Wednesday, March 19, 2025
The CalHFA VA Loan with MyHome Program is designed specifically for eligible veterans and active-duty service members, providing an excellent opportunity to achieve homeownership with minimal upfront costs. By combining the benefits of a VA loan, which offers no down payment, with MyHome assistance for closing costs, this program makes homeownership more accessible and affordable.
The CalHFA VA Loan is a 30-year fixed-rate mortgage backed by the U.S. Department of Veterans Affairs, offering 100% financing. When paired with the MyHome Assistance Program, veterans can receive financial help to cover closing costs, making it easier to transition into homeownership.
Key Features:
✅No Down Payment Required: VA loans provide 100% financing, eliminating the need for a down payment.
✅Closing Cost Assistance: MyHome offers up to 3% of the purchase price, which can be used to cover closing costs.
✅No Monthly Mortgage Insurance: Unlike conventional and FHA loans, VA loans do not require monthly mortgage insurance, helping to keep monthly payments lower.
✅Flexible Credit Requirements: A minimum credit score of 640 is required to qualify.
✅Competitive Interest Rates: VA loans typically offer lower interest rates compared to other loan types.
To qualify for the CalHFA VA Loan with MyHome, applicants must meet the following criteria:
✅Veteran or Active-Duty Status: A valid Certificate of Eligibility (COE) from the VA is required.
✅First-Time Homebuyer Status: You must not have owned a home in the past 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 640 for VA loans.
▶️Affordable Homeownership: No down payment and assistance with closing costs help veterans transition into homeownership with minimal upfront expenses.
▶️Lower Monthly Payments: No monthly mortgage insurance means more of your money goes toward your home.
▶️Deferred Payment Assistance: MyHome assistance requires no monthly payments and is due only when you sell, refinance, or pay off the first mortgage.
▶️Veteran-Focused Benefits: Designed specifically to support those who have served our country.
While this program offers numerous benefits, there are a few factors to keep in mind:
▶️Loan Repayment Obligation: MyHome assistance must be repaid when the home is sold, refinanced, or the primary mortgage is paid off.
▶️Closing Costs Responsibility: Buyers need to cover any remaining closing costs not covered by MyHome assistance.
▶️Property Eligibility: Certain property types, such as manufactured homes, may have additional requirements.
Buyers can check current interest rates for all CalHFA programs by visiting CalHFA's official rates page.
✅Consult with a Mortgage Professional: Let us help determine if the CalHFA VA Loan with MyHome is the right fit for you.
✅Prequalification Process: Understand how much assistance you qualify for.
✅Start Your Home Search: Work with a VA-approved real estate agent to find eligible properties.
CalHFA Dream for All – A shared appreciation loan offering significant upfront assistance.
GSFA Platinum – Provides forgivable loan options with flexible qualification criteria.
CalHFA FHA Options – Another great low-cost option for first-time buyers.
I'm John King, and I've dedicated over 20 years to the mortgage industry. Proudly ranking in the top 1% of mortgage originators since 2015, my passion lies in guiding homebuyers and homeowners achieve their homeownership goals.
JOHN KING - NMLS ID# 453426
855-626-5464 Office
kingteam@johnloanking.com
2220 Douglas Blvd, Suite 220, Roseville, CA 95661
John King Loan Consultant / Branch Manager NMLS ID# 453426, Roseville- Branch NMLS ID# 1008243, Lodi- Branch NMLS ID# 284835, Summit Funding, Inc. NMLS ID# 3199, www.nmlsconsumeraccess.org, Equal Housing Opportunity.
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Last Updated 2/2/2025