CalHFA subordinate financing {second, third and fourth loan(s)} is secured by a recorded lien on the property. In Program Bulletin #2019-03, California Housing Finance Agency (CalHFA) announced a universal promissory note and universal deed of trust will be used effective for all loan reservations on or after March 1, 2019. The program’s streamlined financing guidelines—no additional public subsidy besides bonds, 4% low-income housing tax credits, and the CalHFA subordinate loan—result in MIP projects that cost an estimated $119,000 per unit less in total development cost than other projects that received bonds and tax credits in the same funding rounds, according to a CalHFA analysis. CalHFA will permit the subordination of existing CalHFA subordinate loans if homeowners are approved for their servicer’s loss mitigation program. By clicking “Login” “Register Account” or “Forgot Password” you acknowledge that (1) CalHFA's Email Us Page. Payoffs and Subordinations IMPORTANT: Please be advised that Keep Your Home California (KYHC) will not subordinate or accept less than the total amount of the CalHFA Mortgage Assistance Corporation (CalHFA MAC) lien if the homeowner ceases to be a “qualified homeowner” as … Max Sales Price/Max Loan Amount: Until 6-1-2020; $795,000. Please access the updated system here. The CalHFA subordinate lien programs MUST be repaid and are not forgiven. Post Closing Requests: N/A Within 10 days of closing the lender must logon to the CalHFA MCC web page, click on the REISSUE MCC link for requirements, a fillable Reissued Mortgage Credit Certificate Compliance File Checklist, and upload the following to eHousingPlus: Updates and changes will be announced from time to time via a Program Bulletin ("Program Bulletin" or "Program Bulletins") and Lenders should sign up for Enews announcements and monitor CalHFA’s website for specific Program Bulletin updates and changes to the Program Manual. Special Alerts/Comments The CalHFA MyHome program offers a deferred-payment junior loan of an amount up to the lesser of 3.0% Conventional of the purchase price or appraised value to … It is intended as a guide for originating loans for purchase by CalHFA. CalHFA Conventional program is available for both first-time and non-first time homebuyers, unless paired with subordinate financing and in that case, the borrower must be a first-time homebuyer. Sacramento Headquarters Get familiar with their layout, and you'll be a CalHFA program whiz in no time. CalHFA eliminated its subordination program on July 1, 2019. © 2020 CALIFORNIA HOUSING FINANCE AGENCY |, Veterans Housing and Homelessness Prevention Program (VHHP). DMI's telephone number is 800.669.4268. Change in Extension Fees on CalHFA’s First Mortgage Loan Products. Most subordination requests are the result of a refinance of the first. Eligible CalHFA Subordinate loans include the following: • California Homebuyer’s Down payment Assistance Program (CHDAP) Subordination Process for CalHFA Subordinate Loans . Enter User ID (Required) If you have forgotten your User ID, please contact Loan Servicing at 1-800-669-1079 Lender Eligibility Requirements To be eligible for this program lenders must be approved by: • CalHFA • Fannie Mae or have access to HFA PreferredTM through a Desktop Originator (DO) sponsorship • Lakeview Loan Servicing (LLS), CalHFA will permit the subordination of existing CalHFA subordinate loans if homeowners are approved for loss mitigation. CalHFA does not re-subordinate junior loans except in a loss mitigation situation (imminent default, default, etc.) Why we like it. Login to Dovenmuehle Mortgage Inc. (DMI) Subordinate Loan Payment Option Reminder: Change in Extension Fees on CalHFA’s First Mortgage Loan Products went into effect January 1, 2020 As announced on December 11, 2019 in Program Bulletin #2019-24 , effective January 1, 2020 CalHFA has made changes to its extension fee policy. Due to COVID-19, there may be a delay in processing of payoff demand and other loan servicing requests. Guild Mortgage: NMLS#3274. CONTACT US. The Manual is periodically amended and/or updated by Program Bulletins. CalHFA will base the subordinate loan amount(s) on the lesser of the sales price or lowest appraised value. Sacramento, CA 95814 Subordinate loan extension fees remain unchanged and are net funded at the time of purchase by CalHFA. CalHFA will re-subordinate for of CalHFA Mortgage Assistance Corp Loans (Save Your Home CA). This website requires JavaScript in order to fully function. Down Payment Assistance Programs | Loan Submission | Lender Manual | Refinance. This Program Bulletin supersedes Program Bulletin #2019-19. Government Loans | Max Sales Price/Max Loan Amount No, Keep Your Home California will not subordinate the CalHFA MAC lien in favor of any open-ended loan, including a Home Equity Line of Credit (HELOC) or a Reverse Mortgage loan. See CalHFA Loan Programs Sales Price Limits. CalHFA works through and uses approved private lenders to qualify consumers and to make all mortgage loans. This website requires JavaScript in order to fully function. Good for: first-time home buyers … These program parameters pertain to the housing agency’s guidelines as of the last known agency change. Please check your browser settings. GSEs, FHA) or private (e.g. Whenever possible, CalHFA will provide its Lenders a five (5) business day notice via a CalHFA Program Bulletin or Enews announcement regarding program and policy changes. you agree to the Privacy Policy and Usage Policy of You can print them out for desktop reference, or browse and search them online in PDF format. State Treasurer’s Office), federal (e.g. We appreciate your patience during this time. The fees consumers pay could be … If you have forgotten your User ID to the CalHFA Subordinate Loans system please contact Loan Servicing at 1-800-669-1079 and ask them to reset your registration. Object reference not set to an instance of an object. you have read and understand this notice and (2) you consent to the system monitoring and (3) Department Contact List CalHFA will continue to purchase subordinate loans that have correct older document versions until July 1, 2019, at which time subordinate loans using older versions may be … All CalHFA subordinate loan(s) will receive the same reservation, lock and purchase periods as the CalHFA first mortgage Lender should factor in its own processing/underwriting time frames, as well as CalHFA compliance review, and master servicer review for purchase time frames when locking interest rates and submitting loan files Please check your browser settings. 3.5. CalHFA does not lend money directly to consumers. 877.9.CalHFA (877.922.5432) 500 Capitol Mall, Ste. Sacramento Headquarters 500 Capitol Mall, Ste. Program guidelines should be confirmed with the respective agency prior to loan submission to ensure the use of the most current parameters. © 2020 CALIFORNIA HOUSING FINANCE AGENCY |, CalHFA Loss Mitigation Subordination Process for CalHFA Subordinate Loans, Loss Mitigation Subordination Check Submission Form, Reissued Mortgage Credit Certificate Compliance File Checklist, Veterans Housing and Homelessness Prevention Program (VHHP), Copy of the Final Executed Closing Disclosure (CD) for refinanced loan, Copy of the MCC Certificate Issued to Borrower(s). this website. Subordinates are sent to CalHFA and must be purchased concurrently with the first mortgage. If your first mortgage was serviced by CalHFA, it has been transferred to Dovenmuehle Mortgage Inc. (DMI) and can be accessed by the link below. credits and the CalHFA subordinate loan – result in MIP projects that cost an estimated $119,000 per unit less in total development cost than other projects that received bonds and tax credits in the same funding rounds, per a CalHFA analysis (Figure 1). See the bulletin below for more details: Program Bulletin #2019-19 - Extension Fee Reduction on CalHFA’s First Mortgage Loan Products; Thank you for your continued partnership with CalHFA. Once this has been completed you will be able to re-regisiter. Multiple suspense conditions submitted separately. CalHFA now requires all subordinate loans to be paid in full if the first mortgage is refinanced. The CalHFA address for the subordinate (s) to be shipped to is: California Housing Finance Agency Single Family Lending Division Subordinate Loan Processing Unit 500 Capitol Mall, Ste 400, MS 350 Sacramento, CA 95814: Post Closing Requests: N/A: Post Closing Additional Requirements: All loans must meet the rate lock expiration date. Enews Signup. Unauthorized access or use is a violation of CalHFA policy. Loan Servicing Subordinate Loan Alert: On June 15, 2020 CalHFA updated our Subordinate Borrower Access Portal to enhance security and allow our borrowers additional access to their loan account information. This system is restricted to CalHFA authorized users for business purposes only. The Scenario Calculator helps you compare CalHFA loans to determine what loan scenario works best for your client. Program Bulletin #2020-11 - Increased Conventional and Government Loan Limits Effective January 1, 2021, Program Bulletin #2020-10 - Maximum Debt-to-Income Ratio for All Borrowers Increasing to 45%, Program Bulletin #2020-09 - MyHome Interest Rate Decreases to 2.00%, Enews 12/21/20: Program Bulletin #2020-11, Enews 12/17/20: CalHFA kicks off National Mortgage Settlement Counseling Program, Enews 12/11/20: CalHFA ADU pilot program sees first unit begin construction, Enews announcements can be found on our Archived Page, Sacramento Headquarters Department Contact List The CalHFA FHA program is available for both first-time and non-first time homebuyers, unless paired with subordinate financing and in that case, the borrower must be a first-time homebuyer. Use of the last known agency change government loans | Conventional loans | Conventional loans | payment. Their servicer ’ s Office ), federal ( e.g of Directors comprised! 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