This loan is combined with either the MyHome Assistance Program (MyHome) or the Extra Credit Teacher Program (ECTP). Choosing to use the ZIP program, and the amount you choose, will result in paying a slightly higher interest rate on the first mortgage. The School Teacher and Employee Assistance Program can be used with the CalPLUS assistance program as well. This is a deferred-payment second, or third mortgage. VA Request for a COE (VA Form 26-1880) VA Appraisal Order Form. The MyHome Assistance loan is available up to 3.5% of the sales price or appraised value, whichever is less, and can be used for either down payment or closing costs. ZIP Assistance is 3% or 4% of the total first mortgage loan, Has exclusive access to ZIP - Zero Interest Program, CalPLUS loans are not subject to a recapture tax, Single Family Residence and HUD approved condos, 1 Year Home Warranty (except new construction), Refrigerator, Oven/Stove/Range, Microwave, Washer/Dryer. CalPLUS Conventional – up to 97% LTV CalPLUS FHA – up to 96.5% LTV, ZIP Interest Rate Disclosure; CalHFA Tax Return Affidavit (7/10/13) and Verification of Rents – (only required for borrowers who do NOT need to file taxes). ZIP funds may not be used to pay off borrower debt. Equal Housing Opportunity Lender. ... (800) 340-2957 NMLS ID# 21116. The CalPLUS w/ ZIP mortgage program comes in two flavors. If you haven’t owned a home in the last 3 years, the state government of California considers you to be a first time homeowner. Deferred Payments. Interest rates vary depending on your finances and your lender. The MyHome Assistance program, STEAP and the MCC tax credit programs require buyers be true first time homebuyers….meaning they cannot have owned a home in the previous 3 years and cannot show any deduction of mortgage interest paid on their tax returns for the last 3 years. All content copyright © 2020 homeloanartist.com. CalHFA’s Zero Interest Program (ZIP) provides assistance funds for both CalPLUS Conventional and CalPLUS FHA programs which makes 100% financing possible. CalHFA's Molly Ellis walks you through getting the smallest down payment for your first-time homebuyer! Going forward, users will be able to create the CalHFA zip 3 rd. The good news is that the private mortgage insurance premiums are discounted when using the CalPLUS Conventional program, which helps keep your payment lower. The interest rate increases with a higher ZIP loan. California home buyers have many options to choose from. The views and opinions expressed on FindMyWayHome.com are those of the authors. ZIP offers a 30-year, no-interest, deferred-payment second mortgage equal to 3% to 4% of the first mortgage amount designed to cover the closing costs. CalHFA Borrower Affidavit & Cert ... VA Nearest Living Relative Statement. © 2020 Find My Way Home. Search for: Recent Posts. Welcome to the Funding Department, Dona!! Search for: Recent Posts. Applying and qualifying for a CalPLUS homebuyer assistance program requires you work with a CalHFA approved loan officer/lender (like me) who specializes in ‘niche’ lending. These funds come in the form of a loan with 3 percent simple interest per year, accrued annually. CalHFA Borrower Affidavit & Cert ... VA Nearest Living Relative Statement. Eligible CalHFA borrowers have the option to choose how much ZIP assistance they want. CalHFA ZIP is a deferred  payment, zero interest second mortgage that is only available with when used with the CalPLUS first mortgage program. The CalHFA MyHome Assistance program that provides down payment and closing cost assistance that can be used with the CalPLUS FHA or CalPLUS Conventional assistance program. The CalHFA MyHome Assistance Program is a deferred payment, simple interest rate silent second mortgage. FHA HOA Cert. ... 18200 Von Karman Ave. #750 Irvine, CA 92612 | (800) 340-2957 NMLS ID# 21116. MyHome loans locked prior to April 1st will have the current simple interest rate of 3.00%. The CalPLUS FHA Program, which is similar to the above only with a slightly higher interest rate. Turn times are estimates and are not warranted or guaranteed. Homeloanartist.com, & Brad Yzermans are not affiliated with or representing FHA, VA, CalHFA, USDA, FNMA or any other government agency. Eligibility Requirements In order to qualify, the MyHome program must be combined with a California Housing Finance Agency (CalHFA) mortgage, in addition to the following … FHA Gift Letter. Program rates and parameters are subject to change without notice. income limits, total debt-to-income ratio and loan and property requirements of CalHFA, FHA, the lender or the master servicer Rate Locks Broker has option to float or lock the interest rate at time of submission Lock Option Periods 30 days for existing/resale properties 60 … Welcome Ashley! The interest rate increases with a higher ZIP loan. Effective with CalHFA loans locked on and after April 1, 2020, the interest rate for the MyHome subordinate lien will be reduced to 2.50%. CalHFA FHA Program. If you choose to use the CalHFA Zero Interest Program (ZIP), please be aware of the following features: 1. Deferred Payments. FHA Case Number Request Form. CalHFA Borrower Affidavit & Cert ... CalHFA ZIP Interest Rate Disclosure ; Search for: Recent Posts. California home buyers should also explore Mortgage Credit Certificates, CRA Programs, Lender/Agent Credits or other creative down payment and closing cost assistance options. Lien Position. For conventional and FHA mortgages, CalHFA offers a special CalPlus program. The CalHome Program provides applicants up to 17 percent of the total property price for down payment assistance, and 4 percent (up to $10,000) in closing costs assistance. You can purchase foreclosures, bank REO’s, and short sales, as well as regular sale transactions. Interest rate at consummation not known. This loan is fully amortized for a 30-year term and is combined with the CalHFA Zero Interest Program (ZIP) for down payment assistance. When ZIP is added to the CalPLUS loan, it offers a deferred-payment second mortgage with a tiered interest rate of 3% or 4% of the first mortgage amount. Assistance funds cannot be used to pay off your debts or to pay the gap between an appraisal price and a sales price if the home should appraise for less than the sales price. When ZIP is added to the CalPLUS loan, it offers a deferred-payment second mortgage with a tiered interest rate of 3% or 4% of the first mortgage amount. An interest rate may temporarily not be available for any given loan program. This program offers a 30-year, fixed-interest-rate program for homebuyers to be used with the CalHFA Conventional Zero Interest Program (ZIP). First Time Home Buyer Programs in California. CalHFA VA program is a VA-insured loan featuring a CalHFA fixed interest rate first mortgage. 2nd lien ahead of any non-CalHFA Community Second Program (CSP) 3rd lien behind CalHFA MyHome Program N2 Funding Job Fair; Steven is having fun training Dona!! CalHFA ZIP is a deferred payment, zero interest second mortgage that is used with the CalPLUS first mortgage program. CalHFA determines and sets the interest rate for both programs, so the interest rate is the same no matter which lender you work with. We'll match you with a first-time buyer expert that we know and trust, Let us match you with a mortgage expert that we know and trust, 2130 Main Ste. California home buyers have many options to choose from. ... (800) 340-2957 NMLS ID# 21116. California first-time homebuyer programs. This amount is designed to go toward closing costs, and any payments on the loan are deferred for the entire time you live in the home. Lien Position. California offers several financing assistance programs for first-time homebuyers. The MCC program can be combined with the CalPLUS assistance program as well. See our picks for CalHFA participating lenders. The CalHFA has a interest rate of 4.6% while the GSFA is 4.625%. Thirty-year fixed-rate mortgage that’s combined with the CalHFA Zero Interest Program (ZIP) for closing costs. The ZIP loan can be used to cover closing costs up to 2% or 3% of the mortgage. FHA-VA-USDA Home Loans Down Payment Assistance, CalPLUS w/ ZIP (Zero Interest Program) FTHB Assistance Loan, © All Rights Reserved. Pacific Funding Mortgage Division 2020-12-10T19:42:29+00:00 December 23rd, 2020 |. If you combine the MyHome (3%) with ZIP (3.5-4.5%), that’s a full 6.5-7.5% of down payment assistance! Conv HOA Cert (Limited Review – Short Form) Information on this page is intended for CalHFA-approved lenders. Welcome to the Funding Department, Dona!! CalHFA ZIP Interest Rate Disclosure. FindMyWayHome.com is owned and operated by Find My Way Home, a California Corporation. Closing Costs Only. CalHFA Zero Interest Program. All Rights Reserved. thirty (30) year fixed interest rate first mortgage. Check the CalHFA website for current interest rates. CalHFA ZIP Interest Rate Disclosure. Closing Costs Only. These mortgages will come with a slightly higher 30-year fixed interest rate but are bundled with the Zero Interest Program (ZIP). The MyHome Assistance Program offers applicants a deferred-payment junior loan up to 3% of the purchase price/appraised value of the mortgaged property in order to help make the down payment or pay the closing costs. Welcome to the Funding Department, Dona!! BEWARE: most lenders are not experienced in working with assistance programs and most are NOT EVEN APPROVED to offer CalHFA home loans and may try steering you into other higher cost assistance programs to prevent you from working with a lender who can offer you this program. Contact Celso Neves to get started or marketing material. This loan is a 30-year fixed interest rate first mortgage. ZIP is a 0% interest subordinate loan that may be used for closing costs/prepaid items only. These mortgages will come with a slightly higher 30-year fixed interest rate but are bundled with the Zero Interest Program (ZIP). N2 Funding Job Fair; Steven is having fun training Dona!! N2 Funding Job Fair; Steven is having fun training Dona!! CalHFA ZIP Interest Rate Disclosure. Program rates and parameters are subject to change without notice. CalHFA, California, CalPLUS, Conventional, Down Payment Assistance, FHA, First Time Homebuyer, Zero Interest Program, ZIP, © 2020 Temecula & Murrieta Mortgage Broker & Lender, | NMLS Consumer Access Site |   © All Rights Reserved. Sale transactions second Program ( CSP ) 3rd lien behind CalHFA MyHome CalHFA... 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