Wednesday, March 19, 2025

Primary Blog/CalHFA/CalHFA VA Loan with MyHome: A Great Benefit for Veterans

CalHFA VA Loan with MyHome:
A Great Benefit for Veterans 

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.

What Is the CalHFA VA Loan with MyHome?

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.

Who Qualifies for This Program?

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.

Benefits of This Program

▶️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.

Considerations Before Applying

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.

How to Get Started

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.

Compare Your Options

Before making a final decision, consider other CalHFA assistance programs, such as:

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.



Ready to Get Started?

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John King

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.

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JOHN KING  - NMLS ID# 453426
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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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