CalHFA The CalHFA Equity Builder Loan program (FEBL) is a 10% forgivable down payment assistance program for first-time homebuyers with low incomes in California. This program will help build equity in the home and create wealth for those in financial need.
California Housing Finance Agency ( CalHFA), which funds the Forgivable equity Builder Loan (FEBL), whose goal it is to provide affordable financing and support low- and moderate-income Californians through sustainable assistance programs.
The Forgivable Equity Building Assistance Program Highlights
| Allowable First Mortgage | – CalHFA Conventional FHA and USDA |
| Forgivable Equity Builder Loan Maximum | 10% of the appraised value or sales price (whichever is lower). |
| Income Limit | – Maximum 80% of AMI ( Income Checkup Tool). |
| Repayment | FEBL is forgiven 100% if the borrower remains in the house for at least 5 years. 0% interest rate
– A pro-rated annual basis will be applied to loans that are paid off prior to 5 years. |
| Maximum CLTV | – 105% |
| Additional DPA | – Cannot be combined CalPLUS ZIP, MyHome Assistance |
CalHFA Assistance Loan Qualifying Criteria
- Do not own a home in the last three years.
- Minimum Credit Score
- FHA/VA-640 Score
- Conventional – 680
- Maximum Debt-to–Income Ratio
- 45% = credit scores below 700 (and manufactured houses)
- 50% = Credit scores above 700
- Max County Loan Limit HERE
- Types of Property
- SFR / Condo / PUD / Manufactured
- Primary Owner
- 1 Unit Only
- 1 year Home Warranty
- CalHFA Homebuyer Course Requirements
Start survey to get the best down payment assistance recommendation…
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