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The CalPlus FHA program is an FHA-insured loan featuring a CalHFA fixed interest rate first mortgage.
This loan is fully amortized for a 30-year term and is combined with the CalHFA Zero Interest Program (ZIP) for down payment assistance only.
The ZIP second loadn is only available with CalPLUS and it’s a silent second loan for up to 3.5% of the first mortgage total loan amount, including Up Front Mortgage Insurance Premium (UFMIP). The interest rate is zero percent (0.00%) and the payments are deferred for the life of the first mortgage or until the property is transferred or the first mortgage loan is refinanced.
Borrower Requirements
- Each borrower must be a first-time homebuyer
- Each borrower must be a U.S. citizen, permanent resident alien or qualified alien
- All borrowers must meet the credit, income and loan requirements detailed in this program handbook, CalHFA Lender Manual, FHA, the lender and CalHFA’s master service.
Homebuyer Education
- CaIHFA Homebuyer Education is required for one occupying borrower on each loan transaction.
First-Time Homebuyers Definition
All borrowers (including co-borrowers) must reside in the home and meet the definition of a first-time homebuyer. For CaIHFA purposes, a first-time homebuyer is defined as a borrower who has not had an ownership interest in any principal residence during the previous three years.
Exceptions to First-Time Homebuyer Requirements:
- Qualified veterans are not required to be first-time homebuyers pursuant to the Heroes Earning Assistance and Relief Tax Act of 2008
Owner Occupancy
- All borrowers must occupy the property as their primary residence
- Non-occupant co-borrowers are not allowed
Non-permitted additions/alterations must follow FHA guidelines
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