What Is a CalHFA Loan and How Do I Qualify for One in San Diego?

What Is CalHFA?

The California Housing Finance Agency (CalHFA) is a state agency that provides below-market-rate mortgage financing and down payment assistance to first-time home buyers in California. CalHFA does not lend directly to consumers — instead, it provides funds to approved lenders who offer CalHFA programs to qualifying buyers in San Diego and throughout California.

Main CalHFA Loan Programs

• CalHFA Conventional: A 30-year fixed conventional first mortgage with competitive rates available to first-time buyers
• CalHFA FHA: A 30-year fixed FHA first mortgage paired with CalHFA assistance programs
• MyHome Assistance Program: A deferred-payment junior loan up to 3.5 percent of the purchase price — covers down payment for FHA buyers
• Zero Interest Program (ZIP): A deferred, zero-interest second loan to cover closing costs — available with CalHFA first mortgages

CalHFA Qualification Requirements

• First-time homebuyer requirement: You must not have owned and occupied a home in the last 3 years
• Income limits: Your household income must be at or below CalHFA's income limits for San Diego County — check current limits on the CalHFA website as they update annually
• Purchase price limits: The home's purchase price must not exceed CalHFA's limit for San Diego County
• Owner-occupancy: You must live in the home as your primary residence
• Completion of homebuyer education course: Required for most CalHFA programs

Current CalHFA Income and Purchase Price Limits in San Diego

CalHFA income limits for San Diego County are typically set at 120 to 150 percent of the area median income depending on the program and household size. Purchase price limits are set based on FHA and conforming loan limits. These limits change annually — always verify current limits through the CalHFA website or a CalHFA-approved lender.

Finding a CalHFA-Approved Lender in San Diego

Not all San Diego lenders are approved to offer CalHFA programs. Rieder Homes Group maintains relationships with CalHFA-approved lenders who regularly originate these programs and are fully current on the qualification requirements and available programs. We can connect you with the right lender for your first-time buyer situation.

Related Reading on RiederHomes.com:

→ Blog #5: Down Payment Assistance San Diego

→ Blog #4: Down Payment Requirements

→ Blog #11: FHA Loans San Diego

→ Blog #2: Mortgage Pre-Approval

— Mance Rieder, Broker Associate | Rieder Homes Group | REAL Broker | riederhomes.com | 858-295-0556