First time homebuyer- CALHFA info?

[Steven Tankersley]

Hello,
Im planning on "jumping in" and buying my first home this summer. I realize that as a first time home buyer, I have alot of great options at my disposal. One of these options is the CALHFA program here in California. From what I understand, the requirements of this program are: less than 75k income, 1st time buyer, 2 months mortgage in the bank, and credit score over 680.

My main concerns about not being able to buy a house are: I dont have the cash for a significant down payment, so I would be using the 100% financing option. Also, I have 1 year left of college, and will not be making my FULL income for at least a year. However, I am currently in an internship with a company making on average 35k a year, which has offered 70k when I graduate.

I have excellent credit, and the home I plan on purchasing is brand new, 2100 sq ft, 4 bedroom, and I plan on picking it up for 220-250k (the builder has already expressed that this price range might be accepted). I plan on living in the home, and renting the other 3 rooms to my college friends to cover part of the mortgage (1400 worth).

Now that the background is out of the way, I would like your opinions on the CALHFA program? Or, are there any other options that fit my needs that I should look into?

Thank you!
Steve