A CalHFA loan refers to a mortgage loan program offered by the California Housing Finance Agency (CalHFA), which is a state agency dedicated to expanding affordable housing opportunities for low and moderate-income Californians. CalHFA offers a variety of loan programs and down payment assistance programs to help eligible borrowers purchase their first homes.

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Here are some key features of CalHFA loans:

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1. First-Time Homebuyer Programs: CalHFA offers several programs specifically designed for first-time homebuyers, including low down payment options and down payment assistance (DPA) programs.

2. Down Payment Assistance (DPA): CalHFA provides assistance in the form of loans or grants to help cover the down payment and/or closing costs. These programs can significantly reduce the upfront costs associated with buying a home.

3. Low Interest Rates: CalHFA typically offers competitive interest rates on its mortgage loans, making homeownership more affordable for qualified borrowers.

4. Income and Purchase Price Limits: CalHFA loans have income limits and purchase price limits, which vary depending on the county in California where the property is located. Borrowers must meet these criteria to qualify for CalHFA financing.

5. Homebuyer Education: CalHFA requires borrowers to complete a homebuyer education course before closing on their loan. This course helps educate borrowers about the responsibilities of homeownership and financial management.

6. Fixed-Rate Mortgages: CalHFA loans usually offer fixed-rate mortgages with terms ranging from 15 to 30 years, providing borrowers with stable monthly payments throughout the life of the loan.

7. Loan Programs: CalHFA offers various loan programs, including conventional loans, FHA-insured loans, and VA loans, depending on the borrower's eligibility and preferences.

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CalHFA works with approved lenders throughout California to originate and service these loans. These loans are particularly beneficial for first-time homebuyers in California seeking affordable housing options and financial assistance to achieve homeownership.