Rebrand – answers to frequently asked questions

CalHFA (California Housing Finance Agency) loans are designed to make homeownership more accessible and affordable for first-time homebuyers and low- to moderate-income families in California. These loans come with significant benefits, such as down payment assistance through programs like the MyHome Assistance Program, which provides a deferred-payment junior loan of up to 3.5% of the home’s purchase price or appraised value. Additionally, CalHFA loans offer closing cost assistance through the CalHFA Zero Interest Program (ZIP), which covers some or all of the closing costs with a zero-interest junior loan, reducing the initial financial burden on homebuyers.

CalHFA loans also feature competitive fixed interest rates, ensuring stable and predictable monthly payments. Borrowers have the flexibility to choose from various loan options, including Conventional, FHA, VA, and USDA loans, depending on their financial situation and homebuying needs. The mortgage insurance for CalHFA Conventional Loans is more affordable and cancellable, offering additional savings over the life of the loan. To qualify, borrowers must be first-time homebuyers, defined as not having owned and occupied a home in the past three years, and complete a homebuyer education course. Rize Credit Union helps first-time homebuyers in California achieve their homeownership dreams with greater ease and confidence.

Loan features

1The loan limits are calculated and updated annually and vary by geographic location.