CalHFA's My Home Assistance Program is Here!
CalHFA offers a range of first-time homebuyer loan programs layered with conventional and government-issued loans. They provide access to fixed-rate loans and the options to roll in closing cost assistance and a down payment.
Let’s face it, one of the biggest hurdles for First Time Buyers is finding the funds for a Down Payment. For many in California, CalHFA’s My Home Assistance Program may be a good option for down payment and closing cost assistance. CalHFA offers a second or subordinate loan. These subordinate loans are “silent seconds”, meaning payments on this loan are deferred so homeowners don’t have to make a payment on this assistance until the home is sold, refinanced, or paid in full. This helps to keep the monthly mortgage payment affordable.
Combine with the CalHFA Zero Interest Program (ZIP) for closing costs.
There are two types of loan programs offered through the My Home Program
- 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 a lesser of 3% of the purchase price or appraised value to assist with down payment and/or closing costs
Borrower Requirements
- Be a first-time homebuyer
- Someone who hasn’t owned and occupied the home in the last 3 years
- Occupy the property as a primary residence; non-occupant co-borrowers are not allowed.
- CalHFA borrowers must complete homebuyer education counseling and obtain a certificate of completion through an eligible homebuyer counseling organization.
- Meet CalHFA income limits for this program
Property Requirements
- Be a single-family, one-unit residence, including approved condominium/PUDs
- Guest houses, granny units and in-law quarters may be eligible
- Manufactured housing is permitted
- Condominiums must meet the guidelines of the first mortgage
For more detailed information on this program please contact your Account Executive or visit the CalHFA page on the My Home Assistance Program:
https://www.calhfa.ca.gov/homebuyer/programs/myhome.htm
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