CalHFA MyHome Assistance Program - FHA
Best For: First Time Homebuyers, Zero Down
The CalHFA MyHome Assistance Program for FHA provides up to 3.5% in down payment assistance in the form of a deferred payment mortgage.
This loan program is not available in USA
Program Description
The CalHFA MyHome Assistance Program for FHA is available to California first time homebuyers for up to 3.5% of the sales price or appraised value, whichever is less, and can be used towards down payment or closing costs. The term of the MyHome matches the term of the CalHFA FHA mortgage, and payments on the MyHome loan are deferred for the life of the loan. However, the assistance is not forgivable and is due and payable when certain events occur (like selling the home or refinancing the loan).
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CalHFA MyHome Assistance Program - FHA
Min. Credit Score
640
Min. Down Payment
0%
Max Loan Amount
$1,089,300
Qualification variables shown here are for 1-Unit Primary Residences, and loan amount ranges vary based on US County. Register Now to see if this loan program is a good fit for you, find your county limits, and find more options for purchasing a home.
Program Benefits
Benefit type: Up to 3.50% of 1st Loan Amount
Type: Deferred Payment Standard 2nd Mortgage Program - Repayable
The CalHFA MyHome Assistance Program for FHA is a 30-year deferred payment, simple interest rate silent second mortgage. It is due and payable upon transfer of title, sale of property, payoff of the first loan, refinancing, or default.
First Mortgage Program Option
This program can be used in tandem with the following first mortgage programs in order to help fulfill down payment requirements, pay closing costs, or provide other benefits. Learn all about how grants, bonds & 2nd mortgages work here.
Pros & Cons
- Up to 3.5% of price or value in down payment and closing cost assistance
- Can be combined with ZIP (Zero Interest Program) closing cost assistance
- Payments on assistance deferred for as long as you reside in the home
- Available in all of California
- Assistance must be repaid if home is sold or loan is refinanced
- Income limits apply (vary by county of property)
- Only available for 1-unit primary residences
Program Availability
CalHFA MyHome Assistance Program - FHAs are available in 1 state.
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“When down payment and/or closing cost are getting in the way of you becoming a homeowner, this is a great addition to the CalHFA FHA or CalPLUS FHA loan options."
Occupancy & Property Types
Qualification factors for this program can vary based on how you intend to occupy the property and what type of property you are purchasing. By registering for a free account , you can check program limits for all property and occupancy types.
Occupancy Types
Available Property Types for Primary Residence
Income & Purchase Price Limits
Your Debt-to-Income Ratio (DTI), as well as purchase price and income limits, are important factors when qualifying for a home loan program. By registering for a free account , you can find the exact program limits for this program and others in your area and for your unique scenario.
Debt-to-Income Limit
50.00%
Purchase Price Limit
No Limits
Income Limit
$159,000 - $300,000
Annual Qualifying Income
Qualification variables shown here are for 1-Unit Primary Residences, and loan limit ranges vary based on US County. Amounts may be rounded. Exact amounts can be accessed by registering for a free account.
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Key Features
- Must be combined with either CalHFA FHA or CalPLUS FHA with ZIP
- You must be a first time home buyer to use MyHome Assistance
- Funds may be applied towards down payment and/or closing cost
Additional Conditions
- The MyHome Assistance 3.5% may only be combined with the CalHFA and CalPLUS FHA (not available for Conventional, USDA, and VA loan options)
- Only available for owner-occupied properties—the borrower(s) must live in the home as a primary residence
- All borrowers, including co-borrowers, must be first time homebuyers
Other Limitations
In some circumstances, there are specific requirements you must meet or homebuyer education courses you must attend in order to be eligible for the loan program.
No other program limitations
A Homebuyer Education Class is required for this loan program.
Class Name: eHome's 8-Hour Homebuyer Education or In-Person
CalHFA requires first time homebuyers using their program to complete homebuyer education and counseling. Only one borrower occupying each loan transaction needs to take the course. The course can be taken online through eHome, or in-person or virtually through NeighborWorks America or any HUD-Approved Housing Counseling Agency. The cost of the course varies by agency, and eHome's course costs $99.
Mortgage Insurance & Fees
Most mortgage programs require mortgage insurance when you are financing more than 80% of the purchase price or appraised value. Some programs may also have an associated funding fee, paid at the time of closing, or an annual fee. Learn all about the different fees here.
No Mortgage Insurance
This program does not require Private Mortgage Insurance (PMI).
Type: No Funding Fee
This program does not have a funding fee.
Type: No Annual Fee
This program does not have an annual fee.
Estimated Closing Costs: 2.5%
These amounts are just an estimate. Your closing costs include things like loan origination fees, discount points, appraisal fees, title insurance, taxes, deed recording fees, and other charges.
Similar Loan Programs
If you think this home loan program may be a good fit for you, you may also want to check out the following programs that share many similarities with the current program.
CalHFA MyHome Assistance Program
Best For: First Time Homebuyers, Zero Down
The CalHFA MyHome Assistance Program provides up to 3% in down payment assistance in the form of a deferred payment mortgage.
CalHFA Dream For All Program
Best For: First Time Homebuyers, Zero Down
The CalHFA Dream For All Program provides up to 20% in assistance in the form of a deferred payment mortgage that is later repaid with appreciation.
Related Resources
2023 Down Payment Assistance Guide
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Read MoreVisit our Mortgage Education Center for more resources.
* Some loan programs may not be offered by all featured lenders of ReviewMyMortgage.com and qualification guidelines may vary between them. Our team makes their best effort to keep loan program information up to date. Loan programs may change without warning. ReviewMyMortgage.com does not guarantee or offer any loan products. ReviewMyMortgage.com is strictly an educational resource hub for consumers
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