California is one of the most dynamic and economically powerful states in the nation, home to world-leading industries, diverse communities, and a housing market that spans everything from coastal cities to agricultural valleys and mountain towns. With a population larger than most countries and an economy that ranks among the biggest globally, the Golden State offers immense opportunity, but it also presents unique challenges, particularly in real estate, where strong demand and limited inventory continue to shape one of the most competitive markets in the United States.
For many first-time homebuyers, the largest hurdle is covering down payment and closing costs. The CalHFA MyHome Assistance Program helps bridge that gap by providing a deferred-payment junior loan to qualified buyers, making homeownership more achievable across the Golden State.
What This Program Offers:
- Deferred-payment junior loans to assist with down payment and/or closing costs:
- CalHFA Government Loans (FHA): Up to 3.5% of the purchase price or appraised value
- CalHFA Conventional Loans: Up to 3% of the purchase price or appraised value
- Available for first-time homebuyers who occupy the property as their primary residence.
- Support for a variety of property types, including single-family homes, approved condominiums/PUDs, guest houses, granny units, in-law quarters, and manufactured housing.
- Required homebuyer education and counseling, ensuring buyers understand the responsibilities of homeownership and how to make informed decisions.
- Loans offered through CalHFA-approved lenders, with interest rates varying based on financial circumstances, lender fees, and other factors.
Who This Program Is Designed For:
The MyHome Assistance Program is ideal for California buyers who:
- Are purchasing their first home and meet CalHFA’s income limits.
- Need help covering down payment and closing costs.
- Want a deferred-payment loan that reduces upfront financial strain.
- Are ready to complete homebuyer education and counseling through an approved provider.
- Are purchasing a primary residence, including single-family homes, approved condos, or manufactured housing.
Eligibility Snapshot:
- First-time homebuyer requirement: No prior home ownership (as defined by CalHFA).
- Occupancy: Borrower must occupy the property as their primary residence; non-occupant co-borrowers are not allowed.
- Income limits: Must meet CalHFA program income thresholds (varies by county and household size).
- Property eligibility: Single-family residences, approved condos/PUDs, guest houses, granny units, in-law quarters, and manufactured housing.
- Homebuyer education: Completion of a CalHFA-approved course and counseling session required.
- Application through a CalHFA-approved lender; CalHFA does not lend directly to consumers.
Who Should Take Action:
Real estate agents, mortgage professionals, and first-time buyers should consider the MyHome Assistance Program when exploring homeownership in California. Buyers who meet income limits and are prepared to complete the required education can benefit from reduced upfront costs and a smoother path to homeownership. Engaging a CalHFA-approved loan officer early ensures a seamless application process.
What to Do Next:
- Locate a CalHFA-approved loan officer in your area through the Find a Loan Officer tool.
- Confirm your first-time homebuyer status, income eligibility, and property type.
- Complete required homebuyer education and counseling through eHome or an approved HUD-certified agency.
- Gather documents such as pay stubs, bank statements, employment history, and previous tax returns for your loan application.
- Work with your loan officer to apply for the MyHome deferred-payment junior loan.
- Compare the MyHome Assistance Program with other CalHFA programs or local down payment assistance options on HomebuyerWallet.com.
If a buyer does not qualify for the MyHome Assistance Program due to income, location, or loan type, California offers many other programs that help with down payment and closing costs. HomebuyerWallet.com can help buyers find alternatives and identify the program that best fits their homeownership goals.
