What Is CalHFA and How Does It Help First-Time Buyers?
CalHFA is the California Housing Finance Agency, a state agency that provides below-market interest rate financing and down payment assistance to eligible California homebuyers. It offers several programs that can help first-time buyers reduce their upfront costs.
What CalHFA Offers
CalHFA offers below-market rate first mortgages and down payment and closing cost assistance programs for eligible California homebuyers. The specific programs, terms, and availability change periodically. A CalHFA-participating lender can provide current details on which programs are available and whether you may qualify.
CalHFA MyHome
Provides down payment and/or closing cost assistance as a deferred junior loan. No monthly payments while you live in the home. Repayment is typically due when you sell, refinance, or pay off the first mortgage. Income limits and assistance amounts apply and vary by county. Check with a CalHFA-participating lender for current requirements and availability.
CalHFA ZIP
Provides assistance for closing costs as a deferred second loan. Available in combination with CalHFA first mortgages.
Dream For All
A separate CalHFA program that provides down payment assistance through a shared appreciation structure. Dream For All has its own eligibility criteria, funding availability, and application process that differ from CalHFA's other programs. Contact a participating lender for current details on program status, requirements, and how to apply.
Eligibility
Eligibility for CalHFA programs depends on several factors, including income, purchase price limits, property type, occupancy requirements, loan program, and first-time buyer status (when applicable). Requirements vary by county and program. A CalHFA-participating lender can help determine which programs you may qualify for.
Important note: CalHFA program details, income limits, interest rates, assistance amounts, and funding availability change regularly. Always verify current terms, eligibility, and program availability with a CalHFA-participating lender or knowledgeable mortgage professional.
Helpful Resources
Let's Explore Your Options
CalHFA programs can make a meaningful difference in your buying power. Contact me to discuss whether these programs fit your situation.
No pressure, just good information.