What are the borrower requirements?
-Be a first-time homebuyer: This is someone who's never owned a home. It also means that if you owned your home three or more years ago, but sold it, you are right back to being a first-time homebuyer again. Exceptions may apply, such as if you get divorced and relinquish the house as a result.
-Occupy the property as a primary residence; non-occupant co-borrowers are not allowed.
-Complete homebuyer education counseling and obtain a certificate of completion through an eligible homebuyer counseling organization.
-Meet county income limits set by Fannie Mae
Is the income limit subject to change depending on household?
โThe income limit applies to all and any borrowers in the loan, be it one or multiple borrowers. For example, if the limit for your county is $62,000, then the combined income for the borrowers shouldn't exceed that amount.
If you and your coborrowers go over the set income limit even by one dollar, you won't be considered qualified.
Can I add nonborrowing occupiers into the title?
โAccording to CalHFA rules, only the borrowers may be added to the deed.
What properties can I buy with this program?
-Be a single-family, one-unit residence, including approved condominium/PUDs
*ADU guest houses, granny units and in-law quarters may be eligible
-Manufactured housing is permitted
-Condominiums must meet the guidelines of the first mortgage
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What is the interest rate?
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The Forgivable Equity Builder Loan (the 10% assistance portion) has an interest rate of zero percent, although you may have to pay back a portion of the loan if you occupy the home for less than five years, or if you refinance before that time.
Interest rates on the first mortgage will vary depending on your financial circumstances, lender fees, and other factors. Interest rates can also change daily.
Is the forgiven assistance loan taxable?
CalHFA loan servicing will issue a 1099 to borrowers on an annual basis when the loan is partially forgiven. Borrowers should seek the advice of their tax advisor.
What is the immigration status requirement for this program?
Eligible are US citizens and non-citizens who are legally present to work and live in the USA.
What is an origination fee?
A mortgage origination fee is a fee charged by the lender in exchange for processing a loan. PRMG charges a 2.75% origination fee on CalHFA loans.
David and his team got my buyer's file in the middle of a difficult purchase transaction. There were a lot of moving parts and David's team handled everything with professionalism.
My clients are first-time buyers and David knew to keep very close communication with them, explaining the process and keeping everything under control.
I was very pleased with the level of service that David provided and on top of everything we closed one week ahead of schedule. It was a pleasure working with David!
I had a great experience with PRMG...David Miramontes was amazing, along with Sohala and Matthew they were exceptional....making my wife and Iโs dream to buy our new home possible....thank you very much guys you rock !!!.
David did an excellent job, and he and his team actually saved our deal, after our previous lender set us up. David is a real professional who was always available for our questions. Moreover he even closed our loan in 14 days!!! We are relay lucky we met David and PRMG team. Thank you guys!