Guide to the CalHFA MyHome Assistance Program

Making Homeownership More Accessible: A Guide to the CalHFA MyHome Assistance Program

The dream of owning a home in California is iconic, but for many first-time homebuyers, the initial financial hurdle can feel insurmountable. Between rising property values and the need for a significant down payment, many qualified borrowers stay on the sidelines.

We are excited to announce a solution: we now offer CalHFA + MyHome. This powerful program is specifically designed to bridge the gap for low-to-moderate-income residents, making the transition from renting to owning smoother and more affordable.

What is the MyHome Assistance Program?

The MyHome Assistance Program is a deferred-payment junior loan offered by the California Housing Finance Agency (CalHFA). It provides a “second lien” to help cover your down payment and/or closing costs.

Because this is a deferred loan, you don’t have to make monthly payments on the assistance itself until your home is sold, refinanced, or paid in full. This keeps your monthly mortgage obligations manageable while getting you into the home sooner.

How Much Assistance Can You Receive?

The amount of support depends on the type of first mortgage you choose. Through this program, CalHFA offers:

• Conventional, VA, and USDA Loans: Up to 3% of the purchase price or appraised value (whichever is less).

• FHA Loans: Up to 3.5% of the purchase price or appraised value.

These funds can be the deciding factor in whether you can afford a competitive market like Los Angeles or the Inland Empire.

Do You Qualify for CalHFA MyHome?

To ensure this program reaches those who need it most, there are a few key eligibility requirements:

1. First-Time Homebuyer Status: You must not have owned and occupied a primary residence within the last three years.

2. Income Limits: Borrowers must fall within specific income limits set by CalHFA, which vary by county.

3. Homebuyer Education: Knowledge is power. All borrowers must complete a homebuyer education course to ensure they are prepared for the responsibilities of homeownership.

4. Occupancy: The property must be your primary residence (no investment properties or second homes).

Why the MyHome Program is a Game Changer

The biggest barrier to entry in the California real estate market isn’t usually the monthly payment—it’s the upfront cash required to close the deal. By utilizing the MyHome DPA (Down Payment Assistance), you can:

• Preserve Your Savings: Keep your hard-earned cash for home repairs, furniture, or an emergency fund.

• Buy Sooner: Stop waiting years to save up a 20% down payment while home prices continue to rise.

• Compete in the Market: Having your closing costs or down payment covered allows you to make stronger, more confident offers.

Ready to Take the Next Step?

At Mauricio Home Loans, we specialize in helping California borrowers navigate complex programs like CalHFA to find the perfect fit for their financial goals. Whether you’re looking at homes in Redlands, Culver City, or anywhere in between, we’re here to help you reduce the financial barriers to homeownership.