Program Highlights:

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• Borrower receives 20% in down payment assistance from CalHFA

• Assistance can be used for down payment and/or closing costs:

  • ​Example 1: 20% for down payment, no assistance for closing costs

  • Example 2: 17% for down payment + 3% for closing costs = 20% in total assistance​

• 1:1 growth in equity share with CalHFA applies on the property

  • Example 1: 20% in assistance received = 20% equity share

  • Example 2: 10% in assistance received = 10% equity share

• Assistance funds must be repaid in the future when the home is sold, refinanced, or reach the end of your 30-year loan term

  • There is a one-time exception to refinance without triggering repayment​

• Loan amount limit based on conforming loan limits

• Interest rates for the program are set by CalHFA and change daily

• Types of approved homes:

  • Single-family homes​

  • Condos/townhomes (approval required)

  • Manufactured homes on owned land (no leased spaces)

  • Below-market-rate (BMR) homes

 

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Eligibility:

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• Borrower must be a first-time homebuyer (not owned a home in the past 3 years)​

• Borrower(s) gross income must be below the limit for the county the home is purchased in

  • Income Limits for All California Counties​

• Maximum DTI (debt-to-income ratio) is 45-50% (depending on other qualifying factors)

• Minimum credit score of 660-680​

• Conventional only (no FHA options)

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Example Loan Scenarios: