CalHFA VA Program

CalHFA VA Program Explained—with Stephen Palermo

Are you a veteran looking to buy a home in California? The CalHFA VA Program Explained in this post could be the solution for you. This program combines VA loan benefits with CalHFA support to make homeownership more affordable. I’ll break it down clearly so you can see if it’s the right fit.

Program Eligibility Rules

Understanding the CalHFA VA Program Explained starts with knowing who qualifies. Here are the basic rules.

Borrower Requirements:

Must live in the home as your primary residence.

Non-occupant co-borrowers aren’t allowed.

You must complete approved homebuyer education.

Stay within CalHFA income limits.

A valid VA Certificate of Eligibility is required.

Property Requirements:

• Property must be a single-family, one-unit home.
• Condos and PUDs must meet lending guidelines.
• No manufactured homes allowed.
• Guest houses may qualify.

Interest Rate Details

With the CalHFA VA Program Explained, your interest rate is fixed for 30 years. However, daily rate shifts happen. Check with a local loan officer to get your exact quote. Rates can vary based on:

• Your credit score.
• The lender’s fees.
• Daily market conditions.

CalHFA doesn’t lend directly. That’s where I come in. I’m Stephen Palermo with Gold Standard Mortgage, your trusted Visalia loan officer. I help you understand the rate and fees.

Required Homebuyer Education For CalHFA VA Program

The CalHFA VA Program Explained also covers education. This is mandatory for first-time buyers.

You’ll need to:

• Complete a CalHFA-approved online or in-person course.
• Get a certificate of completion.

Only one borrower needs to take the course. The online option (eHome) takes eight hours and costs $99. It includes a required one-on-one session. In-person or virtual classes are also available through HUD-approved agencies.

How To Apply Now For CalHFA VA Program

Ready to take the next step? The CalHFA VA Program Explained continues with how to apply.

Since CalHFA doesn’t issue loans directly, you’ll need to work with a trained loan officer. That’s where I step in as your trusted Visalia loan officer.

Here’s what to gather before we speak:

• Recent pay stubs.
• Two months of bank statements.
• Last two years of tax returns.
• Employment history.
• VA Certificate of Eligibility.

Reach out today to get started with Visalia housing loan solutions tailored to you.

Combine with MyHome Assistance

If you need help with upfront costs, the CalHFA VA Program Explained gives you options. You can pair this program with MyHome Assistance.

This secondary loan helps with closing costs. It’s a great match if you qualify. I can help check your eligibility and guide you through it.

VA Benefits Overview

Don’t forget the built-in VA perks:

• No down payment required.
• No mortgage insurance.
• Competitive rates.

Combine those with CalHFA perks, and it’s a powerful offer. I’m here to explain how these work together for Visalia homebuyers.

USDA Option Available

Besides VA loans, I also offer USDA options. These are available in rural areas near Visalia. Just like the VA loan, USDA offers low interest and no down payment.

As your Visalia loan officer, I’ll compare both options and help you choose.

Final Thoughts 

Now that you have the CalHFA VA Program Explained, let me help. I’m Stephen Palermo with Gold Standard Mortgage, your trusted Visalia loan officer. I specialize in Visalia housing loan solutions. Contact me today to get started.

FAQs About the Program

Q: Can I use this if I’ve owned a home before?A: Yes, if you haven’t owned in the past three years, you may qualify as a first-time buyer.

Q: How long does approval take?

A: It depends, but most loans close in 30-45 days.

Q: Is this program only for veterans?

A: Yes, you must have VA eligibility to qualify.

Q: What if I don’t qualify?

A: I’ll review other Visalia housing loan solutions to find one that fits your needs.