Are you a first-time home-buyer needing a little help with your down payment and/or closing costs?
California Housing Finance Agency has a program just for you, to meet those needs.
| CalPlus Conventional 97% LTV | CalPlus FHA 96.5% LTV | |
|---|---|---|
| Sales Price | $250,000 | $250,000 |
| Closing Cost (4%) | $10,000 | $10,000 |
| MI Premium | N/A | $4,221 |
| Cash required to close | $260,000 | $264,221 |
| First CalHFA Loan Amount | $242,500 | $241,250 |
| MI Premium | N/A | $4,221 |
| * MyHome | $7,500 | $8,750 |
| ** ZIP | $9,700 | $9,818 |
| Buyer Contribution | $300 | $182 |
| Total | $260,000 | $264,221 |
* MyHome is a simple interest rate deferred loan which must be used with a CalHFA first mortgage. It's a silent second loan for up to 3.5% of the sales price or appraised value of the property.
** ZIP is a 0% interest rate deferred loan which must be used with a CalPLUS first mortgage. It's a silent second loan for either 3% or 4% of the first mortgage loan amount, including Up Front Mortgage Insurance Premium (UFMIP).
CalHFA Loan Programs are subject to change without notice. Please contact me for current program details and requirements.
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