Downpayment and Closing Cost
assistance of Up to 6% of Sales Price
No Purchase Price Limits (FHA
Guidelines)
Single family home (1-4 units)
Income Limits: 120% of
Statewide Median ($66,480)
No Federal Recapture
May be used with MCC Program
Available in all participating
Counties/Cities
Serviced by The Leader
Mortgage Company
Program
Funding
Funded through issuance of
taxable Mortgage Backed Securities (MBS)
Above market first mortgage
loan rates, set in $5-$10 million sub-series, denoted as issues in Lender Notice of Rate.
Rebate pricing available as noted in Lender Notice of Rate.
Continued Funding based on
Lender Demand
Loan Terms
1st Mortgage: FHA
30-year Fixed Rate, priced by the Authority when issue is released.
2nd Mortgage:
20-year Amortizing loan. Interest rate is the same as the first mortgage loan.
FeesCalRural Fees:
$225 Application Fee
$300 Commitment fee
$ 65 fee for preparation of
closing docs by CalRural
$25 lender-requested redraw
fee
Fees are Netted out by The
Leader Mortgage. Lenders are responsible for collecting fees from homebuyer.
The Leader Mortgage Fees:
Loans must be purchased by The
Leader within 4 months of date of Lender Notice of Rate.
Final loan purchase date is
identified in each subseries Lender Notice of Rate.