1. Lower Interest rates and Mortgage Insurance Coverage Requirements are available for borrowers that meet Fannie Mae's HomeReady <80% AMI income limit
2. First Mortgages in which the total loan amount exceeds $510,400 are considered a Conventional High Balance Loan and limited to 95% LTV and are subject to an additional fee. See rate sheet for pricing.
3. Fannie Mae’s Low Income (LI) rate has a minimum credit score is 660
4. ZIP Must be used for closing costs and prepaid items only. Any funds due to the borrower from ZIP financing must be applied to ZIP principal reduction.
5. If MyHome is not used in Conjunction with a CalPLUS℠ then ZIP must be in 2nd position
6. Max MyHome loan amount is $10,000 unless the borrower is a school or fire department employee or is buying a property that is new construction, a manufactured home, or an SFR with an ADU
NOTE: This is a tool for basic information purposes only and is subject to change. It does not replace CalHFA program descriptions, manuals, or bulletins. CalHFA Income & Sales Price limits apply.