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HOME PURCHASE SPECIALISTS

Low-Interest Rate Loans

Maximize Your Purchase Power

Access to Local Government Programs

CalHFA Financing Experts

Civic Center Home Loans specializes in the home loan programs offered by the California Housing Finance Agency (CalHFA). CalHFA is a state government agency that help home buyers in the following ways: Low interest rate first mortgages, usually lower than rates offered by banks and private mortgage companies. All CalHFA loans are fixed rate loans, so you don't have to worrry about interest rates going up in the future and facing bigger monthly payments. In most cases you will not need a down payment, or no more than one percent of the home purchase price. CalHFA offers its own down payment and closing cost assistance that can be combined with their first-mortgages: Hi-CAP Loan (Hi-Cost Area Program) is available in Los Angeles County and the San Francisco Bay Area. This is a "silent" loan (no monthly) payments equal to 4% of the home purchase price. No payment are due for 30 years. The loan accrues 6.750% simple interest charges CHDAP Loan (California Home Buyer Down Payment Assistance) is available to statewide. It is also a silent loan and is equal to 3% of the home purchase price. This loan accrues 3.00% simple interest. ECTP Loan (Extra Credit Teacher Program) is a silent loan equal to 3% of the home purchase price and is available to public school teacher who work in a qualifying school. CalHFA loans can also be combined with local government (city and county) programs. These programs provide silent, down payment assitance loans. It is easy to qualify for a CalHFA loan. Here are the main requirements: You must be a first-time home buyer, which means you can not have owned your principal residence for the last three years. It must be possible to document your income with pay stubs, tax returns, W2 forms and bank statements. Your middle FICO Credit Score must be at leat 620. Your income must be within the income limits for the County where you will purchase the home.

Fannie Mae My Community Mortgage
Freddie Mac Home Possible
FHA 203(B)
FHA 203(K)
WISH Program
CHF Platinium Program
Mortgage Credit Certificate

Fannie Mae My Community Mortgage This first mortgage loan can easily be used with various down payment assistance programs. There is no minimum borrower equity requirement, the entire down payment can come from the local assistance programs (however most local government agencies require at least a 1% down payment). The maximum total loan-to-value is 105%. The minimum FICO credit score is 620 and the total debt-to-income ratio can not exceed 45%.

Freddie Mac Home Possible This first mortgage loan program is intended to be used with various community lending initiatives. The maximum loan-to-value and combined loan-to-value is 95%. The balance of the down payment can come from acceptable borrower contributions, gifts and grants. Seller credits up to 3% of the home purchase price are permitted. Term: 30 years Maximum Amount: $4,173,000

FHA 203(B) This is the standard FHA purchase mortgage program. This loan can finance up to 96.50% of the home purchase price. Acceptable source of down payment include borrower funds, properly documented gifts and local government down payment assistance programs. There is no minimum required borrower contribution. The minimum FICO credit score is 580. Higher qualifying ratios and credit flexiblity is available through an FHA loan. Two years of re-established credit are required after a bankruptcy. Term: 30 years

FHA 203(K) This loan program profides financing for both the purchase and rehabilitation of the home. Term: 30 years

WISH Program The WISH program provides up to $15,000 in down payment assistance in the form of a silent second mortgage which is forgiven after five years. This loan carries no interest charges and no monthly payment is required. It is available for low-income borrowers. The actual amount of the assistance provided is equal to three times the borrower's contribution up to $15,000 (so a mininum down payment of $5,000 is required to get the $15,000). The WISH program can be used with an FHA or Conventional First Mortgage.

CHF Platinium Program The CHF Platinium Program provides a gift toward the buyer's down payment equal to 3% of the loan amount. It is used with an FHA loan so that the borrower's minimum contribution to the purchase is reduced to about 0.50% of the purchase price of the home. This program can be used anywhere in California. Term: 30 years

Mortgage Credit Certificate A Mortgage Credit Certificate (MCC) is a federal tax credit available to low- and moderate-income home buyers. The MCC boosts home buying power by increasing the borrower's qualifying income. The MCC benefit is good for as long as the home is owned. The MCC can be used with conventional and FHA loan.s

Civic Center Home Loans & Realty has access to special programs sponsored by government agencies to help low- and moderate-income buyers.
Unless otherwise indicated, these APR calculations are based on the following: Conforming loans (whose maximum loan amount is below $417,000 for the contiguous states, District of Columbia, and Puerto Rico or below $625,500 for Alaska, Guam, Hawaii and the Virgin Islands) are calculated based on a loan amount of $333,700 with closing costs of $6,674. Jumbo Loans (whose maximum loan amount exceed $417,000 for the contiguous states, District of Columbia, and Puerto Rico or exceed $625,500 for Alaska, Guam, Hawaii and the Virgin Islands) are calculated based on a loan amount of $1,000,000 with closing costs of $20,000. Your actual APR may be different depending upon these factors.