CalHFA MyHome Assistance Program

What is CalHFA MyHome Assistance Program?

CalHFA MyHome Assistance Program is a deferred second loan for homebuyers in California.

• CalHFA MyHome Assistance Program provides a deferred-payment junior loan of up to 3.5% of the purchase price or appraised value to help first-time homebuyers in California with down payment and/or closing costs. No monthly payments; repayment deferred until sale, refinance, or payoff of first mortgage.
• Up to 3.5% of purchase price or appraised value (FHA) or 3% (conventional) as a deferred-payment junior loan.
• no monthly payments.
• 0% simple interest.
• available statewide in California.
• compatible with CalHFA first mortgage programs.
• helps cover down payment and/or closing costs.
• Funding comes from State.

How much assistance does it provide?

CalHFA MyHome Assistance Program provides assistance worth 3.5% of the purchase price, as set by the program.

• 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?

CalHFA MyHome Assistance Program 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, Refinance, and Maturity Date.
• The assistance is recorded in 2nd Lien position.
• Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

Who qualifies?

CalHFA MyHome Assistance Program is open to first-time homebuyers and buyers who will live in the home as their primary residence.

What are the income limits?

CalHFA MyHome Assistance Program limits household income to 120% of the area median income, which varies by county and household size.

• Income limits vary by county and household size; based on CalHFA county-specific AMI limits. Contact a CalHFA-approved lender for exact limits by county.
• 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?

CalHFA MyHome Assistance Program caps the purchase price at $765,000.

• Eligible property types include Single Family, Condo, Townhouse, and Manufactured Home.
• Manufactured homes are eligible.

Where does it apply?

CalHFA MyHome Assistance Program serves buyers purchasing anywhere in California.

How do you apply?

Applications for CalHFA MyHome Assistance Program 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, through HUD-approved homebuyer education required; CalHFA-approved counseling agencies including eHome America and Framework.

2. 2

   Contact the administering agency to reserve funds

   Funds are reserved through First-Come-First-Served, 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.