California Housing Finance Authority provides the MyHome Assistance down payment assistance (DPA) program to help California first time homebuyers purchase a home with little-to-no money out of pocket.
CalHFA offers both government and conventional loans. The assistance is in the form of a “silent second loan” meaning payments on this loan are deferred until your home is sold, refinanced or paid in full. This helps to keep your monthly mortgage payment affordable.
CalHFA Government Loans (FHA): MyHome offers a deferred-payment junior loan of an amount up to the lesser of 3.5% of the purchase price or appraised value to assist with down payment and/or closing costs.
CalHFA Conventional Loans: MyHome offers a deferred-payment junior loan of an amount up to the lesser of 3% of the purchase price or appraised value to assist with down payment and/or closing costs.
Features & Eligibility
The DPA Second Mortgage provided through the GSFA OpenDoors Program is available for Purchase transactions as a deferred 30-year Second Mortgage Loan with a 30-year term and a zero percent note rate. It accrues no interest, has no monthly payments, but is due and payable upon sale, refinance or payoff of the First Mortgage. Any DPA provided as a Gift, does not have to be repaid. DPA may be used for down payment and/or closing costs. The program features:
- 100% Financing
- Flexible income limits (low-to-moderate income)
- Statewide eligibility
- Primary residence only
- Single-family, one-unit residence, including approved condominium/PUDs
- First time home buyers only*
- Various first mortgage loan types available to fit the needs of the homebuyer
*a first time home buyer is defined as someone who has not owned and occupied their home in the last three years, and who has not lived in a home owned by a spouse in the past three years. If any of these circumstances happened more than 3 years ago or you have never owned a home, you can apply for the benefits of CalHFA’s first-time homebuyer programs.
Government Financing (FHA, VA, and USDA loans)
- Up to 3.5% of the First Mortgage Loan amount
- Income limits apply per county
- 640 minimum credit score
- Loan limits apply per county
- Debt-to-income ratio requirements apply
- Approved homebuyer education required for first time home buyers
Conventional Financing
- Up to 3% of the First Mortgage Loan amount
- Income limits apply per county
- 680 minimum credit score
- Loan limits apply per county
- Debt-to-income ratio requirements apply
- Approved homebuyer education required for first time home buyers
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