Are you a first-time homebuyer in California?

If you’re looking for ways to make homeownership more affordable, the CalHFA MyHome Assistance Program might be just what you need.

This program offers financial assistance to help with your down payment and closing costs, making it easier to achieve your dream of owning a home.

​Here’s everything you need to know about the CalHFA MyHome Assistance Program:

The CalHFA MyHome Assistance Program is a deferred payment, simple interest subordinate loan. It must be used alongside a CalHFA first mortgage and is specifically designed for first-time homebuyers purchasing an owner-occupied property anywhere in California.

To qualify, you must meet the following criteria:

✅ First-Time Homebuyer: You haven’t lived in a property owned by you or your spouse anytime in the past three years.  That means that if you own investment property or have co-signed for someone else, you may still qualify for this program

✅ Citizenship or Residency: You must be a U.S. Citizen, U.S. National, or a “Qualified Alien.”

​✅ Program Eligibility: This is a Fannie Mae conventional loan.  You must meet the criteria for a conventional loan plus you have to have the credit score required.

​✅Credit Score Requirements: 680 is the minimum credit score if you are over 80% of the area median income, 660 is the minimum if you are under 80% of the area median income.

To qualify, you must meet the following criteria:

✅ Homebuyer Education: All participants are required to complete a homebuyer education course.

✅ Owner Occupancy: You must occupy the property as your primary residence within 60 days of closing. Non-occupant co-borrowers and co-signers are not allowed.

​✅ Property Standards: There are no special rules for this program. You just need to meet the rules for a conventional loan (liveable with no health or safety hazards).  You can only purchase single family homes using this program, no duplexes, triplexes or quadplexes.  It is OK for the property to have an ADU, but at this time we cannot count rental income from the ADU to qualify.

✅ Income Limits: Your income cannot exceed the maximum limit set for the county where the property is located.  Click here to see calHFA's current income limits

⭐Term: The MyHome loan term matches the first mortgage, up to 30 years.

⭐Deferred Payments: Payments on the MyHome loan are deferred for the life of the first loan and become due when the property is sold, the title is transferred, the first loan is paid off or refinanced, or if a Notice of Default is filed.

⭐Maximum Loan Amount:

- 3.5% of the home’s sales price or appraised value (whichever is lower) for CalHFA FHA and CalPLUS FHA first mortgages.

- 3% for CalPLUS Conventional, CalHFA Conventional, CalHFA USDA, or CalHFA VA first mortgages.

​⭐Loan-to-Value (LTV) & Combined Loan-to-Value (CLTV): The LTV depends on the guidelines of your specific first mortgage, but the maximum CLTV cannot exceed 105%.

One of the program’s advantages is its flexibility—you can layer the MyHome loan with other down payment and closing cost assistance programs. The only stipulation is that the MyHome loan must remain in second lien position behind the CalHFA first mortgage.

The MyHome Assistance Program can be a great resource for first-time homebuyers looking to make homeownership more accessible. By reducing upfront costs, it allows you to focus on finding the right home without as much financial strain.