What is the CalHFA MyHome Assistance Program?
CalHFA offers the MyHome down payment and closing cost assistance program to help first time hombuyers purchase a home in California.
The MyHome Assistance Program provides up to $10,00 in assistance or 3% to 3.5% of the sales price or appraised value, whichever is less. Assistance funds are in the form of a ‘silent second’ loan with payments deferred for 30 years. This assistance will satisfy the 1st lien’s minimum down payment requirement.
Unfortunately, the MyHome Assistance Program can ONLY be combined with a CalHFA 1st lien program. It cannot be piggybacked with a non-CalHFA 1st lien loan or any loan other than a CalHFA loan.
MyHome Assistance Borrower Requirements
- Must be a true first time home buyer (meaning you haven’t owned a home in the last 3 years)
- Minimum 660 credit score
- Primary occupied residence only
- Complete a first time homebuyer education class
- Maximum DTI ratio is 45%
MyHome Assistance Loan Terms
The MyHome Assistance program provides up to $10,00 in assistance or 3% or 3.5% of the sales price/appraised value, whichever is less.
- Works with CalHFA Conventional or CalHFA FHA 1st lien programs
- Assistance funds are in the form of a silent 2nd lien @ 2.5% simple interest
- Payments are deferred for the life of the 1st mortgage
- Must be be paid back if you refinance or sell (no penalties)
- Can be paired with a MCC Tax Credit
- Max CLTV is 105%
- Cannot be paired with the School Teacher & Employee Assistance program
Exceptions to the $10,000 cap if just one of the following are met:
- School Employee/Teacher
- Fire Department Employee
- Borrower is using the CalHFA VA loan
- If buying one of these properties:
- New construction
- Manufactured home
- SFR with an accessory dwelling unit
MyHome Property Requirements
- Home cannot exceed CalHFA sales price limit of $795,000
- SFR/PUD/Condo 1 unit
- Guest houses, granny units and in-law quarters may be eligible
- 5 acre property limit on size of property
- No leaseholds or land trusts
MyHome Assistance Income Limits
- Cannot exceed CalHFA’s published county income limits. Limits are determined based on the type of loan you are using (Conventional or FHA) and number of people living in your household.
How to Apply for CalHFA MyHome Assistance Program
Guess what…..most likely this is not the only assistance program you may be eligible for. The only way to find out which program will provide the most assistance for you, and compare options, is contact an approved CalHFA loan officer (like me) who can offer assistance programs from multiple agencies.
You can reach Brad or one of his team members here or call direct (951) 215-6119.