CalHFA VA Loan Program with MyHome

What is 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.

How much assistance does it provide?

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

• The program asks buyers to contribute 0% (VA no down payment required).
• 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 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.

Who qualifies?

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

What are the income limits?

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.

What kind of home can it be used for?

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.

Is there eligibility for specific groups?

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.

Where does it apply?

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

How do you apply?

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.

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.