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MYHOME ASSISTANCE PROGRAM

Program Highlights:

  • Borrower receives 3% or 3.5% in assistance from CalHFA to cover your minimum down payment

    • CalHFA Conventional = 3% in assistance​

    • CalHFA FHA = 3.5% in assistance

  • Assistance is not forgivable and must be repaid if the home is refinanced, sold, or you reach the end of your 30-year term on the loan​

  • Borrower can add 2% or 3% in closing cost assistance with CalHFA ZIP ​​

  • 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

 

Eligibility:

  • 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

  • Maximum DTI (debt-to-income ratio) is 45%

  • Minimum credit scores:

    • Conventional = 680​

    • FHA = 640

Complete Program Information

Want to see if you qualify?

Our team will reach out as soon as possible.

 WHAT CAN I AFFORD? 

 

Use our mortgage calculators to see current mortgage rates and determine your monthly payment.