14 Best CalHFA Mortgage Lenders of 2024
CalHFA loan programs help you purchase a home in California with down payment and closing cost assistance. See our picks for CalHFA participating lenders.
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The California Housing Finance Agency (CalHFA), provides mortgage and assistance programs to help those in California buy their first home. Anyone who hasn’t owned and occupied their own home in the past three years is considered a first-time buyer.
To take advantage of these loan programs, you’ll have to work with a participating loan officer. NerdWallet compared more than 50 lenders and identified the top-rated banks and mortgage companies that participate in CalHFA loan programs. When reaching out to a lender, ask for a loan officer who is trained to process CalHFA loans. » MORE: Explore California first-time home buyer programs
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- 50+ mortgage lenders reviewed and rated by our team of experts.
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- Governed by NerdWallet's strict guidelines for editorial integrity.
14 Best CalHFA Mortgage Lenders of 2024
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Lender ▾ ▾ | NerdWallet Rating ▾ ▾ | Min. credit score ▾ ▾ | Min. down payment ▾ ▾ | Learn more |
---|---|---|---|---|
620 | 3% | Top 3 most visited 🏆 Learn more at Guaranteed Rate | ||
N/A | 5% | LEARN MORE on NerdWallet | ||
New American Funding: NMLS#6606 Top 3 most visited 🏆 Learn more at New American Funding | 580 | 0% | Top 3 most visited 🏆 Learn more at New American Funding | |
620 | 3% | LEARN MORE on NerdWallet | ||
620 | 5% | LEARN MORE on NerdWallet |
620
3%
- Offers a one-day mortgage approval process.
- Offers a generous selection of loans, including government-backed, interest-only, ITIN, jumbo and renovation loans.
- Advertises a HELOC that can be funded in as few as five business days.
- Origination fees are higher than average, according to the latest federal data.
- HELOC has a relatively short draw period, which may not provide flexibility for someone who wants the option of accessing home equity over a longer period.
- Multiple loans for those who are renovating or building a home, including loans with interest-only payments during construction.
- Offers home equity loans and lines of credit.
- Offers down payment assistance and loans for underserved borrowers, including ITIN loans and loans with flexible qualifications in certain communities.
- Interest rates are on the low side relative to other lenders, according to the latest federal data.
- Borrowers can enter their information (including their desired loan amount, down payment and zip code) into the lender’s Mortgage Quote Comparison tool and receive a customized rate quote.
- Home equity loans are not available in all locations served by Flagstar.
- In 2022, the lender was fined for violating laws regarding properties in flood zones.
- Offers a wide variety of purchase and refinance mortgages with an emphasis on helping underserved communities.
- Its home equity line of credit can be used for an owner-occupied or second home.
- Offers a program to enable buyers to make cash offers.
- Mortgage origination fees tend to be on the high end, according to the latest federal data.
620
3%
- Offers a broad variety of government-backed mortgages and other loans.
- Participates in first-time home buyer assistance programs in Illinois and Wisconsin.
- Sample rates for some loan products are available only by contacting a loan officer.
- Physical locations aren't available in all states.
- Offers a variety of repayment terms.
- Online loan calculator lets borrowers compare monthly payments and lifetime interest.
- Receives high marks for customer satisfaction, according to J.D. Power and Zillow.
- No sample interest rates are provided.
- Origination fees are on the higher end, according to the latest federal data.
- Lender’s website does not have a live chat feature.
- Offers a range of loan types, including FHA loans, VA loans and home equity options.
- Lists sample mortgage rates and APRs for many of its products online, including a breakdown of estimated monthly payments.
- Their mobile app is highly rated in the App Store.
- Sample mortgage rates are not customizable, and many estimated conventional and jumbo rates assume a down payment of at least 25%.
- We were unable to contact a representative by phone.
- Lender site does not have a live chat feature.
- Offers government loans, down payment assistance loans and ITIN loans, among other options.
- Has branch locations across the country for borrowers who prefer an in-person experience.
- Site has a live chat feature.
- Mortgage rates and origination fees are higher than the majority of lenders.
- Borrowers must contact the lender for specific information about their loan offerings and interest rates.
- Does not offer home equity products or adjustable-rate mortgages.
- Experienced at underwriting loans for borrowers without credit scores.
- Offers conventional mortgages for manufactured homes.
- Has conveniences such as online chat and a mobile app.
- Doesn't provide sample or customized mortgage rates on its website.
- Mortgage rates and fees are on the high side, according to the latest federal data.
620
3%
- Offers a wide range of loan types, including loans for manufactured homes, jumbo loans, government loans (FHA, VA and USDA), home equity loans and HELOCs.
- Offers programs that make borrowing more accessible, including down payment grants.
- Offers a FastTrack Credit Approval program, which allows borrowers who have undergone the full preapproval process to close on a loan in as little as seven days once they’ve made an offer.
- Does not post rates online.
- Both mortgage rates and fees are higher than average.
- Doesn’t offer customer service via live chat.
620
3%
- Offers a robust suite of loan products, including ITIN loans for borrowers without Social Security numbers, renovation loans, government-backed mortgages and loans for self-employed borrowers.
- Receives high marks for customer satisfaction, according to J.D. Power and Zillow.
- Mortgage rates for different types of loans aren't posted online.
- Origination fees and mortgage rates are on the high side compared with other lenders, according to the latest federal data.
620
3%
- Offers a wide variety of loan options, including home improvement loans and mortgages for manufactured homes.
- Has branches in most states.
- Receives high marks for customer satisfaction, according to J.D. Power and Zillow.
- Origination fees and mortgage rates tend to be on the high side, according to the latest federal data.
- Mortgage rates are not published online.
- Mobile app receives mostly negative reviews from users.
620
3%
National
- Loans can be processed in as little as seven days, the lender says.
- Offers renovation loans and home equity lines of credit.
- Movement Boost program can help FHA borrowers with down payment and closing costs.
- Borrowers cannot browse sample mortgage rates online.
- Mortgage rates and fees are on the high side, according to the latest federal data.
- Recent government regulatory action could affect consumer confidence.
620
3%
- Offers a broad selection of renovation loans to finance cosmetic upgrades or structural repairs.
- Issues loan approval letters within 24 hours to borrowers who qualify.
- Offers resources to connect eligible borrowers with closing cost and down payment assistance programs.
- No online mortgage rates — you have to contact the lender for information.
- Rates and fees are on the high side, according to the latest federal data.
- Doesn't offer home equity loans or lines of credit.
620
3%
- Offers government-backed FHA and VA loans, including refinancing options, and USDA loans.
- Jumbo loans available for vacation homes and investment properties.
- Offers programs for borrowers with credit challenges, self-employed borrowers and professionals early in their careers who may still carry significant debt.
- Mortgage rates are not published online.
- Origination fees are on the high side, according to the latest federal data.
- Doesn’t offer home equity loans or lines of credit.
More from NerdWallet
Last updated on February 26, 2024
Methodology
NerdWallet's star ratings for mortgage lenders are awarded based on our evaluation of the products and services each lender offers to consumers who are actively shopping for the best mortgage. The five key areas we evaluated include the variety of loan types and products offered, online conveniences, online mortgage rate information, and the average interest rate and origination fee lenders reported in the latest available Home Mortgage Disclosure Act data. To ensure consistency, our ratings are reviewed by multiple people on the NerdWallet mortgages team. Lenders listed on this page participate in the CalHFA program and earned at least 3 stars in NerdWallet's home loans overall rating.
NerdWallet's Best CalHFA Mortgage Lenders of 2024
- Guaranteed Rate: Best for first-time home buyers
- Flagstar: Best for first-time home buyers
- New American Funding: Best for underserved communities
- Wintrust Mortgage: Best for variety of loan types
- loanDepot: Best for fixer-uppers
- US Bank: Best for mobile app
- Alterra: Best for mobile app
- Churchill: Best for buyers with nontraditional credit
- CrossCountry Mortgage: Best for customer satisfaction
- Fairway Independent Mortgage: Best for variety of loan types
- Guild Mortgage: Best for variety of loan types
- Movement Mortgage: Best for customer satisfaction
- PrimeLending: Best for fixer-uppers
- Northpointe: Best for buyers with credit challenges