What Down Payment Assistance Programs Are Available in California?
California offers several down payment assistance programs that may help cover some or all of your down payment and closing costs. The most commonly used programs include CalHFA MyHome, CalHFA ZIP, GSFA Platinum, and Dream For All.
CalHFA MyHome
Provides up to 3.5% of the purchase price as a deferred second loan. No monthly payments while you live in the home. Repayment is due when you sell, refinance, or pay off the first mortgage. As a general guideline, income limits for Alameda and Contra Costa counties have been around $322,000 in recent periods, but limits change frequently and should be verified with a current CalHFA-participating lender.
CalHFA ZIP
Provides up to 3% of the first mortgage amount for closing costs. Also a deferred loan with no monthly payments.
GSFA Platinum
Provides up to 5.5% depending on the specific program option, eligibility, and current terms for down payment and closing costs. Available to both first-time and repeat buyers. A credit score of 640 or higher is a common minimum guideline, though requirements can vary. Income limits apply. Program details should be verified with a current lender.
Dream For All
A shared appreciation loan that may provide up to $150,000. Common benchmarks suggest a credit score of 660 or higher for FHA or 680 or higher for conventional financing, though requirements vary by lender and can change. Income limits apply. This program has limited funding and a lottery-style application process.
Stacking Programs
Some programs can be combined to reduce or eliminate your out-of-pocket costs. The specific combinations that work depend on your eligibility and the lender's participation.
Important note: Program availability, terms, income limits, funding levels, and credit score requirements change periodically. These descriptions are general educational overviews based on common benchmarks and should be verified with a current participating lender or housing counselor before relying on them.
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Understanding which programs you qualify for can make a significant difference. Contact me to discuss your options.
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