Purchasing a home can be a daunting financial endeavor, but the CalHFA Conventional Loan with MyHome Program provides a strategic solution for first-time homebuyers in California. This program offers a combination of favorable loan terms and down payment assistance to help ease the financial burden of buying a home.

This program pairs the CalHFA Conventional Loan, a 30-year fixed-rate mortgage, with the MyHome Assistance Program, which provides a deferred-payment loan to cover down payment costs. Buyers must cover closing costs through personal funds, seller credits (up to 3-6%), or gift funds from family.

✅Down Payment Assistance: MyHome provides up to 3% of the purchase price to be used for the down payment.

✅Deferred-Payment Loan: No monthly payments are required on the MyHome assistance loan until the home is sold, refinanced, or the first mortgage is paid off.

✅Fixed Interest Rates: The primary mortgage offers stable, fixed monthly payments over a 30-year term.

✅Lower Mortgage Insurance: The CalHFA Conventional Loan features reduced mortgage insurance premiums compared to FHA loans.

✅Better Rates for Low-Income Buyers: Buyers earning less than 80% of the area median income (AMI) qualify for lower interest rates and reduced mortgage insurance costs.

✅Flexible Credit Requirements: A minimum credit score of 680 is required, making it accessible to a wide range of buyers.

To be eligible for the CalHFA Conventional Loan with MyHome Program, applicants must meet the following criteria:

✅First-Time Homebuyer Status: You must not have resided in a property owned by you or your spouse anytime in the last three years.

✅Income Limits: Your household income must fall within CalHFA’s county-specific limits.

✅Primary Residence Requirement: The home must be your primary residence.

✅Credit Score Requirements: A minimum of 680 for conventional loans.

✅Affordability: Lower down payment requirements make homeownership more accessible.

✅No Immediate Repayment: The deferred-payment structure helps buyers manage their monthly expenses effectively.

✅Flexible Property Options: Available for single-family homes, condos, and approved manufactured homes.

✅Lower Monthly Costs: Reduced mortgage insurance requirements compared to FHA loans, with additional discounts for low-income buyers.

While the program offers numerous benefits, it’s important to consider:

✅Loan Repayment Obligations: The MyHome assistance loan must be repaid upon sale, refinance, or full mortgage repayment.

✅Closing Cost Responsibility: Buyers must cover closing costs using their own funds, seller credits, or gift funds.

✅Income and Purchase Price Limits: Vary by county, which can impact eligibility.

✅Limited Funding: Program availability may depend on state budget allocations.

Buyers can look up interest rates for all CalHFA programs by visiting CalHFA's official rates page.

✅Speak with an Expert: Contact us to discuss your eligibility and homeownership goals.

✅Get Prequalified: Determine how much assistance you qualify for and what your mortgage payment might look like.

✅Explore Housing Options: Work with a real estate professional to find eligible properties.

In addition to the CalHFA Conventional Loan with MyHome, consider these other programs:

▶️CalHFA Dream for All – A shared appreciation loan that provides substantial assistance.

▶️GSFA Platinum – Offers forgivable loans with flexible qualification options.

▶️CalHFA ZIP Program – Provides additional closing cost assistance with no interest.

If you're a first-time homebuyer looking for a manageable way to cover your down payment and closing costs, the CalHFA Conventional Loan with MyHome Program could be an ideal solution. With deferred payments and competitive loan terms, it offers an excellent opportunity to achieve your homeownership dreams.

Ready to take the next step? Contact us today to learn more and explore your options!