A Complete Guide to California First-Time Home Buyer Programs
Are you looking to buy your first home in the Golden State? Navigating the California real estate market can feel overwhelming, but specialized loan programs exist to help make homeownership a reality. At Bond Street Mortgage, we specialize in walking first-time buyers through their financing options.
The California Housing Finance Agency (CalHFA) offers several options tailored for new buyers, including the CalHFA Conventional Program. This program provides a first mortgage insured through private mortgage insurance on the conventional market, featuring a fixed interest rate throughout its 30-year term.
Key Requirements for California Buyers:
- Occupancy: You must occupy the property as your primary residence; non-occupant co-borrowers are not permitted.
- Education: CalHFA strongly believes in setting buyers up for success. You will be required to take an eight-hour Homebuyer Education and Counseling course. This must be completed by at least one occupying first-time borrower. The course can be taken online via eHome or in-person/virtually through NeighborWorks America or a HUD-Approved Housing Counseling Agency.
- Property Type: Eligible properties include single-family, one-unit residences (including approved condos and PUDs), and manufactured housing. Guest houses or "granny units" may also be eligible.
Ready to start? Learn more about your options on our Conventional Loans page or reach out to a Bond Street Mortgage advisor today for personalized guidance.
Frequently Asked Questions
Generally, yes. Most CalHFA programs require you to be a first-time homebuyer, defined as someone who has not owned a home in the past three years. However, there are exceptions for purchasing in targeted areas or for qualified veterans.
Yes, CalHFA programs can be used to purchase approved condominiums and planned unit developments (PUDs), as long as the property meets their eligibility requirements and will be your primary residence.
Credit score requirements vary by program. For most CalHFA conventional programs, you typically need a minimum credit score of 620-640, while FHA programs may accept scores as low as 580-620.
Yes, CalHFA programs have income limits that vary by county and household size. These limits ensure the programs serve low- to moderate-income homebuyers. Check the current limits for your specific county.
Ready to Start Your California Homeownership Journey?
Our experienced mortgage advisors are here to help you navigate CalHFA programs and find the best loan for your situation.
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