CalHFA Conventional Loan Programs Matrix

Conventional First Mortgage Programs

CalHFA Conventional Loan Programs Matrix

Program Name

Max Loan Amount

Loan Type

Property Type Credit Score

SFR and Condos

6803

CalHFA Conventional

Loan Program1

Conforming Loan Limits2

HFA Preferred, Homestyle EEM

Manufactured Homes - MH Advantage

Manufactured Homes -

Standard MH

6803 6803

LTV / CLTV

First Time Homebuyer

Homebuyer Education Required

Yes

Yes

97% / 105%

No

No

Yes

Yes

97% / 105%

No

No

Yes

Yes

95% / 105%

No

No

1- Year Home Warranty

Requirement Yes

No

Yes

No Yes

No

Layering Capabilities

Lien Position

Fannie Mae Community Seconds/ MyHome

Fannie Mae Community Seconds

Fannie Mae Community Seconds/MyHome 1st

Fannie Mae Community Seconds

Fannie Mae Community Seconds/MyHome

Fannie Mae Community Seconds

Max DTI

Mortgage Insurance Requirements

AUS Requirement

45.00%

Standard MI Rates

Fannie Mae Low Income (LI)

borrowers are eligible for Reduced MI Rates

DU approve/eligible only No Manual

Underwriting allowed

Allowable Lender Fees

3% or $3,000 whichever is

greater

SFR and Condos

6803

97% / 105%

CalPLUSSM

Conventional Loan

Program1 (used

Conforming Loan Limits2

HFA Preferred, Homestyle EEM

Manufactured Homes - MH Advantage

6803

97% / 105%

Yes

Yes

exclusively

with ZIP)

Manufactured

Homes -

6803

95% / 105%

Standard MH

Standard MI

Yes

ZIP (Mandatory), Fannie

Mae Community

1st

Seconds/MyHome

45.00%

Rates Fannie Mae Low Income (LI) borrowers are eligible for Reduced MI

DU approve/eligible only No Manual

Underwriting allowed

3% or $3,000 whichever is

greater

Rates

Zero Interest

Program

(ZIP) (used 2% or 3% of the

exclusively

first mortgage

N/A

with

loan amount4

CalPLUSSM

Conventional)

CalPLUSSM Conventional

N/A

N/A

N/A

Yes

Yes

Yes

(mandatory), Fannie Mae Community Seconds/

3rd5

N/A

N/A

N/A

$50 fee

MyHome

Subordinate Mortgage

MyHome

Assistance Program

Lessor of 3% or $15,0006

N/A

(MyHome)

N/A

N/A

N/A

Yes

Yes

N/A

Must be combined with a CalHFA first mortgage

2nd

N/A

N/A

1 Lower Interest rates and Mortgage Insurance Coverage Requirements are available for borrowers that meet Fannie Mae's HomeReady ................
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