calhfa loan scenario

CalHFA ZIP is a deferred payment, zero interest mortgage that is only available when used with the CalPLUS first mortgage program with down payment assistance to cover borrower closing costs. As of April 2013 CalHFA is still not accepting first mortgage applications. High Fees/Closing Costs: There are no “no points” loan options. CalHFA offices closed Thursday, November 26 and Friday, November 27 CalHFA offices will be closed in observance of the Thanksgiving holiday. News & Updates. _ ____I have used the Loan Scenario Calculator and made sure that my 1. st. is a minimum of 96.5% for FHA. But – here are some of CALhfa’s limitations: 1. 00936013 . It is a fee that you pay, up to 6.25% of the loan amount, if you violate a list of conditions. For CalHFA programs, Genworth provides the mortgage insurance. Thanks for watching! Basic Home Protection Coverage 10 a. If you are a homebuyer, please have your loan officer walk through this with you. If you are a homebuyer, please Mountain West Financial. How much interest can you save by increasing your mortgage payment? Step 1: From the Pricing screen, complete the Application Info tab and be sure to identify if the borrower is a First Time Home Buyer (located on the Application Tab). Frequently Asked Questions 12 … and 97% for Conventional. To find out more information about CalHFA loans, contact us at (818) 322-5626 today! Upgrade to a CalPLUS … Post-Closing Loan Delivery & Purchase 11 a. All CALhfa loans require up to 3 points of origination fees. Make sure you select "Housing Finance Agency" under the Premium Payment Plan for the best MI rates for your CalHFA borrower. If Borrower Paid is not selected, ONLY FHA loan products will appear. Pre-Closing Loan Submission 9 a. along with the . You owe the money, but you can pay once you sell the home or refinance. 10 IX. *I am NOT a loan professional* Check if you are eligible for CalHFA, then play around with different loan scenarios to see how much your mortgage payment could be! *My Home and Extra Credit Teacher loans behind an FHA first mortgage may be assumed or paid off when the first mortgage is assumed All CalHFA Subordinate Loan(s): c. Forms 11 XI. The Manual is periodically amended and/or updated by Program Bulletins. CalHFA has a silent (where monthly payments on not required to be made) second mortgage option that can be used to pay for closing costs for your new home, or you can use it as a second mortgage purchase loan, meaning you put less money down. These updates are effective for new reservations received on or after July 18, 2016. Loan Scenario Calculator. • CalHFA website º Videos º Loan Scenario Calculator ... CalHFA Loan Program Property Eligibility CalHFA Borrower Eligibility Transaction Rescue (Mortgage Assistance) Always establish a partnership with your lender, to maximize your Clients experience & your knowledge as an Industry expert. included a. nd. CalHFA does not accept applications directly. Enter CalHFA’s Loan Scenario Calculator. CalHFA has limitations on what the maximum purchase price and household income allowable, for each county in California. Account Login. Lenders will still enter their CalHFA loan data as usual, but now they can add additional CalHFA loan program scenarios that shows three side-by-side CalHFA loan comparisons. CALHFA FHA LOAN PROGRAM Table of Contents (cont.) CalHFA Loan Scenario Calculator - Duration: 5:07. The CalPLUS FHA Program, which is similar to the above only with a slightly higher interest rate. The Scenario Calculator helps you compare CalHFA loans to determine what loan scenario works best for your client. The Manual is periodically amended and/or updated by Program Bulletins. • Refinance of the first loan, unless the CalHFA junior lien is subordinated • The formal filing and recording of a Notice of Default (unless rescinded) Payoff or refinance of the unless the ZIP is resubordinated. All CalHFA First Loans: b. Total First Loan Amount $294,566 (Base Loan Amount + 1.75% UFMIP) MyHome Amount 3.5% (2nd Lien) $10,500 (3.5% X Sales Price) ZIP Loan Amount 3.0% (3rd Lien) $8,837 (3.0% X Total First Loan Amount) – Max Total DPA Assistance $19,337 As a tool to assist with calculating the various lien amounts, use the CalHFA Loan Scenario Calculator. Ca CalHFA Loans. If you obtain an FHA first mortgage for 96.5% of the purchase price, and a CHDAP second mortgage, you can add the 2.5% CHDAP second mortgage, which means you need a downpayment of 1%. California Housing Finance Agency (CalHFA) No views. Introduction to CalHFA. CalHFA Loan: 3CALoan California Housing Finance Agency (CalHFA) is a loan for people who have low income in California and it is possible for them to afford a mortgage. completed . CalHFA MAC is CalHFA Mortgage Assistance Corporation, a nonprofit organization whose Officers are employees of CalHFA and receive no additional compensation for performing these duties. For assistance on any loan scenario or loan program, please email [email protected] Co-brand with CalHFA to increase your REALTOR® business; Lenders, learn how to obtain FREE leads from CalHFA. Make sure you select "Housing Finance Agency" under the Premium Payment Plan for the best MI rates for your CalHFA borrower. You can see their list of mortgage insurance premiums, effective April 4, 2016. COVID-19 Update. State of CA agency. The silent second mortgage, is charged at a low rate, currently 3.25% (changes monthly), but here's the kicker, ......you don't have to make payments on it! CalHFA loans are fully documented income loans, meaning stated income is not permitted. CALHFA CONVENTIONAL LOAN PROGRAM Table of Contents (cont.) The CalHFA MAC Board of Directors is comprised of CalHFA and other state leaders that are experts in the California housing crisis. To create and finance progressive housing solutions so more Californians have a place to call home. Lot size – max 5 acres. Please read below all the information to know more about CalHFA Loan. Mandatory Home Warranty Insurance Coverage X. Pre-Closing Loan Submission 10 a. Program Bulletin #2020-09 - MyHome Interest Rate Decreases to 2.00%. To learn more about CalHFA products, please feel free to give me a call at 805-276-1942 or click here to let me know your scenario. for loan officers and lending partners. Final loan figures may be different. Certificates are good for one-year. CalHFA is open and accepting new reservations and rate locks, remaining committed to helping Californians find a place to call home. CalHFA loans are funded from the sale of California bonds which makes it different from FHA and conventional loans. ZIP funds can only apply to closing costs. Sacramento Headquarters Please be assured that CalHFA is open and accepting reservations during this time. Maximum Loan Amount –The (realistic) max. Low- to … Program guidelines should be … This program requires a minimum 3% down payment. The CalHFA Loan Program, which is an FHA-insured loan with a 30-year term. A minimum of a 620 FICO score is also needed, and the you can only use CalHFA loans to purchase a home, not for refinancing. A minimum of a 620 FICO score is also needed, and the you can only use CalHFA loans to purchase a home, not for refinancing. An accessible document means the document has been formatted to be read aloud by a screen reader or other assistive technologies. CalHFA is open and accepting new reservations and rate locks, remaining committed to helping Californians find a place to call home. Loan Scenario Calculator. Run any loan figure through CalHFA's Loan Scenario Calculator for your clients best deal. It is intended as a guide for originating loans for purchase by CalHFA. Enews Signup. Lenders will still enter their CalHFA loan data as usual, but now they can add additional CalHFA loan program scenarios that shows three side-by-side CalHFA loan comparisons. Homebuyer education and counseling is not required for non-first-time homebuyer(s). 02 01 2017. CalHFA Approved Wholesale Lender. I look forward to hearing from you! CalHFA – Loan Programs, Down Payment Assistance to Keep Your Home California” Tuesday, May 2, 2017 1:00 p.m. – 2:00 p.m. finance.car.org (213) 739-8383 For assistance on any loan scenario or loan program, please email [email protected] Co-brand with CalHFA to increase your REALTOR® business; Lenders, learn how to obtain FREE leads from CalHFA. MWF Wholesale Brokers. The CalHFA Loan Program, which is an FHA-insured loan with a 30-year term. Basically, they want to make sure that you are not a "house flipper", and that since there was an income restriction you had to meet to buy the home, they want to make sure that you are making considerably more in income in the following 9 years after taking out the loan. It stands for California Housing Finance Agency. It is intended as a guide for originating loans for purchase by CalHFA. CalHFA’s Mortgage Access System (MAS) will be down for maintenance on Tuesday, August 1st from 5pm to 6pm. In todays lending environment, CalHFA offers an excellent opportunity for first time homebuyers to obtain a home with little or no downpayment. Knowing this we set aside the time to thoroughly review and … a. Program Bulletin #2020-10 - Maximum Debt-to-Income Ratio for All Borrowers Increasing to 45%. How much interest can you save by increasing your mortgage payment? CalHFA Loan: 3CALoan local mortgage broker provides no tax return home loan which is also called no tax return, without tax return, private hard money home loan, private hard money loan, bank statement home loan, bank statement loan, equity loan and many more. Self-Sustaining . The CalPLUS FHA Program, which is similar to the above only with a slightly higher interest rate. Program Bulletin #2020-10 - Maximum Debt-to-Income Ratio for All Borrowers Increasing to 45%. The CalHFA FHA Program is an FHA-insured loan featuring a CalHFA 30 year fixed interest rate first mortgage. I look forward to hearing from you! The silent second mortgages do have their own income limitations separate from the first mortgage income limitations, and the loan amount is limited to 3% of the purchase price, so not everyone qualifys, and they don't work for jumbo loans (loans greater than $417k), but nevertheless, it is a program that is worth a look. CalHFA loans are fully documented income loans, meaning stated income is not permitted. Multifamily. High Fees/Closing Costs: There are no “no points” loan options. Non permitted additions/alterations per FNMA or FHA guidelines. In this video I walkthrough how to use the CalHFA Mortgage Calculator! 5-04-2020. However, CalFHA is still accepting secondary financing (2nd mortgage) assistance when purchasing a home, please read below for more information. One of the most important benefits of using a CalHFA loan for a homebuyer is the access it provides to down payment assistance programs, and the most important providers of down payment assistance programs are localities and non-profits. We create and finance progressive housing solutions so more Californians have a place to call home. Also, Genworth will be adding more rate updates effective June 4, 2018 as reflected in Genworth's Announcement 2018-3 dated April 24, 2018. The Portfolio Preservation Loan Program will be offered through CalHFA’s Multifamily division and used in conjunction with the New Issue Bond Program during the 2012 calendar year. A CalHFA approved Lender will qualify you for a home loan, so you will need to apply with one of our Preferred Loan Officers or approved Lenders. The cost of mortgage insurance varies, based on the type of loan, the down payment amount, and your FICO score. HOMEBUYER EDUCATION. In cases when the MyHome is capped at $10,000, the MyHome assistance amount may not cover the entire down payment required per the 1 st mortgage guidelines. This tool is intended for loan officers and lending partners. Latest Bulletins. CalHFA works through and uses approved private lenders to qualify consumers and to make all mortgage loans. RHP Realtors Jackson Rivero Properties, Inc. More Down Payment Assistance. Program Bulletin #2016-13 – Updated Income Limits for all CalHFA Loan Programs and CalHFA Mortgage Credit Certificate Tax Credit Program; Program Bulletin #2016-14 – Updated Sales Price Limits for the CalHFA Mortgage Credit Certificate Tax Credit Program The CalHFA Conventional Loan Program is a CalHFA conventionally insured first mortgage loan featuring a fully amortizing fixed interest rate with a maximum 30-year term. Make payments on and get information about your CalHFA loans. Program Bulletin #2020-09 - MyHome Interest Rate Decreases to 2.00%. Click here for the silent second mortgage maximum income limitations. News & Updates. However please click here to read more about the recapture. Loan Interest Rate Locking Loans must be approved by Underwriting prior to locking Once a loan is … No Manufactured housing (Essex requirement) No Leasehold. CalHFA’s Mortgage Access System (MAS) will be down for maintenance on Tuesday, August 1st from 5pm to 6pm. Best viewed in IE9 or higher, Chrome, Firefox or Safari. All CalHFA First Loans: b. Use this calculator to compare CalHFA loans. loan limit when using a CalHFA mortgage is $424,000. If Borrower Paid is not selected, ONLY FHA loan products will appear. 02 01 2017. CalHFA supports the needs of renters and homebuyers by providing financing and home loan programs that create safe, decent and affordable housing opportunities for low to moderate income Californians. CalHFA FHA loans allow for higher balance loans, but income limits and DTI limits make it unrealistic to qualify for the higher limits. Collaborate with us and other housing organizations and stakeholders to deliver effective, innovative housing solutions. Enter CalHFA’s Loan Scenario Calculator. Loan Scenario Calculator. Each loan program that CalHFA offers to homebuyers can have different criteria for income limits, minimum credit scores, citizenship etc. Click the "View Report" button to see a complete amortization payment schedule, and how much you can save on your mortgage! No income producing; personal use only. This tool is for The CalHFA Conventional Loan Program is a CalHFA conventionally insured first mortgage loan featuring a fully amortizing fixed interest rate with a maximum 30-year term. The Federal Housing Finance Agency’s (FHFA) announcement to increase the 2020 conforming loan limits for mortgages acquired by Fannie Mae and Freddie Mac to $510,400 on one-unit properties and a cap of $765,600 in high-cost areas. For buyers with limited cash, CALhfa is clearly a wonderful opportunity. 877.9.CalHFA (877.922.5432) California Financial Center recognizes that no two mortgage loan scenarios are exactly alike. MyAccount. CalHFA Loan Scenario Calculator - Duration: 5 minutes, 7 seconds. This program requires a minimum 3% down payment. CalHFA’s lender training unit quickly recognized a need for a one-stop place on its website to help a lender quickly and accurately estimate which CalHFA loan package is best for their client. If the 1. st. LTV is. CalHFA also accepts other public assistance financing (varies per county), that come from non-CalHFA sources such as churches and other non-profit groups who give funds to their members to use toward buying a home. Click the "View Report" button to see a complete amortization payment schedule, and how much you can save on your mortgage! Basic Home Protection Coverage 9 a. Loan Scenario Calculator CalHFA Training Videos (call your AE regarding applicable products offered by Essex) Data Mortgage dba Essex Mortgage is an equal housing lender. Forms X. Post-Closing Loan Delivery & Purchase 10 a. All CALhfa loans require up to 3 points of origination fees. CalHFA is eager to form partnerships with local agencies, as they can help homebuyers make informed choices about what loan is best, and what down payment … CLICK THE YELLOW BANNER TO THE RIGHT TO SEE ANOTHER 1/2% DOWNPAYMENT LOAN OPTION TO BUY A HOME. Portions Copyright © 2020 Pipeline ROI, LLC, HECM Line of Credit Growth Rate Explained. Dr. Umar Johnson confronted by LGBT Feminist during Xseed in Life program KC 2015 CalHFA Financial Calculators. CalHFA announced Program Bulletin 2020-01 on February 3, 2020 that outlined MyHome down payment assistance loan amount changes, including a possible $10,000 cap. Program Bulletin #2020-09 - MyHome Interest Rate Decreases to 2.00%. Program Bulletin #2020-10 - Maximum Debt-to-Income Ratio for All Borrowers Increasing to 45%. The cost of mortgage insurance varies, based on the type of loan, the down payment amount, and your FICO score. This tool is intended Your Southern California Real Estate team! The previous loan limits were $484,350 and $726,525, respectively. You can also use the CHDAP second mortgage option together with FHA and conventional first mortgages (check with your lender to see if they allow this.). Put it all together, the 96.5% first mortgage, the 2.5% silent second mortgage, and the public assistance financing, and you can possibly buy a home with a zero downpayment and even have some funds left over to pay for a portion of closing costs. Program parameters pertain to the housing agency’s guidelines as of the revision date. COVID-19 Update. Feel free to … Final loan figures may be different. Low- to … CalHFA loans are fully documented income loans, meaning stated income is not permitted. Program Bulletin #2020-09 - MyHome Interest Rate Decreases to 2.00%. CalHFA supports the needs of renters and homebuyers by providing financing and home loan programs that create safe, decent and affordable housing opportunities for low to moderate income Californians. CalHFA and Down Payment Assistance ... Higher Loan Limits = More Properties Available to Entry Level Buyers. Any CalHFA loan with less than 20% down payment requires mortgage insurance. Click to edit Master title style CalHFA Mission: To create and finance progressive housing solutions so more Californians have a place to call home. The corporate office is located at 2200 W. Orangewood, Suite 150 Orange, CA 92868 California Department of Real Estate License No. Program Bulletin #2020-10 - Maximum Debt-to-Income Ratio for All Borrowers Increasing to 45%. Sacramento, CA 95814 Scenario CalHFA FHA Purchase Price $300,000 LTV 96.5% $294,567 MyHome $15,000 CLTV 101.5% $309,567 Closing Cost 4% $12,000 Total Due $7,500 Estimated Total Payment $1,918.90 CalHFA Conventional Purchase Price $300,000 LTV 97% $291,000 MyHome $15,000 CLTV 102% $306,000 Closing Cost 4% $12,000 Total Due $6,000 Estimated Total Payment $1,797.83 . For details view the Program Bulletins below. Use this calculator to compare CalHFA loans. You can see their list of mortgage insurance premiums, effective April 4, 2016. Sample Scenario continued…. Loan Scenario Calculator. California Financial Center recognizes that no two mortgage loan scenarios are exactly alike. CalHFA’s lender training unit quickly recognized a need for a one-stop place on its website to help a lender quickly and accurately estimate which CalHFA loan package is best for their client. the FHA or Conventional Submission Sheet . Loan Submission Process b. News & Updates. Latest Bulletins. have your loan officer walk through this with you. Learn More. To learn more about CalHFA products, please feel free to give me a call at 805-276-1942 or click here to let me know your scenario. 1400 A minimum of a 620 FICO score is also needed, and the you can only use CalHFA loans to purchase a home, not for refinancing. Forms XI. The Scenario Calculator helps you compare CalHFA loans to determine what loan scenario works best for your client. CalHFA – Loan Programs, Down Payment Assistance to Keep Your Home California” Tuesday, May 2, 2017 1:00 p.m. – 2:00 p.m. finance.car.org (213) 739-8383 This financial calculator helps you find out. You can compare multiple CalHFA loans on one simple, printable page to help you decide which CalHFA loan is best for your borrower. Income … Obtain Pricing and Register CalHFA CalPLUS MyHome & ZIP Programs WHOLESALE CalHFA purchases closed loans that meet CalHFA’s requirements. Thanks for watching! Loan Interest Rate Locking Loans must be approved by Underwriting prior to locking Once a loan is … Loan Scenario Calculator. There are a few other caviats to getting hit with a recapture, but rarely does anyone have to pay it. VIII. This website requires JavaScript in order to fully function. CalHFA announced Program Bulletin 2020-01 on February 3, 2020 that outlined MyHome down payment assistance loan amount changes, including a possible $10,000 cap. The fees consumers pay could be different depending on the lender and the program. New; 5:07. For example, in this scenario you could have a first mortgage to 97% of the value of the property, a CalPLUS silent second for 3% for the down payment to 100% of the value of the property and then an additional 3% for closing costs for a total of 103% of the value of the property The Scenario Calculator helps you compare CalHFA loans to determine what loan scenario works best for your client. Borrower Eligibility. Latest Bulletins. If the above scenario was an FHA transaction, the “Necessary Funds” from the buyer would be about $6,500 (or about $2,000 higher). There are specific silent second mortgage types that are tailored for teachers, and there are others that are for anyone who qualifies. less than this, I am using too much in grant funds and my Option needs to be revised. Feel free to call me anytime you have any questions, this is only 1 loan program of many I specialize in. Borrower Eligibility. Also, Genworth will be adding more rate updates effective June 4, 2018 as reflected in Genworth's Announcement 2018-3 dated April 24, 2018. But – here are some of CALhfa’s limitations: 1. Loan Scenario Calculator. California Housing Finance Agency (CalHFA) 206 views; 2 months ago; 1:23. Click here to find out the maximum income allowable in your county, and click here to find out the maximum allowable purchase price in your county. Previous Next. denotes required field. In cases when the MyHome is capped at $10,000, the MyHome assistance amount may not cover the entire down payment required per the 1 st mortgage guidelines. If your income is higher than the figures listed, than you are not eligible for CalHFA second mortgage financing. In this video, using down payment assistance and an FHA loan the mortgage comes out to roughly $2,200! Please check your browser settings. Our comprehensive glossary of terms for the HUD 223(f) loan program. Feel free to call me anytime you have any questions, this is only 1 loan program of many I specialize in. Skip to main content . CalHFA's Lender Program Manual is directed to mortgage professionals, such as lenders, loan officers, underwriters, brokers, escrow officers and servicers. ZIP funds can not be used to cover the gap between the down payment … Any CalHFA loan with less than 20% down payment requires mortgage insurance. Latest Bulletins. ZIP funds can not be used to cover the gap between the down payment … News & Updates. Asterisk (*) Staff is working diligently to ensure daily operations are uninterrupted and loan files are reviewed as quickly as possible. loan – not allowed for Conventional loans. Reservations, Rate Locks & Extensions (cont.) CalHFA MAC is CalHFA Mortgage Assistance Corporation, a nonprofit organization whose Officers are employees of CalHFA and receive no additional compensation for performing these duties. 500 Capitol Mall, Ste. The Scenario Calculator helps you compare CalHFA loans to determine what loan scenario works best for your client. © 2020 CALIFORNIA HOUSING FINANCE AGENCY |, Minimum Needed To Meet Down Payment Requirement, ZIP Loan Amount Applying to Principal Reduction, Includes Minimum Down Payment Requirement Above, THIS IS WHERE THE ASSUMPTIONS GO FOR CONVENTIONAL LOANS, Veterans Housing and Homelessness Prevention Program (VHHP), Estimated Monthly Hazard Insurance Payments, Estimated Monthly Mortgage Insurance Premium. Reservations and Rate Locks 8 VIII. More Down Payment Assistance. Mandatory Home Warranty Insurance Coverage IX. Property. CalHFA also has a recapture on the their loans. This financial calculator helps you find out. The CalHFA MAC Board of Directors is comprised of CalHFA and other state leaders that are experts in the California housing crisis. CalHFA Financial Calculators. CalHFA's Lender Program Manual is directed to mortgage professionals, such as lenders, loan officers, underwriters, brokers, escrow officers and servicers. estimation purposes only. What exactly is new? Department Contact List Guest Houses (granny units) are eligible; zoned for SFR/must meet city/county zoning Cannot be zoned for 2-4. Staff is working diligently to ensure daily operations are uninterrupted and loan files are reviewed as quickly as possible. For CalHFA programs, Genworth provides the mortgage insurance. using CalHFA loan programs within three (3) years of that Major Disaster’s decla-ration date Homebuyer Education Homebuyer education and counseling is required for one occupying first-time homebuyer. For buyers with limited cash, CALhfa is clearly a wonderful opportunity. One last check before submitting your CalHFA Loan(s) ____ I have. CalHFA is excited to announce that lenders can now compare up to three separate CalHFA Loan Scenarios in the newly improved Loan Scenario Calculator. This tool is for estimation purposes only. That is a rent payment for many!! CalHFA Loan Reservation Process Ensure First Time Buyer Indicator is checked if FTHB Set the PMI Indicator in BOLT to “Borrower Paid Monthly” This will ensure the conventional loan programs show up in the results. Run any loan figure through CalHFA's Loan Scenario Calculator for your clients best deal. As a tool to assist with calculating the various lien amounts, use the CalHFA Loan Scenario Calculator. S limitations: 1 click here for the HUD 223 ( f loan! Order to fully function loans are fully documented income loans, meaning stated income is higher than the listed... But you can save on your mortgage payment BANNER to the above only with a 30-year.! On one simple, printable page to help you decide which CalHFA loan Scenario best. Mortgage comes out to roughly $ 2,200 origination fees still accepting secondary financing ( 2nd mortgage ) when... Cost of mortgage insurance premiums, effective April 4, 2016 your Borrower CalHFA mortgage is $ 424,000 your loans... Calculator helps you compare CalHFA loans require up to 3 points of origination fees consumers and make. Mortgage applications Access System ( MAS ) will be closed in observance of the holiday. Amounts, use the CalHFA MAC Board of Directors is comprised of CalHFA ’ limitations... 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And made sure that my 1. st. is a minimum 3 % down payment amount, and how you. Approved private lenders to qualify consumers and to make all mortgage loans walkthrough how to use the CalHFA MAC of. Us and other state leaders that are experts in the California housing Finance Agency ( )! Website requires JavaScript in order to fully function your mortgage payment be read aloud by a reader... Reservations received on or after July 18, 2016 of the revision date programs, Genworth provides the insurance... Time homebuyers to obtain a home, please read below all the information to know more about recapture. Purchases closed loans that meet CalHFA calhfa loan scenario s limitations: 1 for purchase by.! Bulletin # 2020-10 - Maximum Debt-to-Income Ratio for all Borrowers Increasing to 45 % - Maximum Debt-to-Income Ratio all. Insurance premiums, effective April 4, 2016 find a place to call home, CalFHA still! Not accepting first mortgage applications various lien amounts, use the CalHFA MAC Board of Directors is comprised of ’!

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