The CalPLUS FHA Program

By Stephen | June 2, 2025

CalPLUS FHA Program Overview—with Stephen Palermo

The CalPLUS FHA Program Overview is perfect for first-time buyers needing help with closing costs and low down payments. I’m Stephen Palermo with Gold Standard Mortgage, and as your trusted Visalia loan officer, I’m here to help you navigate Visalia housing loan solutions like this one.

Program Eligibility Details

To qualify for the CalPLUS FHA Program Overview, you must meet borrower and property requirements. Let’s break them down.

Borrower Requirements

  • Live in the home as your primary residence.
  • Complete a homebuyer education course and get your certificate.
  • Stay within CalHFA income limits.

Only one borrower needs to take the homebuyer education course. If there are conflicting rules, the more restrictive one applies.

Property Requirements For The CalPLUS FHA Program

  • One-unit homes, condos, and approved PUDs qualify.
  • Guest houses and granny units may be included.
  • Manufactured homes are accepted.
  • Condos must follow first mortgage guidelines.

These guidelines are part of Visalia housing loan solutions I help clients understand daily.

Interest Rate Information

The interest rate for this program is slightly higher than a standard FHA loan. But it includes a Zero Interest Program (ZIP) for closing costs. Rates change daily. They depend on your credit, loan type, and lender fees. As your trusted Visalia loan officer, I’ll get you the best rate available. Working with me, Stephen Palermo with Gold Standard Mortgage, ensures you won’t face unnecessary surprises.

Homebuyer Education Needed for 

Homebuyer education is required for this loan. That’s part of what makes the CalPLUS FHA Program Overview unique. Only one borrower needs to complete the course.

How to Complete It:

  • Online: Use the eHome eight-hour course with a follow-up 1-on-1 session.
  • In-person or Virtual: Go through NeighborWorks or any HUD-Approved Agency.

Education builds confidence. It’s a core step in every successful home purchase with Visalia housing loan solutions.

How to Apply Now For The CalPLUS FHA Program

CalHFA does not lend directly. Instead, they use trained professionals. That’s where I come in.

I’m Stephen Palermo with Gold Standard Mortgage. I’ll guide you through each step of the CalPLUS FHA Program Overview application. Here’s what to prepare:

  • Pay stubs
  • Bank statements
  • Employment history
  • Tax returns

Have your documents ready, and I’ll handle the rest as your trusted Visalia loan officer.

FHA Loan Program Features

The CalPLUS FHA Program Overview features benefits built for California buyers:

  • As low as 3.5% down.
  • Federally insured by FHA.
  • Available for credit scores as low as 580.

This is one of the strongest Visalia housing loan solutions available today. If you’re in the market, I can help you use it.

Conventional Option Compared

There’s also a CalPLUS Conventional loan. It’s not government-insured but does offer:

  • Lower closing costs
  • Slightly lower interest rates
  • Credit scores starting at 620

Each program has pros and cons. As your trusted Visalia loan officer, I’ll help you choose the one that fits.

Property Eligibility Facts

Use this program to buy:

  • Single-family homes
  • Condos
  • Townhouses

All must be located in California. I’ll confirm your chosen property meets all requirements.

Credit and Income Basics

To qualify, borrowers need:

  • Credit score of 580+ for FHA or 620+ for Conventional
  • Debt-to-income ratio below 50%

I’ll evaluate your finances and explain where you stand. That’s the benefit of working with me.

Important Notes to Remember

Before choosing the CalPLUS FHA Program Overview, remember these points:

  • Rates and fees may vary.
  • Closing costs may be higher than standard loans.
  • The program might not suit everyone.

With me, Stephen Palermo with Gold Standard Mortgage, you’ll learn all the details first.

CalPLUS vs. Conventional

Basic Loan Type Differences

Feature CalPLUS FHA Loan CalPLUS Conventional Loan
Government-backed Yes No
Insurance Type FHA Mortgage Insurance Private Mortgage Insurance (PMI)
Down Payment 3.5% minimum 3% minimum
Credit Score 580+ 620+
ZIP Assistance Yes Yes
Rate Type Slightly Higher Typically Lower
Closing Costs Higher Lower

Both options come with Zero Interest Program (ZIP) assistance for closing costs, but key differences may impact your choice.

As your trusted Visalia loan officer, I’ll help you weigh both options. I provide clear, honest advice.

Final Tips for Success

Before applying:

  • Get pre-approved to set your home budget.
  • Compare lender options with a mortgage broker.
  • Make sure the home meets property rules.

Buying a home is big. But with me, it doesn’t have to feel overwhelming. Let’s talk. 559.731.4388

 

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