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CalHFA Loan - Down Payment Assistance Solution

A Conventional or FHA Down Payment Solution by CalHFA for Californians

CalHFA - Loan Mission Statement: "To create and finance progressive housing solutions so more Californians have a place to call home."

CalHFA has several mortgage options to choose from that include down payment assistance in the form of second mortgages on:

  • Conventional loans
  • FHA insured loans

CalHFA has an additional option for those that need down payment assistance and/or a subordinate loan for closing costs.

CalHFA Loan Solution Features

  • Conventional or FHA California Down Payment Assistance Available.
  • For Low to Moderate-Income Borrowers.
  • Minimum credit score of 660 or 680.
  • Debt-to-income not to exceed 45%.
  • Homebuyer education course may be required.
  • CalPLUS program allows closing cost assistance.
  • Higher up-front closing costs vs down payment.
  • DPA requires first-time homebuyer classification.
  • Available to all California borrowers who qualify.

More Details About CalHFA Loans

Loan solution by CalHFA logo

The CalHFA (California Housing Finance Agency) Single Family Division provides low interest home financing as well as down payment assistance and closing cost assistance for homebuyers in California.

With multiple program options, CalHFA Loans are a great choice for low to moderate income borrowers looking to purchase a single-family home.

If you think a CalHFA Loan may be right for you, please contact Scott Buehler using the form below. Scott is a Senior Mortgage Consultant with Guild Mortgage, an authorized lender of CalHFA.

CalHFA Loan Options Explained

A CalHFA loan offers both Conventional and FHA options with or without down payment assistance and with or without closing cost assistance to provide maximum flexibility to you, the homebuyer.

CalHFA MyHome 2nd: A Down Payment Assistance (DPA) program. This program is available for Conventional and FHA. It offers a 2nd mortgage that covers an amount up to the lesser of 3.5% (FHA) or 3% (Conventional) of the purchase price or appraised value to assist with your down payment, with a cap of $11,000.

CalHFA Conventional or CalHFA FHA: Only allows for MyHome 2nd down payment assistance but has a slightly lower interest rate over CalPLUS. The borrower will need to bring closing costs to close a home loan.

CalPLUS Conventional or CalPLUS FHA: Enables the option for closing cost assistance as well as the optional MyHome DPA program. The interest rate is slightly higher over the standard CalHFA program.

CalHFA Zero Interest Program (ZIP): A subordinate loan that helps cover closing costs. It allows you to borrow 2% or 3% of the lesser of the purchase price or appraised value. 2% offers a better Conventional or FHA primary loan interest rate over the 3% option. This option requires the CalPLUS Conventional or CalPLUS FHA loan program. This 2nd or 3rd subordinate loan will have a 0% interest rate.

Possible Home Loan Configurations

CalPLUS Conventional or CalPLUS FHA (1st loan) + MyHome DPA (2nd loan) + ZIP (3rd loan). Most or all of your cash to close is covered.

CalHFA Conventional or CalHFA FHA + MyHome DPA (2nd loan). Closing costs will be due at closing.

CalPLUS Conventional or CalPLUS FHA + ZIP (2nd loan). Most or all closing costs covered. Down payment will be due at closing.

Important Notes:

- The following CalHFA loan programs are not being offered by Guild Mortgage at this time: VA, USDA, Manufactured Housing or FHA 203(k).

- CalHFA's subordinate loans are "silent seconds", meaning payments on this loan are deferred so you do not have to make a payment on this assistance until your home is sold, refinanced or paid in full. This helps to keep your monthly mortgage payment affordable.

- CalHFA does not originate mortgage loans. This is not an offer to lend money nor a solicitation of a mortgage application by CalHFA.

Disclaimer: Loan terms and limits subject to change. This page is meant for educational purposes and is not a commitment to lend. To qualify for a home loan, please speak to Scott Buehler or apply online.

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