CalHFA – New MyHome Downpayment Assistance Program

MyHome Assistance Program

California Housing Finance Agency Launches New Mortgage Assistance Program

Helps first-time homebuyers with down payment and closing costs

MyHome provides a deferred-payment junior loan – up to 5% of the purchase price, or appraised value, whichever is less, to be used for their down payment and/or closing costs. This program must be combined with a CalHFA first mortgage loan.

Program Eligibility

Am I eligible to apply for this program?
Review the guidelines below for both “Borrower” and “Property” Requirements to determine if you may be eligible to apply for the MyHome program.

Borrower Requirements

*In the case of conflicting guidelines, the lender must follow the more restrictive.

Property Requirements
  • Sales price of the home cannot exceed CalHFA’s sales price limits established for the county in which the property is located
  • Be a single-family, one-unit residence, including approved condominium/PUDs
    • Guest houses, granny units and in-law quarters may be eligible
  • Manufactured housing allowed when combined with a FHA first mortgage only and home must be on a permanent foundation

*In the case of conflicting guidelines, the lender must follow the more restrictive.

Additional Property Guidelines

  • Condominiums must meet the guidelines of the first mortgage
  • There is a five acre maximum on the size of the property
  • Leaseholds/Land Trusts and Co-ops are not permitted
  • Meet the requirements of the mortgage insurer/guarantor
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