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California
Housing Finance Agency
An Agency of the State of California |
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Homeownership
Programs |
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Sierra
Pacific Home Loans, Inc. is an approved lender for the CalHFA
programs. The mission of Homeownership Programs is to provide
affordable housing opportunities by offering below market
interest rate mortgage programs to very low-to-moderate
income first-time home buyers. There are several unique
features and programs offered which may fit the need of
the prospective buyer. |
| FIRST
MORTGAGE LOAN PROGRAMS |
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interest
only PLUSsm |
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This
conventional mortgage loan offers up to 100% financing and
allows borrowers to pay only the interest for the first
five years of a 35-year term. After that, borrowers pay
principal and interest at the same low, fixed interest rate
for the remaining 30 years. |
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40-Year
Fixed Mortgage |
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This
conventional mortgage loan offers up to 100% financing with
a 40-year term and a below market, fixed interest rate. |
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30-Year
Fixed Mortgage |
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This
conventional mortgage loan offers up to 100% financing with
a 30-year term and a below market, fixed interest rate.
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Government
Insured/Guaranteed Loans |
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This
program is for mortgage loans that are insured or guaranteed
by FHA, VA or USDA and features a 30-year term with a below
market, fixed interest rate. |
| DOWN
PAYMENT ASSISTANCE LOAN PROGRAMS |
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Affordable
Housing Partnership Program (AHPP) |
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A
joint effort by CalHFA and cities, counties, redevelopment
agencies and housing authorities whereby a deferred payment
subordinate loan from a locality is utilized by the first-time
home buyer to assist them with down payment and/or closing
costs. |
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CalHFA
Housing Assistance Program (CHAP) |
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Offers
a deferred-payment junior loan of an amount up to the lesser
of three percent (3%) of the purchase price or appraised
value. |
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California
Home Buyer's Down Payment Assistance Program (CHDAP) |
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Offers
a deferred-payment junior loan of an amount up to the lesser
of three percent (3%) of the purchase price or appraised
value. |
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Extra
Credit Teacher Home Purchase Program (ECTP) |
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A
below market interest rate CalHFA first loan, together with
a forgivable interest CalHFA junior loan to assist eligible
teachers, administrators, staff members and classified employees
to purchase their first home. |
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High
Cost Area Home Purchase Assistance Program (HiCAP)
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Designed
to assist first-time home buyers in the highest housing
cost areas of the state. |
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Homeownership
In Revitalization Areas Program (HIRAP) |
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Designed
to provide a deferred payment, simple interest rate second
loan of an amount not to exceed six percent (6%) of the
home sales price. |
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School
Facility Fee Down Payment Assistance Program (SFF)
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A conditional
grant program that provides assistance to buyers of newly
constructed homes throughout California. |
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Apply
Now |
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