Found you money to help you buy your home

Interviewing Molly Ellis (Lender Training Specialist with CalHFA)

In this episode we are discussing CalHFA Conventional CalPlus / ZIP  program :
     - this program is for First Time Home Buyers

 The CalPLUS Conventional program is a Fannie Mae HFA Preferred™ fully amortized thirty (30) year fixed interest rate first mortgage. This loan is combined with the CalHFA Conventional Zero Interest Program (ZIP) for closing cost and/or prepaid items only. The Conventional ZIP second loan is only available with CalPLUS and is a silent second loan for either 3.00% or 4.00% of the first mortgage loan amount. The interest rate is zero percent (0.00%) and the payment(s) are deferred for the life of the first mortgage or until the property is transferred or the first mortgage loan is refinanced. 

CalHFA Defn: First Time Home Buyer:
     -  is a borrower who has not had an ownership interest in any principal residence during the previous three years.