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Mortgage Broker Roseville CA
Mortgage Broker Roseville CA
Family wealth can be built and passed on through home equity. CalHFA is dedicated to increasing homeownership equality for all Californians. Forgivable equity builders loans give first-time homebuyers an opportunity to build equity in their home immediately. This loan can be up to 10% of the property's purchase price. If the borrower continues to live in the home for at least five years, the loan can be forgiven.
Forgivable Equity Builder Loans are subordinate loans that can be forgiven and may only be used in conjunction with a CalHFA mortgage.
Forgivable Equity Building Loan
Program Eligibility
To determine whether you are eligible for the Forgivable equity Builder Loan, please review the guidelines for Borrower as well as Property Requirements. For more information, you can also speak to one of our preferred loan officers.
Borrower Requirements
- Be a first homebuyer. Refer to the definition of a homebuyer .
- You must live on the property as your primary residence. Non-occupant co-borrowers are prohibited.
- CalHFA borrowers need to complete homebuyer education counseling. They also need to obtain a certificate from an eligible homebuyer counseling agency.
- Fannie Mae sets income limits for each county.
- Please refer to CalHFA Income Limits for a Forgivable Equity Building Loan.
- For more information, contact one of our preferred loan officers.
Property Requirements
- You can be a single-family residence with one unit, and include approved condominium/PUDs
- In-law quarters, granny units, and guest houses may be eligible
- Manufactured housing permits are allowed
- Condominiums need to meet the guidelines for the first mortgage
Possible Tax Consequences
- CalHFA loan servicing will issue 1099s to borrowers annually when the loan is forgiven in part. Borrowers are advised to consult their tax advisor.
Forgivable Equity Building Loan
Interest Rate
Mortgage Broker Roseville CA
What's the interest rate?
Forgivable Equity Builder Loans have an interest rate of zero percent. However, you might need to repay a portion of the loan for less than five-year occupants. The interest rates for the CalHFA first loan will vary depending upon your financial situation, lender fees, or other factors. Rates can change daily. To get a rate quote, we recommend you speak with a Roseville preferred loan officer.
Forgivable Equity Building Loan
Homebuyer Education Requirement
CalHFA believes that homebuyer counseling and education are crucial to homeowner success. It requires first-time homebuyers to receive homebuyer counseling through a CalHFA program.
Who must take this Homebuyer Education & Counseling course?
Only one can be a first-time borrower for each loan transaction.
How can I enroll in this counseling and education course?
- ONLINE eHome's eight hour Homebuyer Education Counseling course is the only course that CalHFA accepts online. Frameworks and HomeView online courses are not accepted by CalHFA because they don't offer a 1-on-1 counseling session.
Forgivable Equity Building Loan
How to Apply
How can I apply for this loan program?
CalHFA is not an agent lender. Our mortgage products are provided by private loan officers who have been trained and approved by our Agency. These loan officers are available to help you learn more about CalHFA's programs, and guide you through your home-buying process.
To contact a loan officer near you, visit the Find A Loan Officer tab.
What documents do I need to have with me when I contact a loan officer?
This list of documents and information can be helpful for answering any questions you might have when you first contact a loan officer.
- Pay stubs
- Statements from banks
- History of employment
- Tax returns from the past
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