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  Home > FHA Loan Programs > CHFA Loans (CHAFA) FHA Insured
CHFA Loans "CHAFA" Mortgage Loan
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Important Note: Temporary Suspension due to State Budget Shortfalls.

The CHFA, or "CHAFA" as it is sometimes known, is operated by the California Housing Finance Authority. It is designed to provide up to 100% of home loan financing to prospective eligible first-time homebuyers. Program available in California only.

Generally, the loan consists of a standard 97% FHA - CHFA fixed-rate 30-year mortgage and a 3% CHFA down payment assistance second mortgage, which is also called a "sleeping" or "silent" second. The second mortgage is offered for 30 years at 3% simple interest. All payments are deferred on this second mortgage until one of the following happens: the CHAFA first mortgage becomes due and payable; the first mortgage is paid in full or refinanced; or, the property is sold.

  • Learn more about CHFA loans by calling now: (800) 931-7377 Mon-Fri - 8:30am - 5:30pm or get pre-qualified now for CHFA loan

The CHFA 100% Home Loan Program is available to all low-income homebuyers in all 58 counties in California. Moderate-income homebuyers are eligible only in the following counties:

In order to qualify for a CHFA loan, certain eligibility requirements must be met. They are:

  • Have an annual household/family income that does not exceed income limits for the family size and county in which the home is located. View current Calhfa income limits (.pdf file)
  • Property must be owner-occupied for the term of the loan or until sold.
  • Meet credit, income and loan requirements of the CHFA lender and the mortgage insurer.
  • Be a first-time homebuyer, which is defined as a person(s) who has not had an ownership interest in their primary residence during the previous three years. This requirement is waived if property is located in a Federally designated Target Area.
  • Have sufficient funds available to meet the required down payment - 3-5% plus closing costs. Some restrictions apply to gift funds.
  • Have the legal right to permanently reside in the United States.

If you are buying a home and wish to use a CHFA loan, please use our free loan pre-qualifcation form

CHFA loans are subject to a Federal recapture tax. Recapture is a Federal income tax that borrowers may have to pay if they sell or transfer their CHFA-financed home within 9 years.

A "Guide to Recapture Brochure" explaining Recapture in detail is available to you by downloading it >> Here

Additional CHFA loan information,   forms, income limits, price limits, etc. available by clicking >> Here

If you feel that the CHFA loan is right for you, learn more about ra.gif (855 bytes)FHA loan qualifying
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