Buying property is a significant financial investment, and most individuals cannot pay for a property out of pocket. Obtaining a mortgage that can be paid off in increments is the standard path for homebuyers, but such loans require a down payment, as well. When a down payment for a mortgage demands several thousand dollars upfront, some individuals may find that they cannot afford it. However, there are fortunately programs in place to assist in these cases. Among the best in California is the MyHome Assistance Program from the California Housing Finance Agency (CalHFA).


What Is It?

The CalHFA MyHome Assistance Program exists to provide financial support to homebuyers for up to 3.5% of the home value. It is classified as a second mortgage with a simple interest rate and deferred payment.


What Are the Requirements?

The MyHome Assistance Program is only available to first-time home buyers who are the primary residents of the property in question. Prior to applying, individuals must obtain a certificate of completion after undergoing homebuyer education counseling. Lastly, applicants must fit the criteria for income limits set by CalHFA. This program can be combined only with first mortgage programs through CalHFA.


CalHFA Mortgage Programs

CalHFA offers multiple first mortgage programs to assist homebuyers. 


CalHFA Conventional Mortgage – With or Without ZIP

This program is ideal for individuals with low credit scores or who require a lower down payment. The CalHFA Zero Interest Program (ZIP) can be combined with this program to aid in covering the down payment and closing costs associated with a property purchase.


CalHFA FHA Mortgage – With or Without ZIP

Through this program, individuals can acquire a fixed 30-year FHA mortgage. When combined with the CalHFA ZIP program, individuals can gain assistance with closing costs and other prepaid items.


Cal-EEM – Energy Efficient Mortgage

With this program, individuals may receive a grant of up to 4% of the home value to be used in the installation of energy efficient features. Additionally, this grant may exceed the loan limits of the FHA.


The MyHome Assistance Program from the California Housing Finance Agency is regarded as one of the best in the state due to its generous limits and the opportunities for additional assistance through other programs.