Effective for all CalHFA first mortgage loans reserved and rate locked on or after July 11, 2022 that are combined with a Forgivable Equity Builder Loan second mortgage, there will be a minimum combined-loan-to-value (CLTV) requirement of 80%.
If the Forgivable Equity Builder Loan is combined with a Below Market Rate (BMR) program from a local government agency, the minimum CLTV requirement is waived.
