What are the current income limits for the California Homeowners Assistance Program (CALHFA) loan, and how do they vary based on family size and location?

CALHFA's income limits are set to achieve specific policy goals and may be below federal limits.

The income limits vary by program and are updated periodically, with archived program bulletins available on the CalHFA website.

Effective dates for new income limits are specified, such as the 2023 Government & Conventional Income Limits, which were effective as of July 7, 2023.

Borrower eligibility requirements for CalHFA include income limits, FICO scores, and the homebuyer rule.

The income limits apply to all CalHFA first and subordinate mortgages, including the Dream For All and MyHome Assistance programs.

Income limits are specific to each program and may be different for each, such as the 2024 California Dream For All Shared Appreciation Loan Program Income Limits.

CalHFA has aligned with Fannie Mae's Selling Notice regarding Area Median Income limits for 2023.

The new income limits are effective as of June 12, 2023, and can be determined using the Fannie Mae lookup tool.

Borrowers must meet credit requirements, CalHFA income limits, and loan requirements of the CalHFA-approved lender and mortgage insurer.

CalHFA borrowers must occupy the property as their primary residence, complete homebuyer education counseling, and obtain a certificate of completion.

CalHFA has updated 80% AMI income limits to determine Low Income eligibility.

The California Awards Federal Funds to Build 1284 New Permanent Affordable homes, with 764 reserved for extremely low-income residents, defined as those earning up to 30% of Area Median Income.

The CalHFA USDA Program is a USDA Guaranteed first mortgage loan program that can be combined with the MyHome Assistance Program for down payment and closing cost assistance.

The MyHome and School Program can be used for down payment and closing cost assistance and are for first-time homebuyers only.

The USDA loan has its own income limits, which vary by county and family size.