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.

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.

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.

CalHFA MyHome Assistance Program is open to first-time homebuyers and homebuyers who will live in the home as their primary residence. "First-time" has exceptions here: Must not have owned a home in the past 3 years; exceptions for single parents and displaced homemakers. The program lists a minimum credit score of 660. A homebuyer education course is required, through HUD-approved homebuyer education required; CalHFA-approved counseling agencies including eHome America and Framework. Residency requirement: State Resident. Citizenship or immigration status: U.S. Citizen or Permanent Resident. Must complete CalHFA-approved homebuyer education course (required); must use a CalHFA-approved first mortgage program.

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.

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.

CalHFA MyHome Assistance Program serves homebuyers purchasing anywhere in California.

Applications for CalHFA MyHome Assistance Program go through the administering agency, which publishes the current terms and the application steps on its own site. Funds are reserved through First-Come-First-Served. Hey Prescott is not a lender and does not accept applications; this page describes the program so a homebuyer can take it to a lender or housing counselor.