Can CalHFA tell me exactly what my Recapture Tax will be? Department Contact List 1400 (MS955), Sacramento, CA 95814. The CalHFA MAC Board of Directors is comprised of CalHFA and other state leaders that are experts in the California housing crisis. Conventional Loans. 2020 AiFORNi OUSiNG iNANCE GENCY www.calhfa.ca.gov 8779.CalHFA 877922.5432) 5 GOVERNMENT LOAN PROGRAMS LTV and CLTV Loan Program LTV CLTV CalPLUS FHA and CalHFA FHA 96.5% 105% HUD 184 97.75% 100% CalHFA VA 100% 105% CalHFA USDA 100% 105% Maximum Loan Amount The maximum first mortgage loan amount cannot exceed current applicable FHA, USDA or (a) For value received, the Borrower agrees to pay to the order of the Agency the principal amount of the HELP Loan, as described in Exhibit A, or so much thereof as may be disbursed by the Agency to the Borrower, or for its account, as provided herein. Any CalHFA loan with less than 20% down payment requires mortgage insurance. www.KeepYourHomeCalifornia.org/payoff.htm. CalHFA ECTP The Extra Credit Teacher Program is a deferred payment subordinate loan with an interest forgiveness feature after 3 years. Your total "Adjusted Gross Income" from your Federal 1040 Form, less any taxable gain included and plus any non-taxable interest excluded, must exceed the "Adjusted Qualifying Income" for your current family size in the year of ownership you sell the home as shown on page 3 of your "Recapture Notice" letter. Loan Type: CalHFA Conventional: Max Assistance: MyHome provides up to lesser of $10,000 or 3.00% of the appraised value or sales price for Conventional. The CalHFA Loan Program, which is an FHA-insured loan with a 30-year term. When you submit your federal tax return (1040) for the year in which you sold the home, you will still need to submit the IRS Form 8828, which will calculate your Tax to be zero. The formula looks at 50% of the gain to see if it is less than the calculated Recapture Tax, and, if it is, you pay that lower amount. In special cases, when Principal Reduction Program (PRP) assistance is provided to a homeowner whose first mortgage loan is left in a positive equity position; after the assistance was provided, a 10-year or 30-year lien will be placed on the property based on the loan’s post-assistance loan-to-value ratio. View all events or meetings. ... CalHFA Loan No. CALPLUS SM CONVENTIONAL LOAN PROGRAM Reservations, Rate Locks, & Extensions a. Subordinate Loan Submission VII. Check drawn from attorney's office account The cost of mortgage insurance varies, based on the type of loan, the down payment amount, and your FICO score. Why is the interest on my 1098 higher in the most recent year than the prior year? Department Contact List Recording Fee: Set by county recorders office, Combined Estimated HUD-1 or settlement statement, 1st liendholders' recent mortgage statement or payoff statement, Appraisal or BPO document that the 1st lienholder is using to determine the value of the property, Signed borrower's authorization to release information, When available, please provide a copy of the 1st mortgage short sale approval letter (In addition, we will require FHA HUD form 90045 - Approval to Participate, if the 1st mortgage is an FHA loan). : HELP--020405-02 . 877.9.CalHFA (877.922.5432) California home buyers have many options to choose from. This loan is a 30-year fixed interest rate first mortgage. 3.5. 3% Read review. Program Bulletin #2020-10 - Maximum Debt-to-Income Ratio for All Borrowers Increasing to 45%. Because both Notes are associated with the same Deed of Trust, both loans must be paid off at the same time, similar to CalHFA. VII. It features a CalHFA fixed interest rate for a 30-year term. Our normal turnaround time is 5 to 10 business days. The CalHFA MyHome Assistance Program is a deferred payment, simple interest rate silent second mortgage. The Conventional ZIP second loan is only available with CalPLUS and is a silent second loan for either 3.00% or 4.00% of the first mortgage loan amount. © 2020 CALIFORNIA HOUSING FINANCE AGENCY |, Business, Consumer Services and Housing Agency, Veterans Housing and Homelessness Prevention Program (VHHP). If any of the following three factors are not true, there is no Tax. loan will be released. 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 defined in the Promissory Note. Housing Finance Agency (CalHFA) to determine if the local government has met the requirements for a partial or total forgiveness of the loan. CalHFA 1st Mortgage $25,219,787 Senior, No Santa Clara County Loan $4,410,571 Junior, Yes City of Milpitas Loan $3,000,000 Junior, Yes Santa Clara HOME Loan $443,448 Junior, Yes Santa Clara CDBG Loan: $260,520 Junior, Yes. CalHFA is committed to providing sustainable homeownership solutions to California families. In addition, CalHFA will require a W9 certifying the updated name/social security number. Due when 1st is paid in full, refinanced, or assumed. I rented my home so that I could cover at least part of the mortgage (I take about a $100 loss per month). The offer is in the form of 4% of the sale price or appraised value, whichever is less. If you pay off the first mortgage by selling the property, refinancing the first mortgage, at maturity of the first mortgage, transfer title to the property, or allow others to assume the first mortgage, the subordinate financing becomes due and payable. If you wish to order a payoff notice for a CalHFA MAC loan click here, If you wish to order a payoff notice for a CalHFA subordinate loan see below FAQ. © 2020 CALIFORNIA HOUSING FINANCE AGENCY |. The FHA ZIP second loan is only available with CalPLUS and is a silent second loan for either 3.5% or 4.50% of the CalHFA FHA total first mortgage loan … CalHFA home loans we call Mortgage CalHFA along with Mortgage FHA! To help you find the Recapture Notice, you may wish to review the example at Recapture Notice. The CalSTRS seconds are not true seconds. CalHFA subordinate financing {second, third and fourth loan(s)} is secured by a recorded lien on the property. Want to see a full list? 11/2020 - CalHFA's Molly Ellis has another At Home Update video message for our lender, broker and real estate partners. 1400 (MS955), Sacramento, CA 95814. Program Name: CalHFA CalPLUS Conventional First Mortgage Loan Program with ZIP (HFA Preferred) Loan Type: CalHFA Conventional: Max Assistance: CalPLUS programs include the mandatory ZIP silent second loan for either 2.0% or 3.0% of the CalPLUS Conventional 1st TD loan … This loan is combined with the CalHFA Conventional Zero Interest Program (ZIP) for down payment and/or closing cost assistance. Loan funds will only be repaid to Eligible Entity (CalHFA MAC) in the event of a sale or a refinance that includes cash out and there are equity proceeds available prior to forgiveness. 10) Requires the IBank to establish a process for a local government to apply for a reduction in All CalHFA First Loans b. CalHFA will use our housing resources and expertise to Affirmatively Further Fair Housing in California. CalHFA limits the TOTAL combined customary lender origination fees to the greater of 3% of the total loan amount or $3,000. See CalHFA Loan Programs Sales Price Limits. Please email your request to subloans@calhfa.ca.gov or fax to 916.326.6420. This loan is combined with the CalHFA Zero Interest Program (ZIP) for down payment and/or closing cost assistance. On and after 6-1-2020, the sales price for CalHFA loans are eliminated; For manufactured, the sales price of a new MH may include bona fide and documented costs associated with transportation, site preparation, and dwelling installation at the site. When CalHFA purchases your loan from the originating lender, we send out a "Welcome" letter at the beginning of the week following the purchase. Everything you need to know about originating, processing and marketing our loans to help build your business. You will need the closing statement from when you purchased the home, the closing statement from when you sold the home, the closing statement from the first of any refinances, and the Recapture Notice you would have received when the loan originally closed. V. Repayment 4 VI. Once loan has been paid in full a letter detailing the date of payoff will be sent to you. On and after 6-1-2020, sales price limits are eliminated. Collaborate with us and other housing organizations and stakeholders to deliver effective, innovative housing solutions. The CalPLUS FHA Program, which is similar to the above only with a slightly higher interest rate. In the prior year you paid more payments than in the most recent year. In the prior year you paid fewer payments than in the most recent year. The time frame varies from county to county and you should contact the recorder’s office for a current time frame. California Tax Credit Review your loan histories to determine. This letter is required by federal regulations and informs the borrowers that CalHFA purchased the loan and gives them information on how to contact us and where to send payments if they choose to make payments. A minimum of a 620 FICO score is also needed, and the you can only use CalHFA loans to purchase a home, not for refinancing. CalHFA School Teacher and Employee Assistance Program Assistance Available: The California Housing Finance Agency provides downpayment assistance to qualifying teachers, administrators, employees and staff. How do I request a Short Sale on a subordinate loan? The School Teacher and Employee Assistance Program can be used with a CalHFA Conventional 1st loan to purchase an SFR or condo and CalHFA’s FHA loan to purchase a SFR, Condo, or Manufactured home. 877.9.CalHFA (877.922.5432) Fees 9 2017 CALIFORNIA HOUSING FINANCE AGENCY 9 www.calhfa.ca.gov | 877.9.CalHFA (877.922.5432) ii Table of Contents (cont.) Your CalHFA Subordinate Loan is referred to as "Silent" because there are no monthly payments required. For subordination requests due to a first mortgage loan modification, please submit requests to subloans@calhfa.ca.gov, you will receive a response detailing the documents needed to complete your request. If your family's income is less than the Adjusted Qualifying Income shown in table on page 3 of your Recapture Notice, there will be no Tax. Can I make payments on my "Silent" loan(s)? How do I obtain a Verification of Mortgage (VOM)? Depending upon various factors regarding your loan CalHFA could issue a number of IRS Forms as described below. 9) Requires the SGC and CalHFA to respond to a request for consultation from the IBank in a reasonable time. 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 defined in the Promissory Note. Once the document is recorded and indexed it will be mailed to you by the recorder’s office. Sale Tools And Marketing Materials 18. Latest Bulletins. 1400 (MS955) NerdWallet November 16, 2020. For questions about this process, please contact CalHFA Loan Administration by phone at 800.669.1079; or email us at servicing@calhfa.ca.gov, with a subject of "Subordination Request". No, your silent second (subordinate loan) becomes due and payable at the time of the refinance, unless you meet the eligibility for a resubordination of the silent second loan. Best, KW. On the Zero Down Preferred Program (95/5) the interest is calculated on a simple interest basis for the first 15 years and then compounded annually thereafter. Buy your first home with little money out-of-pocket using CalHFA's programs and Preferred Lenders. Yes, you may register and access your loan by clicking here. Information for the investing public, including the Agency's bondholders, rating analysts, financial advisors, or any other members of the investment community. Please check your browser settings. Interest rates for CalHFA loans* are typically low and fixed, although the exact rate is based on a number of factors, including the borrower’s financial circumstances, lender fees, market conditions, and more. Borrower-paid origination fee will be determined by branch manager (not to exceed 3%) and will include the underwriting and processing fees. please include our Third Party Authorization Form. Payments can be made by sending a check or money order to the California Housing Finance Agency, Loan Administration, 500 Capitol Mall, Ste. Please mail to the following address: California Housing Finance Agency This includes processing and underwriting fees. For the year 2001, these forms would normally have been due no later than April 15, 2002. Other Recapture questions? On and after 6-1-2020, the CalHFA sales price limits are eliminated; For manufactured, the sales price of a new MH may include bona fide and documented costs associated with transportation, site preparation, and dwelling installation at the site. No forgiveness of debt. Because all comments are subject to tax law interpretation, CalHFA's staff cannot assist you in determining the exact amount of the Tax. XI. CalHFA Zero Interest Programs (ZIP) The CalHFA Conventional Zero Interest Program (ZIP) can only be used with the CalPLUS Conventional loan for down pay-ment and/or closing cost assistance. If after January 31 you have not received your 1098 or 1099-C, you can contact our offices at 1-800-669-1079 or email us at servicing@calhfa.ca.gov, and request a copy. Loan Administration's Office Address: CalHFA Loan Administration 500 Capitol Mall, Ste. No. Who do I contact if I have not received my IRS Form? ZIP Program Highlights . California home buyers have many options to choose from. The CalHFA USDA Program is a USDA Guaranteed first mortgage loan program, which can be combined with the MyHome Assistance Program (MyHome). If request is coming from a third party (escrow company, title company, another lender, etc.) Make the check payable to California Housing Finance Agency and send it to: California Housing Finance Agency Is it true I lose half of the gain on the sale of my house to Recapture? To change a name of record due to a legal name change, we will need a copy of the legal documents creating the change. ATTN: Payoff Department All CalHFA Subordinate Loan(s) 13 c. ZIP Lien Position d. CalHFA MCC Tax Credit Closing Package(s) e. Checklists XI. The lender and CalHFA secure the CHDAP loan's repayment using the home as collateral. The payment would be applied first to interest and then to principal, i.e., $51.30 to interest, $48.70 to principal, with the next interest due from date June 30, 2002, and based on a principal balance of $3,451.30. See the IRS Form 8828. All comments are subject to tax law interpretation and should be confirmed by a tax consultant. Can I access information about my subordinate loan(s) through the internet? Recovered funds will be recycled in order to provide additional program assistance in accordance with the Agreement. Our normal turnaround time is 5 to 10 business days. Enews Signup. Loan funds will only be repaid to Eligible Entity (CalHFA MAC) in the event of a sale or a refinance that includes cash out and there are equity proceeds available prior to forgiveness. 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