x0000x00001 Lower Interest rates and Mortgage Insurance Coverage Requirements are available for borrowers that meet Fannie Maes HomeReady 80 AMI income limitFirst Mortgages in which the total loan amo ID: 893507
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1 CalHFA Conventional Loan Programs Matrix
CalHFA Conventional Loan Programs Matrix ��1 Lower Interest rates and Mortgage Insurance Coverage Requirements are available for borrowers that meet Fannie Mae's HomeReady 80% AMI income limitFirst Mortgages in which the total loan amount exceeds $548,250are considered a Conventional High Balance Loan and limited to 95% LTV and are subject to an additional fee. See rate sheet for pricing.Fannie Mae’s Low Income (LI) rate has a minimum credit score is 660ZIP 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.If MyHome is not used in Conjunction with a CalPLUSthenZIP must be in 2nd positionMax MyHome loan amount is $1,000 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 Conventional First Mortgage Programs Program Name Max Loan Amount Loan Type Property Type Credit Score LTV / CLTV First Time Homebuyer Homebuyer Education Required 1 - Year Home Warranty Requirement Layering Capabilities Lien Position Max DTI Mortgage Insurance Requirements AUS Requirement Allowable Lender Fees CalHFA Conventional Loan Program Conforming Loan LimitsHFA Preferred,Homestyle EEMSFR and Condos97% / 105% Yes YesYesFannie Mae Community SecondsMyHome 1st.00%Standard MI Rates Fannie Mae Low Income (LI) borrowers are eligible for Reduced MI Ratesapprove/eligible only No Manual Underwriting allowed3% or $3,000 No No No Fannie Mae Community Seconds Manufactured Homes MH Advantage97% / 105% Yes YesYes Fannie Mae Community SecondsMyHome No No No Fannie Mae Community Manufactured Homes Standard MH95% / 105% Yes YesYes Fannie Mae Community Seconds / MyHome No Fannie Mae Community Seconds CalPLUS Conventional Loan Program (used exclusively with ZIP) Conforming Loan LimitsHFA Preferred,Homestyle EEMSFR and Condos97% / 105% Yes YesYesZIP (Mandatory), Fannie Mae Community SecondsMyHome 1st.00%Standard MI Rates Fannie Mae Low Income (LI) borrowers are eligible for Reduced MI Ratesapprove/eligible only No Manual Underwriting allowed3% or $3,000 whichever is greater Manufactured Homes MH Advantage97% / 105% Manufactured Homes Standard MH95% / 105% Zero Interest Program (ZIP) (used exclusively with CalPLUS Conventional 2% or 3% of the first mortgage loan amountN/AN/AN/AN/A Yes YesYes CalPLUSConventional (mandatory), Fannie Mae Community SecondsMyHome 3rdN/AN/AN/A$50 fee Subordinate Mortgage MyHome Assistance Program (MyHome) Lessor of 3% or ,000N/AN/AN/AN/A Yes YesN/AMustbe combined with a CalHFA first mortgageN/AN/AN/A$250 Fee