CalHFA Conventional Loan with MyHome DPA: Your Key to Affordable Homeownership
Are you a first-time homebuyer in California struggling to cover the down payment and closing costs? The CalHFA Conventional Loan with MyHome Down Payment Assistance (DPA) provides a low down payment mortgage along with financial support to make homeownership more accessible.
This program helps buyers secure a 30-year fixed-rate loan while receiving assistance for upfront costs. If saving for a large down payment feels impossible, this could be your solution!
What Is the CalHFA Conventional Loan?
The CalHFA Conventional Loan offers a fixed-rate mortgage insured by Fannie Mae’s HFA Preferred program. Designed for low- to moderate-income borrowers, it includes flexible credit requirements and a low down payment option.
Key Benefits:
✔ Low 3% Down Payment – Get into a home with minimal upfront costs.
✔ Fixed Interest Rate – Enjoy predictable, stable monthly payments.
✔ Flexible Credit Requirements – Ideal for first-time homebuyers.
✔ Compatible with Assistance Programs – Combine with MyHome DPA for added support.
This loan helps buyers reduce financial barriers to homeownership while ensuring long-term stability.
How MyHome Down Payment Assistance Works
The MyHome Assistance Program provides a second mortgage loan to cover down payments or closing costs.
What It Covers:
- Up to 3% of the home’s purchase price (for conventional loans).
- Can be used for down payment or closing costs.
- No monthly payments required—repayment happens when you sell, refinance, or pay off the mortgage.
By reducing upfront costs, MyHome DPA allows buyers to enter the housing market sooner without draining their savings.
Why Choose the CalHFA Conventional Loan with MyHome DPA?
Combining these two programs makes homeownership more affordable. Here’s how:
💰 Lower Upfront Costs – Get financial assistance for both down payment and closing costs.
🏡 More Affordable Homeownership – Spend less upfront while securing a stable mortgage.
💳 No Monthly Payments on Assistance Loan – MyHome DPA doesn’t add to your monthly bills.
📉 Reduced Mortgage Insurance Costs – Lower than FHA loan mortgage insurance.
This combination provides a practical way to buy a home without depleting savings.
Who Qualifies for the Program?
To qualify for CalHFA’s Conventional Loan with MyHome DPA, you must meet these requirements:
✔ Be a First-Time Homebuyer – You can’t have owned a home in the last three years.
✔ Have a Minimum 660 Credit Score – Higher scores may qualify for better rates.
✔ Meet Income Limits – Your earnings must stay below CalHFA’s county-specific limits.
✔ Use the Home as a Primary Residence – Investment properties aren’t eligible.
✔ Complete Homebuyer Education – A one-time education course is required before closing.
Not sure if you qualify? We can help you check eligibility today!
How to Apply
Getting started is simple. Follow these steps to secure your CalHFA Conventional Loan with MyHome DPA:
1️⃣ Get Preapproved – Start by applying online to see how much you qualify for.
2️⃣ Check Your Eligibility – We’ll review your credit, income, and loan options.
3️⃣ Complete Homebuyer Education – This one-time course ensures you’re well-prepared.
4️⃣ Find Your Dream Home – Begin house hunting with confidence.
5️⃣ Close on Your Loan – Secure financing and move into your new home!
💡 Ready to buy? Home prices and interest rates fluctuate, so don’t wait!
Frequently Asked Questions
1. How much down payment assistance is available?
The MyHome program provides up to 3% of the home’s price to cover down payment or closing costs.
2. Do I need to make payments on the MyHome loan?
No, payments are deferred until you sell, refinance, or pay off your first mortgage.
3. What credit score is required?
A minimum 660 credit score is necessary to qualify.
4. Can I use this loan for an investment property?
No, this program applies only to primary residences.
5. How do I apply?
Click here to apply or contact us for a free consultation!
Take the First Step Toward Homeownership!
The CalHFA Conventional Loan with MyHome DPA removes financial obstacles, making homeownership easier and more affordable. With low down payment options and no monthly payments on the assistance loan, there’s no reason to wait!
👉 Apply Now | 📞 916-465-6639 | 📅 Schedule an Appointment
