CalHFA MyHome Assistance Program: Helping First-Time Buyers in California
1. Introduction
Buying a home in California is expensive, but the CalHFA MyHome Assistance Program can make it easier. This program offers down payment and closing cost assistance for first-time homebuyers, helping to lower upfront costs.
If you need financial support to purchase your home, MyHome could be the boost you need. Let’s dive into how it works and who qualifies!
2. What Is the MyHome Assistance Program?
The California Housing Finance Agency (CalHFA) created MyHome to help first-time buyers cover their down payment and closing costs.
✔ Up to 3.5% of the purchase price for down payment or closing costs
✔ Works with FHA, VA, USDA, and conventional loans
✔ Functions as a deferred-payment loan—no monthly payments required
This program makes homeownership more accessible for those struggling with upfront costs.
3. How MyHome Assistance Works
The MyHome loan is a silent second mortgage, meaning:
🔹 No payments are due while you live in the home
🔹 The loan must be repaid when you sell, refinance, or pay off your mortgage
🔹 Available only with CalHFA-approved loan programs
It’s a great way to reduce your out-of-pocket expenses when buying a home!
4. Why Choose MyHome Assistance?
✔ Lowers upfront costs for first-time buyers
✔ No monthly payments—loan repayment is deferred
✔ Works with multiple CalHFA loan options
✔ 0% interest for VA & USDA loans
This program is designed to help first-time homebuyers achieve homeownership with less cash upfront.
5. Who Qualifies for MyHome Assistance?
To be eligible, you must meet these requirements:
✔ Be a first-time homebuyer (haven’t owned a home in 3 years)
✔ Credit score of at least 660 (680 if paired with CalPLUS FHA)
✔ Meet CalHFA’s income limits (varies by county)
✔ Debt-to-income ratio of 45% max (43% if combined with CalPLUS FHA)
If you check all these boxes, you may qualify!
6. How Much Can You Receive?
The amount of assistance depends on the loan type:
| Loan Type | MyHome Assistance Amount |
|---|---|
| FHA & Conventional | Up to 3.5% of the home’s price |
| VA & USDA | Up to 3% of the home’s price |
💡 Example: On a $500,000 home, MyHome could provide up to $17,500 in assistance!
7. Property Eligibility
🏠 Must be in California
🏠 Owner-occupied homes only
🏠 Includes single-family homes, condos, and approved manufactured homes
Investment properties do not qualify.
8. Loan & Income Limits
✔ Loan amount must be within FHA/conventional loan limits
✔ Income must be below CalHFA’s county-specific limits
💡 Tip: Check with a CalHFA-approved lender to confirm eligibility based on your county.
9. How to Apply for MyHome Assistance
1️⃣ Find a CalHFA-Approved Lender
2️⃣ Get Preapproved for a CalHFA loan
3️⃣ Complete a Homebuyer Education Course
4️⃣ Submit Your Loan Application
5️⃣ Close on Your Home!
10. Pros and Cons of MyHome Assistance
✅ Pros:
✔ Helps cover down payment & closing costs
✔ No monthly payments while you own the home
✔ Available for multiple loan types
❌ Cons:
❌ Must repay the loan when selling or refinancing
❌ Income limits apply
❌ Only available to first-time homebuyers
11. MyHome vs. Other Assistance Programs
| Feature | MyHome | ZIP (Zero Interest Program) |
|---|---|---|
| Down Payment Assistance | ✅ Yes | ❌ No |
| Closing Cost Assistance | ✅ Yes | ✅ Yes |
| Loan Repayment Required? | ✅ Yes (deferred) | ✅ Yes (deferred) |
| Loan Type Availability | FHA, VA, USDA, Conventional | Only CalPLUS FHA |
MyHome covers both down payments and closing costs, while ZIP is exclusive to CalPLUS FHA loans.
12. Tips for Qualifying for MyHome Assistance
✅ Improve your credit score—higher scores help with loan approval
✅ Lower your debt-to-income ratio—keeping it below 45% increases eligibility
✅ Make sure your income is within limits—check the CalHFA website for county-specific caps
✅ Complete the homebuyer education course—it’s required!
13. Common Mistakes to Avoid
🚫 Assuming MyHome is a grant—it’s a deferred-payment loan, so it must be repaid
🚫 Not checking income limits—exceeding the cap means you won’t qualify
🚫 Forgetting MyHome requires a CalHFA loan—it can’t be used with other lenders
14. FAQs About MyHome Assistance
❓ 1. How much assistance can I get?
✔ Up to 3.5% for FHA & conventional loans, and 3% for VA & USDA loans.
❓ 2. Do I have to make payments on MyHome?
✔ No! Payments are deferred until you sell, refinance, or pay off your mortgage.
❓ 3. Can I use MyHome with any loan?
✔ No, it’s only available with CalHFA loans (FHA, VA, USDA, and conventional).
❓ 4. Do I need to be a first-time homebuyer?
✔ Yes, but if you haven’t owned a home in the past three years, you still qualify.
❓ 5. How do I apply?
✔ Work with a CalHFA-approved lender and apply HERE: Apply Now
🚀 Get Started with MyHome Today!
📞 Call or Text: 916-465-6639
📧 Email: hello@newwaymortgage.com
📅 Schedule an Appointment: www.meetnewway.com
📝 Apply Now: Click HERE to Apply
🎥 Watch & Subscribe on YouTube: www.newwayhome.com
🏡 Let MyHome help you buy your first home with less money upfront! 🚀
