Author bio section

I am the author of this blog and also a top-producing Loan Officer and CEO of InstaMortgage Inc, the fastest-growing mortgage company in America. All the advice is based on my experience of helping thousands of homebuyers and homeowners. We are a mortgage company and will help you with all your mortgage needs. Unlike lead generation websites, we do not sell your information to multiple lenders or third-party companies.

California Housing Finance Agency (CalHFA) recently launched it’s new program called Cal 30 – Conventional for First Time Home Buyers in San Jose, the San Francisco Bay Area and the rest of the state. This conventional first mortgage features a fixed interest rate, fully amortized loan over a 30-year term. It has a maximum Loan-to-Value (LTV) of 95%. Below are some of the other highlights of the program:

Maximum Loan Amount -The loan amount is limited to the maximum Fannie Mae conforming loan limits. Currently, this is $417,000. Fannie Mae high balance loan limits are not available.

Property Eligibility -Sales price of the home cannot exceed CalHFA sales price limits established for the county in which the property is located. Be a single-family, one-unit residence, including approved condominium/PUDs.Manufactured housing is not permitted

Private Mortgage Insurance -Private Mortgage Insurance (MI) is required on all Cal30 Conventional loans with LTV greater than 80.00%.

What are the eligibility requirements for you to qualify for this loan?

  • Be a U.S. citizen, permanent resident alien or qualified alien
  • Be a first-time home buyer, except for qualified veterans pursuant to the Heroes Earnings Assistance and Relief Tax Act of 2008 or unless home is located in a federally designated Targeted Area
  • Occupy the property as your primary residence.
  • Borrower’s income cannot exceed the published Cal30 income limits established for the county in which the property is located
  • Loans in federally designated Targeted Areas must comply with the same income limits.
  • Borrower(s) may not own another residential property at time of closing
  • Meet credit, income and loan requirements of CalHFA, Fannie Mae, the lender and the mortgage insurer

If you would like to know more about this program, feel free to contact me.

Related Posts

  • 84
    Borrowers in San Jose and rest of California may now get 95% Loan on Conventional Mortgages. The increased Loan to Value Ratio (LTV) is available on following programs: Freddie's Home Possible (Fixed Rate only) FNMA MyCommunity (Fixed Rate, 5 yr ARM and 7 yr ARM) The Loan must meet the…
    Tags: loan, ltv, conventional, area, loans, san, jose, california, time, buyer
  • 83
    FHA Loan vs Conventional Loan - which one is better? I was speaking at an FHA seminar for real estate agents in Fremont, CA recently. The topic was "How FHA loans are playing a big part in qualifying more First Time Home Buyers". At the end of the presentation, I…
    Tags: loan, conventional, ltv, loans, buyers, san, amount, time, buyer, seminar
  • 81
    A lot of surge in current real estate market in San Jose & rest of San Francisco Bay Area is being driven by First Time HomeBuyers. Some sources estimate that they now account for 50% of the market. A lot of First Time HomeBuyers end up buying condominiums since it…
    Tags: mortgage, time, insurance, property, fannie, mae, loans, loan, area, san
  • 79
    The week that was: A volatile but good week for the rate markets. Mortgage rates fell to their lowest levels since last April. Treasuries continue in demand from foreign central banks and domestic investors; likely some of the buying is associated with new concerns that the economy isn't on the…
    Tags: mortgage, rates, conventional, loans, time, buyer, seminar, ltv, pending, sales
  • 79
    President Obama signed the congressional resolution extending through 2010 the current conforming loan limits of $417,000 for most areas in the U.S. and $729,750 for high-cost areas, including San Jose. The counties of Santa Clara, Alameda, San Mateo, San Francisco & Contra Costa in the Bay Area will have the…
    Tags: loan, limits, san, loans, amount, fannie, mortgage, time, buyer, seminar