Reminder: Change in Extension Fees on CalHFA’s First Mortgage Loan Products went into effect January 1, 2020
SINGLE FAMILY REMINDER
Reminder: Change in Extension Fees on CalHFA’s
First Mortgage Loan Products went into effect January 1, 2020
As announced on December 11, 2019 in Program Bulletin #2019-24, effective January 1, 2020 CalHFA has made changes to its extension fee policy. Any extension request received after January 1, 2020 will be subject to these new changes regardless of the rate lock date:
Resale/Existing property extension timeframes have been reduced to 60 days maximum.
New Construction properties may still be extended up to 120 days with updated fees.
Subordinate loan extension fees have been eliminated and will follow the same extension timeframes as the first mortgage.
Thank you for your continued partnership with CalHFA
CalHFA Onsite Training
We recommend onsite, in-person training for all mortgage professionals. These in-person classes include training on all CalHFA programs, borrower and property eligibility, processing, documentation, income calculations and more.