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CalHFA Refinance Programs

CalHFA has various policies about refinancing, resubordination and Mortgage Credit Certificates.. You can find more information below.

Refinance Programs | Subordinate Loans | Mortgage Credit Certificates (MCC)

CalHFA Refinance Programs

CalHFA FHA Refinance
FHA first mortgage rate-and-term, Simple or Streamline refinance options
CalHFA Conventional Refinance
Fannie Mae HFA Preferred™ limited cash out first mortgage refinance
CalHFA Dream For All Refinance
Fannie Mae HFA Preferred™ limited cash out first mortgage refinance with resubordination of Dream For All Shared Appreciation Loan

CalHFA Refinance Loan Programs Handbook - 08/06/2025
CalHFA Refinance Loan Programs FAQs - 08/06/2025
CalHFA Refinance Loan Programs Matrix - 08/26/2025

CalHFA requires all subordinate loans to be paid in full if the first mortgage is refinanced except for Dream For All Shared Appreciation subordinate loans. Please follow the Dream For All Shared Appreciation subordinate loans resubordination policy.

Existing CalHFA Subordinate Loans

CalHFA eliminated its resubordination program on July 1, 2019. CalHFA now requires all subordinate loans to be paid in full if the first mortgage is refinanced.

CalHFA will permit the resubordination of existing CalHFA subordinate loans if homeowners are approved for their servicer’s loss mitigation program.

To determine if the subordinate lien(s) belong to CalHFA or Keep Your Home California (KYHC), please refer to these examples for clarification.

If a homeowner is already approved for their servicer’s loss mitigation program they may be eligible for resubordination as part of the loss mitigation.

For Exception to the resubordination policy please use the links below:

CalHFA issued Mortgage Credit Certificates (MCC)

CalHFA will permit the reissuance of existing CalHFA Mortgage Credit Certificates (MCC). 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: