Change in Extension Fees on CalHFA’s First Mortgage Loan Products. Please check your browser settings. 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. Most subordination requests are the result of a refinance of the first. 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 monitored for administrative and security reasons. 3.5. Enter User ID (Required) If you have forgotten your User ID, please contact Loan Servicing at 1-800-669-1079 CalHFA will base the subordinate loan amount(s) on the lesser of the sales price or lowest appraised value. The CalHFA MAC Board of Directors is comprised of CalHFA and other state leaders that are experts in the California housing crisis. you agree to the Privacy Policy and Usage Policy of CalHFA will permit the subordination of existing CalHFA subordinate loans if homeowners are approved for their servicer’s loss mitigation program. 877.9.CalHFA (877.922.5432) 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 … CalHFA has organized its program information into convenient handbooks for easy reference. 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. 500 Capitol Mall, Ste. To determine if the subordinate lien(s) belong to CalHFA or Keep Your Home California (KYHC), please refer to these examples for clarification. Subordination Process For CalHFA Subordinate Loans CalHFA will permit the subordination of existing CalHFA subordinate loans if homeowners are approved for loss mitigation. 1400 The CalHFA subordinate lien programs MUST be repaid and are not forgiven. Multiple suspense conditions submitted separately. Government Loans | 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 Conventional Loans | The Scenario Calculator helps you compare CalHFA loans to determine what loan scenario works best for your client. This Program Bulletin supersedes Program Bulletin #2019-19. © 2020 CALIFORNIA HOUSING FINANCE AGENCY |, Veterans Housing and Homelessness Prevention Program (VHHP). CalHFA will permit the reissuance of existing CalHFA Mortgage Credit Certificates (MCC). CalHFA purchases closed loans that meet CalHFA's requirements. Please email your request to subloans@calhfa.ca.gov or fax to 916.326.6420. See CalHFA Loan Programs Sales Price Limits. Subordination Process for CalHFA Subordinate Loans . Sacramento Headquarters 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. Please check your browser settings. Department Contact List Effective July 1, 2019, CalHFA will no longer allow the resubordination of any CalHFA down payment or closing costs assistance subordinate loan unless it occurs through a loss mitigation process. CalHFA now requires all subordinate loans to be paid in full if the first mortgage is refinanced. These program parameters pertain to the housing agency’s guidelines as of the last known agency change. Object reference not set to an instance of an object. 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 … 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. State Treasurer’s Office), federal (e.g. Please access the updated system here. This website requires JavaScript in order to fully function. CalHFA Subordination Process for CalHFA Subordinate Loans Subordination Check Submission Form you have read and understand this notice and (2) you consent to the system monitoring and (3) 1400 Sacramento, CA 95814 877.9.CalHFA (877.922.5432) Department Contact List Enews Signup Get familiar with their layout, and you'll be a CalHFA program whiz in no time. 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. CalHFA eliminated its subordination program on July 1, 2019. 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 Subordinates are sent to CalHFA and must be purchased concurrently with the first mortgage. 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. By clicking “Login” “Register Account” or “Forgot Password” you acknowledge that (1) Guild Mortgage: NMLS#3274. Master Servicer and Mortgage Insurance provider) partners who have not allowed sufficient time for a 5-day notification. CONTACT US. If a homeowner is already approved for their servicer’s loss mitigation program they may be eligible for subordination as part of the loss mitigation. It is intended as a guide for originating loans for purchase by CalHFA. Contact us | Site Map this website. © 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). Keep Your Home California may subordinate the lien to ensure eligible homeowners are able to refinance their property provided the new loan is for a rate and term refinance only and meets the … In the event there is a need for a resubordination during loss mitigation, please have … That’s why CalHFA offers several options for down payment and closing cost assistance, often called a second or subordinate loan. CalHFA does not lend money directly to consumers. 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. Sacramento Headquarters 500 Capitol Mall, Ste. The Manual is periodically amended and/or updated by Program Bulletins. CalHFA will permit the subordination of existing CalHFA subordinate loans if homeowners are approved for loss mitigation. All borrowers will be required to register as new users as of June 15, 2020. GSEs, FHA) or private (e.g. Max Sales Price/Max Loan Amount Good for: first-time home buyers … 3% Read review. Department Contact List Due to COVID-19, there may be a delay in processing of payoff demand and other loan servicing requests. CalHFA's Lender Program Manual is directed to mortgage professionals, such as lenders, loan officers, underwriters, brokers, escrow officers and servicers. 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). 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. Sacramento, CA 95814 CalHFA's Email Us Page. 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. CalHFA works through and uses approved private lenders to qualify consumers and to make all mortgage loans. This system is restricted to CalHFA authorized users for business purposes only. 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. DMI's telephone number is 800.669.4268. Will Keep Your Home California subordinate the CalHFA MAC lien so that I may refinance my property? 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. Some exceptions may apply to the notification policy, such as daily interest rate announcements and changes directed by other state (e.g. 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. 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