Financial Assistance for Homebuyers in California

The MyHome Assistance Program offers applicants a deferred-payment junior loan up to 3% of the purchase price/appraised value of the mortgaged property in order to help make the down payment or pay the closing costs.

Eligibility Requirements
In order to qualify, the MyHome program must be combined with a California Housing Finance Agency (CalHFA) mortgage, in addition to the following guidelines:

  • They must be first-time homebuyers
  • They must occupy the home as their primary residence
  • They are required to successfully complete a homebuyer education counseling course
  • Homebuyers’ income must fall under certain MyHome limits, depending on the type of mortgage they have
  • Applicants must meet the requirement of their lender and mortgage insurer

Property Guidelines
In addition to borrower guidelines, there are some property requirements as well:

  • The home cannot exceed CalHFA’s sales price limits established for the county.
  • The property must be a single-family, one-unit residence, including approved condominium/PUDs (Guest houses, granny units and in-law quarters may be eligible)
  • Manufactured housing on a permanent foundation is allowed when combined with a FHA first mortgage
  • Condominiums must meet the guidelines of the first mortgage
  • There is a five acre maximum on the size of the property
  • Leaseholds/Land Trusts and Co-ops are not permitted
  • The property must meet the requirements of the mortgage insurer/guarantor.

Homebuyer Education
CalHFA firmly believes that homebuyer education is critical to the success and happiness of a homeowner, and requires homebuyer education for first-time homebuyers using a CalHFA program. CalHFA will accept hard or online copies of homebuyer education counseling certificates.spacer

Down payment assistance programs and/or grants were researched by the team at FHA.com. Please note that all programs listed on this website may involve a second mortgage with payments that are forgiven, deferred, or subsidized in some manner until resale of the mortgaged property.

FHA.com’s compilation is not a complete list, but it can serve as a starting point in your search for the down payment assistance program or grant for your situation. It is up to the consumer to contact these entities and find out the specifics of each program.

Financial Assistance for Homebuyers in California

The MyHome Assistance Program offers applicants a deferred-payment junior loan up to 3% of the purchase price/appraised value of the mortgaged property in order to help make the down payment or pay the closing costs.

Eligibility Requirements
In order to qualify, the MyHome program must be combined with a California Housing Finance Agency (CalHFA) mortgage, in addition to the following guidelines:

  • They must be first-time homebuyers
  • They must occupy the home as their primary residence
  • They are required to successfully complete a homebuyer education counseling course
  • Homebuyers’ income must fall under certain MyHome limits, depending on the type of mortgage they have
  • Applicants must meet the requirement of their lender and mortgage insurer

Property Guidelines
In addition to borrower guidelines, there are some property requirements as well:

  • The home cannot exceed CalHFA’s sales price limits established for the county.
  • The property must be a single-family, one-unit residence, including approved condominium/PUDs (Guest houses, granny units and in-law quarters may be eligible)
  • Manufactured housing on a permanent foundation is allowed when combined with a FHA first mortgage
  • Condominiums must meet the guidelines of the first mortgage
  • There is a five acre maximum on the size of the property
  • Leaseholds/Land Trusts and Co-ops are not permitted
  • The property must meet the requirements of the mortgage insurer/guarantor.

Homebuyer Education
CalHFA firmly believes that homebuyer education is critical to the success and happiness of a homeowner, and requires homebuyer education for first-time homebuyers using a CalHFA program. CalHFA will accept hard or online copies of homebuyer education counseling certificates.spacer

Down payment assistance programs and/or grants were researched by the team at Down-Payment-Help.com. Please note that all programs listed on this website may involve a second mortgage with payments that are forgiven, deferred, or subsidized in some manner until resale of the mortgaged property.

Down-Payment-Help.com’s compilation is not a complete list, but it can serve as a starting point in your search for the down payment assistance program or grant for your situation. It is up to the consumer to contact these entities and find out the specifics of each program.