CalHFA VA Loan Program with MyHome

CalHFA VA Loan Program with MyHome is a deferred second loan for homebuyers in California. CalHFA VA first mortgage (fixed-rate, 30-year) paired with MyHome assistance for closing costs. For eligible veterans and active military purchasing primary residence in California. Up to 3.0% of purchase price in assistance. no monthly payments on DPA. Funding comes from State / Federal VA.

CalHFA VA Loan Program with MyHome 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, or payoff of first mortgage. 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.

CalHFA VA Loan Program with MyHome is open to first-time homebuyers and homebuyers who will live in the home as their primary residence. "First-time homebuyer" usually means not having owned a home in the last three years, but the program sets its own definition. On credit, the program states: Minimum 660 FICO score required for all borrowers. A homebuyer education course is required. Residency requirement: Primary residence; must have VA eligibility. Citizenship or immigration status: U.S. citizen, permanent resident alien, or other eligible non-citizen. Must be eligible VA borrower (veteran, active military, surviving spouse); CalHFA VA first mortgage required.

CalHFA VA Loan Program with MyHome limits household income to 120% of the area median income, which varies by county and household size. Contact program provider for current income limits. 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.

CalHFA VA Loan Program with MyHome caps the purchase price at $765,000. Eligible property types include Single-family residence, condominium, townhome, PUD. New construction is eligible. Manufactured homes are eligible.

CalHFA VA Loan Program with MyHome names veterans, active-duty service members, and surviving spouses among the groups it serves. Being named here means the program mentions the group, not that membership alone qualifies an applicant — the rest of the eligibility rules still apply.

CalHFA VA Loan Program with MyHome serves homebuyers purchasing anywhere in California.

Applications for CalHFA VA Loan Program with MyHome go through the administering agency, which publishes the current terms and the application steps on its own site. Funds are reserved through CalHFA Lender Portal (CLMS). 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.