Bay Equity Home Loans CalHFA DPA Partner

What is Bay Equity Home Loans CalHFA DPA Partner?

Bay Equity Home Loans CalHFA DPA Partner is a deferred second loan for homebuyers in California.

• Bay Equity Home Loans is an approved CalHFA lender providing MyHome DPA loans for California first-time homebuyers statewide. Deferred 0% second mortgage.
• Up to 3.5% of purchase price in assistance.
• no monthly payments on DPA.
• Funding comes from CalHFA.

How much assistance does it provide?

Bay Equity Home Loans CalHFA DPA Partner provides assistance worth 3.5% of the purchase price, as set by the program.

• The program asks buyers to contribute 1% of purchase price (borrower minimum).
• The program can be combined with other assistance, subject to the rules of each.
• Amounts are the program's published maximums, not an offer — the administering agency determines any individual award.

Do you have to pay it back?

Bay Equity Home Loans CalHFA DPA Partner is deferred, so no payments are due until the home is sold, refinanced, or the first mortgage is paid off.

• Repayment is triggered by Sale, transfer, or refinance.
• The assistance is recorded in Second position.
• Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

Who qualifies?

Bay Equity Home Loans CalHFA DPA Partner is open to first-time homebuyers and buyers who will live in the home as their primary residence.

What are the income limits?

Bay Equity Home Loans CalHFA DPA Partner limits household income to 150% of the area median income, which varies by county and household size.

• Workforce/moderate income: household income ≤150% AMI.
• The limit applies to total household income, not only the borrower’s.
• The program lists a maximum household size of 8.
• Area median income figures are published by HUD and updated annually, so check the current table for the county before relying on a number.

What kind of home can it be used for?

Bay Equity Home Loans CalHFA DPA Partner caps the purchase price as follows: Contact program for current purchase price limits.

• Eligible property types include Single-family (1-4 unit), FHA-approved condominium, townhome/PUD.
• New construction is eligible.
• Manufactured homes are eligible.

Where does it apply?

Bay Equity Home Loans CalHFA DPA Partner serves buyers purchasing anywhere in California.

How do you apply?

Applications for Bay Equity Home Loans CalHFA DPA Partner go through the administering agency, which publishes the current terms and the application steps on its own site.

1. 1

   Take a homebuyer education course

   Required by the program before funds are reserved.

2. 2

   Contact the administering agency to reserve funds

   Funds are reserved through CalHFA Lender Portal (CLMS), and are subject to availability.

3. 3

   Work with a lender who handles the program

   Hey Prescott is not a lender and does not accept applications; this page describes the program so a buyer can take it to a lender or housing counselor.