Borrower Eligibility

Are You a First-Time Homebuyer?

To know for sure, you should understand that a first-time homebuyer is defined as someone who has not owned and occupied their own home in the last three years. That means if you've never owned a home, you're a first-time homebuyer. 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, and you can take advantage of all of the benefits of CalHFA's first-time homeownership programs.

There are two exceptions to the first-time homebuyer rule that may waive the requirement of being a first-time homebuyer:

• You are purchasing a home in a federally designated targeted area
• You are a veteran

 

Borrower Requirements

Each loan program that CalHFA offers to first-time homebuyers can have different criteria for income limits, minimum credit scores, citizenship etc. To learn about specific requirements and benefits for each program, review the program descriptions on the Loan Programs tab.

Visit our Mortgage & Eligibility Calculators section to assist you in estimating your monthly payments, how much you can afford, and which CalHFA programs you may be eligible for.

In general these are borrower eligibility requirements for all CalHFA programs:

• You must be a U.S. citizen, permanent resident or other qualified alien.
• You will need to meet credit, income and loan requirements of the CalHFA-approved lender and the mortgage insurer.
• You will need to live in the home you are purchasing for the entire term of the loan, or until the home is sold or refinanced.
• CalHFA borrowers must complete homebuyer education counseling and obtain a certificate of completion through an eligible homebuyer counseling organization.
• You must be a first-time homebuyer, which is defined as someone who has not owned and occupied a home in the past 3 years.
• Exceptions to this rule are if you are purchasing a home in a targeted area or if you are a veteran. These exceptions can allow non-first-time homebuyers to apply for a CalHFA loan.

Be sure to check the borrower eligibility section of each individual loan program for program-specific requirements such as income limits and FICO scores.

 

Homebuyer Education

Because CalHFA firmly believes that homebuyer education is critical to your success and happiness as a homeowner, homebuyer education is required on all first-time homebuyer programs that CalHFA offers. We will accept homebuyer education counseling certificates online, in-person, or by phone from the following providers:

• Freddie Mac Homebuyer Counseling Counselors/Administrators Search
  
• HUD-approved Housing Counselors
• Private Mortgage Insurers approved by Fannie Mae. Check private mortgage insurer's web site for homebuyer counseling availability.

back to top