The money you put "down" or the down payment on your home loan can be one of the largest hurdles for many first-time homebuyers. That's why CalHFA offers several options for down payment and closing cost assistance. This type of assistance is often called a second or subordinate loan. CalHFA's subordinate loans are "silent seconds", meaning payments on this loan are deferred so you do not have to make a payment on this assistance until your home is sold, refinanced or paid in full. This helps to keep your monthly mortgage payment affordable.

California Dream For All Shared Appreciation Loan
The California Dream For All Shared Appreciation Loan is a down payment assistance program for first-time homebuyers to be used in conjunction with the Dream For All Conventional first mortgage for down payment and/or closing costs.

MyHome Assistance 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 does not accept applications directly. A CalHFA approved Lender will qualify you for a home loan, so you will need to apply with one of our Preferred Loan Officers or approved Lenders. Each loan program that CalHFA offers to homebuyers can have different criteria for income limits, minimum credit scores, citizenship etc. To learn about specific requirements and benefits for each program.

In general these are borrower eligibility requirements for all CalHFA programs:

• You will need to meet credit, CalHFA income limits and loan requirements of the CalHFA-approved lender and the mortgage insurer.
• You will need to occupy the property as your primary residence.
• CalHFA borrowers must complete homebuyer education counseling and obtain a certificate of completion through an eligible homebuyer counseling organization.
• CalHFA's down payment program MyHome requires you to be a first-time homebuyer. 

Income Limits

CalHFA's income limits cannot exceed certain federal maximum limits. In order to reach certain policy goals, CalHFA may set income limits below the federal limits.

CalHFA offers low interest rates for low to moderate income first time homebuyers in California.

Income limits may be different for each program. Please choose the program limits you need from the list below:

CalHFA firmly believes that homebuyer education and counseling is critical to the success and happiness of a homeowner, and requires homebuyer education and counseling for first-time homebuyers using a CalHFA program.

Who has to take this Homebuyer Education and Counseling course?

Only one occupying first-time borrower on each loan transaction.

How do I take this education and counseling course?

• ONLINE: eHome's eight-hour Homebuyer Education and Counseling course is the only online course accepted by CalHFA. (fee: $99) Other online courses like Frameworks and HomeView are not acceptable because they do not provide a one-hour, 1-on-1 counseling follow-up session.
• IN-PERSON or VIRTUAL: Live Homebuyer Education and Counseling in-person or virtually though NeighborWorks America or any HUD-Approved Housing Counseling Agency
  (fee: varies by agency)

To know for sure, you should understand that a first-time homebuyer is defined as someone who has not owned and occupied their own home in the last three years. That means if you've never owned a home, you're a first-time homebuyer. It also means that if you owned your home three or more years ago, but sold it, you are right back to being a first-time homebuyer again, and you can take advantage of all of the benefits of CalHFA's first-time homebuyer programs. Exceptions may apply,

All types of properties, from single family homes to condominiums, throughout the entire state can be eligible for CalHFA financing.

In general these are property eligibility requirements for all CalHFA programs:

• The home must be located in California.
• The home must be your primary residence.
• The home must be zoned for Single Family Occupancy (not for 2-4 units)
• The home must be a single family residence.
  • Accessory Dwelling Unit (ADUs),Guest houses, granny units and in-law quarters may be eligible
• The home can be a condominium or attached unit in a planned unit development (PUD). (Check with your lender for eligible condominiums.)
• Doublewide (not singlewide) Manufactured homes are allowed

Did  any of this information get your head spinning? Let's connect, I can help you navigate all this information.

YOU CAN ALSO VISIT CALHAFA'S WEBISITE CLICK HERE.