CalHFA MyHome Assistance Program

By Brad Yzermans on September 11, 2015 in Down Payment Assistance

What is the CalHFA MyHome Assistance Program?

CalHFA offers the MyHome down payment and closing cost assistance program to help first time homebuyers purchase a home in California.

The MyHome Assistance Program provides up to 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.

Buyer Beware: Lenders/banks….especially mortgage brokers, have been steering or scaring buyers away from using down payment assistance programs. Many do this because these programs are less profitable for them, they simply aren’t certified to offer the program, or don’t understand how they work.

==> Apply for CalHFA MyHome Assistance Program

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 credit score:
- FHA = 640
- Conv = 680
Primary occupied residence only
Complete a first time homebuyer education class
Maximum DTI ratio
- 50% = credit score of 700+
- 45% = credit scores under 700 (and manufactured homes)

MyHome Assistance Loan Terms

The MyHome Assistance program provides up to $11,00 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 @ 1.0% 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%

MyHome Property Requirements

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.

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