First-time homebuyers may qualify for a statewide program that is making homeownership more affordable for many California families.
The MyHome Assistance Program, provided by the California Housing Finance Agency (CalHFA), offers a deferred-payment junior loan of an amount up to the lesser of 3-3.5% of the purchase price or appraised value to assist with down payment and/or closing costs, with a cap of $11,000.* This type of assistance is often called a second or subordinate loan. CalHFA's subordinate loans are "silent seconds", meaning payments on this loan are deferred so you do not have to make a payment on this assistance until your home is sold, refinanced or paid in full. This helps to keep your monthly mortgage payment affordable.
* Note that the $11,000 cap does not apply to school employees and fire department employees, or those purchasing new construction homes, manufactured homes, or homes with ADUs.
Borrower requirements include:
- The MyHome Assistance Program applies only to first-time homebuyers.
- Buyers must fall within certain income limits, determined by county.
- Buyers must be purchasing a home as a principal resident within the state of California.
- CalHFA borrowers must complete homebuyer education counseling and obtain a certificate of completion through an eligible homebuyer counseling organization.
Ask your mortgage loan professional to find out if you are eligible to apply. To learn more about this and other mortgage assistance programs, please visit the CalHFA website.