHFA VA program is a VA-insured loan featuring a CalHFA fixed interest rate first mortgage.

What is CalHFA mortgage assistance?

The State of California Housing Finance Agency, CalHFA, supports the needs of renters and home buyers by providing financing and housing programs to low to moderate income Californians. Home buyers are required to use a CalHFA first mortgage when using down payment or closing cost assistance programs.

How do I pay off my CalHFA loan?

Payments can be made by sending a check or money order to the California Housing Finance Agency, Loan Administration, 500 Capitol Mall, Ste. 1400 (MS350), Sacramento, CA 95814. Make sure your name, property address, and loan number are on the payment instrument so that we can apply it to the correct loan(s).

How does the CalHFA program work?

CalHFA allows qualified homebuyers to layer other down payment assistance loans or grants to maximize affordability. This program is only available through a CalHFA-approved lender. Brokers must work through a CalHFA-approved wholesale lender to process your CalHFA loan.

How does a CalHFA loan work?

Do you have to pay back Keep Your home California?

If you lease or rent your home after you receive Keep Your Home California assistance, you may be responsible to repay the benefit proceeds if you sell your home in the future.

How do I pay CalHFA?