On occasion, other correspondence may be sent as needed. Borrower Eligibility. The Extra Credit Teacher Program is a deferred payment subordinate loan with an interest forgiveness feature after 3 years. CalHFA also owns and services our loan, though it was not the loan originator. If you are planning to purchase a home in Sacramento, Placer, El Dorado, or Yolo County for $429,619 or under, or in Yuba County for $382,212 or under, this may be a great program to take advantage of. A different company originated the loan, and apparently sold the loan to CalHFA a month or 2 after we moved in. The structure of the assistance is in the form of non-recourse, non-interest bearing, subordinate loan secured by CalHFA. All forms are issued during January of each year for the prior year's activity. CalHFA Loan Process (Submission, Approval & Purchase) The lender must upload to CalHFA's MAS a fully approved loan package per CalHFA's Loan Submission Checklist for program policy, compliance review and desktop underwriting validation. CalHFA is committed to providing sustainable homeownership solutions to California families. 1400 (MS955), Sacramento, CA 95814. Recreated letters will usually be mailed within three business days. If an eligible borrower assumes the first mortgage, the subordinate loan(s) must be paid off prior to the assumption or as part of that process. This includes processing and underwriting fees. Want to see a full list? How do I order a Payoff Demand for Keep Your Home California? Assistance comes in the form of a deferred payment loan program for first-time homebuyers. For the year 2001, these forms would normally have been due no later than April 15, 2002. 0% Interest Rate/payments deferred for life of 1st mortgage or until property is transferred or 1st loan is refinanced, or paid in full. If you refinance your loan and then sell your home within the first 9 years of ownership, the potential for a Recapture Tax still exists. CalHFA subordinate loans are calculated on a simple interest basis. The fee for requesting a VOM is $25.00 per occurrence. California home buyers have many options to choose from. In the event that CalHFA MAC receives less than 100% match in funds by the lender/servicer, CalHFA MAC will structure the assistance as a non-recourse, non-interest bearing subordinate loan in favor of the Eligible Entity (CalHFA MAC) secured by a junior lien recorded against the property in the amount of the HHF assistance. If you cannot locate your original Recapture Notice, e-mail us "Contact Us" , and request a reconstructed letter. No. Who do I contact if I have not received my IRS Form? 1400 (MS955), Sacramento, CA 95814 or via fax to 916.326.6420. If a homeowner stays in the home for three years , the 4% grant is completely forgiven, and the homeowner does not have to pay it back. Elizabeth Warren of Massachusetts and Chuck Schumer of New York drew on the Higher Education Act of 1965, which — affirmed by Harvard Law School — gives a president such … Can CalHFA tell me exactly what my Recapture Tax will be? To change a name of record due to a legal name change, we will need a copy of the legal documents creating the change. The most critical question is the income. If request is coming from a third party (escrow company, title company, another lender, etc.) A private investor funds the CHDAP loan and the borrower must sign a loan note and deed of trust for it. Loan Modification. She told me that this program was best for me but it requires me to find a condo that is FHA approved which is really hard. The FY 2017/2018 Annual Report and its supporting documents are now available online. The Conventional ZIP second loan is only available with CalPLUS and is a silent second loan for either 3.00% or 4.00% of the first mortgage loan amount. Board meetings are open to the public and meetings notice and agendas are available online. Make sure your name, property address, and loan number are on the payment instrument so that we can apply it to the correct loan(s). A minimum of a 620 FICO score is also needed, and the you can only use CalHFA loans to purchase a home, not for refinancing. 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