CalHFA Conventional Loan

CALHFA (California Housing Finance Agency) conventional loans are another type of mortgage loan program that helps Californians purchase their first home. Unlike CALHFA FHA loans, which are backed by the Federal Housing Administration (FHA), CALHFA conventional loans are not insured by any government agency. Instead, they are backed by private lenders, such as banks or credit unions. CALHFA conventional loans have some similarities to CALHFA FHA loans, such as offering down payment and closing cost assistance programs for eligible borrowers.

Overall, CALHFA conventional loans can be a good option for first-time homebuyers in California who meet stricter credit requirements. It’s important to speak with a Loan Officer at Maciel Mortgage to learn more about your options and to determine whether a CALHFA conventional loan is right for you.

Borrower Requirements

  • CalHFA borrowers must complete homebuyer education counseling and obtain a certificate of completion through an eligible homebuyer counseling organization.
  • Meet CalHFA income limits for this program.
    *In the case of conflicting guidelines, the lender must follow the more restrictive ones.

Property Requirements

  • Be a single-family, one-unit residence, including approved condominium/PUDs
  • Guest houses, granny units, and in-law quarters may be eligible.
  • Manufactured housing is permitted.

*In the case of conflicting guidelines, the lender must follow the more restrictive ones.

Interest Rate

What is the interest rate?

Interest rates will vary depending on your financial circumstances, lender fees, and other factors. Interest rates can also change daily. We recommend that you check with a Maciel Mortgage Loan Officer to receive an accurate rate quote for this program.

CalHFA does not lend money directly to consumers. CalHFA works through and uses approved lenders to qualify consumers and to make all mortgage loans. The fees you pay could be different depending on the lender and the program. View sample Annual Percentage Rates (APRs) here.

CalHFA firmly believes that homebuyer education and counseling is critical to the success and happiness of a homeowner and requires homebuyer education and counseling for first-time homebuyers using a CalHFA program.

Who must take this Homebuyer Education and Counseling course?

Only one occupying first-time borrower on each loan transaction.

How do I take this education and counseling course?

ONLINE: eHome’s eight-hour Homebuyer Education and Counseling course is the only online course accepted by CalHFA. (Fee: $99) Other online courses like Frameworks and Home View are not acceptable because they do not provide a one-hour, 1-on-1 counseling follow-up session.

IN-PERSON or VIRTUAL: Live Homebuyer Education and Counseling in-person or virtually through NeighborWorks America or any HUD-Approved Housing Counseling Agency
(Fee: varies by agency)

What documents should I have ready when contacting a loan officer?

When initially contacting a loan officer, you may want to have this list of documents and information available to help answer questions that they will ask you:

  • One-month paystubs.
  • Two months bank statements
  • Two-year employment history
  • Two years W2’s