CalHFA offers conventional and government-insured loan programs to help first-time buyers with fixed-rate loans and the option to roll in down payment and closing cost assistance into your mortgage. The CalHFA Conventional program is a first mortgage loan insured through private mortgage insurance on the conventional market. The interest rate on the CalHFA Conventional loan is fixed throughout the 30-year term.

The CalHFA FHA Program is a loan insured by the Federal Housing Administration that comes with a CalHFA 30-year fixed interest rate for a primary home. The FHA has specific borrowing and property requirements that must be met.

For many first-time homebuyers, saving up for a down payment and closing costs is one of the most daunting challenges to homeownership. CalHFA offers several down payment and closing cost assistance programs to help you bridge this gap. These are considered “subordinate” or “junior” loans, meaning payments are deferred until your home is sold, refinanced, or paid in full — and that can help make monthly mortgage payments more affordable.

Before applying for any loan, it is best to consult with a local San Diego home loans and refinance expert, like Olivia Guinn, that can help you determine the best financial option for you. To get started, contact Olivia today by calling 619.227.9173. You can also complete an application online to quickly find out which lending programs you may qualify for.