CalHFA eNews: Program Bulletin #2023-08

California Housing Finance Agency sent this bulletin at 07/13/2023 09:30 AM PDT

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Program Bulletin #2023-08

Updated ZIP Interest Rate Acknowledgment Form

CalHFA will require lenders to use the newest version of the Zero Interest Program (ZIP) Interest Rate Acknowledgment form. The updated form clarifies that excess ZIP funds need to be applied as a principal reduction to the ZIP loan only. CalHFA does not allow excess ZIP funds to be applied as a principal reduction to the 1st mortgage. CalHFA encourages lenders to use the updated form immediately and the new form will be required for all reservations starting August 1, 2023. Loans with reservation dates on or after August 1, 2023 submitted to CalHFA with the old form will be subject to suspension.

For all the details please read Program Bulletin #2023-08 - Updated ZIP Interest Rate Acknowledgment Form

California Housing Finance Agency | www.calhfa.ca.gov

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