Combine with the CalHFA Zero Interest program (ZIP) for Closing Costs
CalHFA My Home Assistance Program is Here!
Offered by the California Housing and Finance Agency, CalHFA offers various affordable loan programs that may help you reach new clients all while helping homeowners get the financing they need.
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.
Combined 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 the lesser of 3% of the purchase price or appraised value to assist with down payment and/or closing costs.
CalHFA Zip program is not available on CalHFA VA Loans.
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.