CalHFA - MyHome Assistance Program

MyHome Assistance Program

Choosing your loan is one of the most important decisions when buying a house. There are a variety of loans and the one you choose will effect your interest rate, monthly payment, down payment and closing costs so it’s important to choose wisely. Be sure to consult your mortgage lender for more information and guidance.

CalHFA Government Loans (FHA):

MyHome offers a deferred-payment junior loan of an amount up to the lesser of 3.5% of the purchase price or appraised value to assist with down payment and/or closing costs.

CalHFA Conventional Loans:

MyHome offers a deferred-payment junior loan of an amount up to the lesser of 3% of the purchase price or appraised value to assist with down payment and/or closing costs.

Program Eligibility:

Review the guidelines below for both Borrower and Property Requirements to determine if you may be eligible to apply.

Borrower Requirements:

Be a first-time homebuyer - defined as someone who has not owned and occupied their own home in the last three years
Occupy the property as a primary residence; non-occupant co-borrowers are not allowed.
CalHFA borrowers must complete homebuyer education counseling and obtain a certificate of completion through an eligible homebuyer counseling organization.
Meet CalHFA income limits for this program.

Property Requirements:

Be a single-family, one-unit residence, including approved condominium/PUDs (Guest houses, granny units and in-law quarters may be eligible)
Manufactured housing is permitted
Condominiums must meet the guidelines of the first mortgage

Bring to Close	$22604.4
Mortgage Payments	+$17679.62
Maintainence	+$17679.62
Total Out of Pocket	$41357

Prinicipal Paid	$4038.58
Appreciation	$4038.58
Tax Savings	$4038.58
Total Equity/Savings	= $12591

Out of Pocket Expenses	$4038.58
Equity/Tax Savings	$4038.58
Total Buy Costs	$28766