CalPlus Conventional vs CalPlus FHA?
Watch short clip below to find out…
CalPlus Conventional plus CalPlus FHA
CalPLUS FHA Program is an FHA insured first mortgage that has a slightly higher fixed rate over our standard FHA program. This program can be combined with the CalHFA zero interest program (ZIP), to reduce closing costs.
To learn more about CalPLUS FHA, please review the sections below.
CalPlus FHA Program
CalPlus Conventional plus CalPlus FHA Program Eligibility
For both Borrower requirements and Property requirements, you can review the following guidelines to see if you might be eligible to apply to the CalPLUS Conventional.
Loaner Requirements
- The property can only be occupied as a primary residence.
- CalHFA borrowers are required to complete homebuyer educational counseling and receive a certificate of completion from an eligible homebuyer counselling organization.
- CalHFA income limit required for this program.
*In the event that conflicting guidelines exist, the lender should follow the restrictive one.
Requirements
- A single-family, one-unit residence that includes approved condominium/PUDs
- You may be eligible to rent guest houses, granny apartments or in-law suites.
- Manufactured housing may be permitted
- Condominiums must comply with the guidelines of the first mortgage
*In the event of conflicting guidelines, the lender must adhere to the more restrictive.
CalPLUS FHA Program
CalPlus Conventional and CalPlus FHA Interest Rate
What is your interest rate?
Rates of interest can vary depending on financial conditions, lender fees and other factors. Interest rates are subject to change every day. For an accurate rate quote on this program, we recommend that you contact a CalHFA approved loan officer.
CalHFA does NOT lend money directly. CalHFA only works with approved lenders and qualifies consumers to obtain mortgage loans. Check out an example of annual percentage rates (APRs).
CalPLUS FHA Program
CalPlus Conventional and CalPlus FHA Education Requirement
CalHFA strongly believes that homebuyer education is crucial for homeowner happiness. Therefore, CalHFA requires homebuyer education for all first-time homebuyers who are enrolled in a CalHFA program.
Who is required to complete this Homebuyer Education Counseling course?
Only one is allowed to be the first borrower in each loan transaction.
What is the best way to take this counseling and education course?
- ONLINE eHome’s eight-hour Homebuyer education and Counseling course are the only courses that CalHFA will accept. Frameworks and other online courses are not acceptable as they don’t offer 1-on-1 counseling.
- INPERSONAL or VIRTUAL: Live homebuyer Education and Counseling in person or virtually. Your loan officer will get you access to the homebuyer education website.(Fee: The cost varies depending on the agency)
CalPLUS FHA Program
Apply For CalPlus Conventional plus CalPlus FHA Down Payment Assistance in California
How can you apply for CalPlus Conventional or CalPlus FHA Loan program?
CalHFA does not offer mortgage products directly. Instead, private loan officers have been trained and approved for our Agency’s mortgage products. These loan officers can assist you in the home buying process and provide information about CalHFA programs.
For assistance in finding a loan officer in your region, please visit the Locate a Loan Officer tab.
Jason Whigham
916-413-3967
email:jasonw@barrettfinancial.com
NMLS# 1448396
How do I contact Jason Whigham your loan officer in California, to get a home loan and associate your down payment assistance product (CalPlus FHA or CalPlus Conventional?
You may need this list of documents to assist you in answering the questions they might ask you when you first contact a lender.
- Pay stubs
- Statements from the bank
- Employment history
- Previous tax returns