Down Payment Assistance Programs

Overview

The MyHome Assistance Program provides down payment and closing cost assistance in the form of a deferred-payment junior loan of 3.5% of the purchase price or appraised value (whichever is less).

Key Features

• 3.5% down payment assistance as a silent second loan
• Zero interest, zero monthly payment on the second loan
• Loan is due when you sell, refinance, or pay off the first mortgage
• Can be combined with FHA, VA, USDA, or conventional loans
• Available statewide for first-time homebuyers

Overview

This innovative program provides down payment assistance equal to 20% of the home's purchase price through a shared appreciation loan, making homeownership more accessible with minimal upfront costs.

Key Features

• Up to 20% of purchase price for down payment assistance
• Zero interest, zero monthly payment
• CalHFA shares in the appreciation when you sell or refinance
• Available for first-time homebuyers and first-generation homebuyers
• Income and purchase price limits apply

Important Note

When you sell or refinance, you'll repay the original loan amount plus a percentage of your home's appreciation. The exact percentage depends on how long you've owned the home.

Overview

CalPLUS is CalHFA's conventional first mortgage loan program offering competitive rates and flexible terms that can be combined with various down payment assistance options.

Key Features

• Available for purchase and refinance
• Fixed-rate 30-year loan term
• Minimum 3% down payment from borrower's own funds
• Can be combined with CalHFA down payment assistance programs
• No income limits
• Available for first-time and repeat homebuyers

Overview

CalHFA offers FHA-insured loans with the ability to combine them with down payment assistance programs, making homeownership accessible with as little as 3.5% down.

Key Features

• Minimum 3.5% down payment
• More flexible credit requirements than conventional loans
• Can be combined with CalHFA down payment assistance
• Fixed-rate 30-year term
• FHA mortgage insurance required
• Lower credit score requirements

Overview

For eligible veterans, active-duty service members, and surviving spouses, CalHFA offers VA loans that can be combined with assistance programs for additional savings.

Key Features

• No down payment required for eligible veterans
• No monthly mortgage insurance
• Competitive interest rates
• Can be combined with CalHFA assistance for closing costs
• Fixed-rate 30-year term
• VA funding fee may apply (can be financed)

General Requirements

• Must be purchasing a home in California
• Property must be owner-occupied as primary residence
• Must meet income limits (varies by program and county)
• Must meet purchase price limits (varies by county)
• First-time homebuyer requirements for some programs
• Homebuyer education course completion may be required

Income Limits

Income limits vary by county and household size. Generally, your gross household income must not exceed the limits set for your county. Some programs have higher limits for targeted areas.

Purchase Price Limits

Purchase price limits are set by county and are updated annually. These limits ensure the programs assist buyers in various California markets while maintaining affordability focus.

Step-by-Step Process

1. Contact a CalHFA-approved lender (we can help!)
2. Get pre-approved for a CalHFA loan program
3. Complete required homebuyer education course if applicable
4. Find a home within the purchase price limits
5. Submit loan application with down payment assistance request
6. Complete underwriting process
7. Close on your new home

Required Documentation

• Proof of income (pay stubs, W-2s, tax returns)
• Employment verification
• Bank statements and asset documentation
• Credit report authorization
• Government-issued ID
• First-time homebuyer affidavit (if applicable)