California CalHFA MyHome Assistance Program

What is the CalHFA MyHome Assistance Program?

The CalHFA MyHome Assistance Program offers deferred-payment junior loans to eligible first-time homebuyers in California, assisting with down payment and closing costs. This initiative aims to make homeownership more attainable for low- to moderate-income individuals and families.

Who qualifies as a first-time homebuyer for this program?

A first-time homebuyer is defined as someone who has not owned and occupied their own home in the past three years. Certain exceptions apply, such as for veterans or those purchasing in targeted areas.

How much assistance can I receive through the MyHome program?

For FHA loans, MyHome provides a deferred-payment junior loan of up to 3.5% of the purchase price or appraised value, whichever is less. For conventional loans, the assistance is up to 3% of the purchase price or appraised value, whichever is less.

What are the income limits for the MyHome Assistance Program?

Income limits vary by county and household size. Applicants must meet CalHFA income limits, which are designed to serve low- to moderate-income borrowers.

Is homebuyer education required?

Yes, all borrowers must complete a homebuyer education course through an eligible counseling organization and obtain a certificate of completion. This ensures buyers are well-prepared for homeownership responsibilities.

What types of properties are eligible?

Eligible properties include single-family, one-unit residences, approved condominiums, and manufactured homes on a permanent foundation. The property must be occupied as the primary residence.

Are there purchase price limits for homes under this program?

Yes, the home’s purchase price must not exceed CalHFA's sales price limits for the county in which the property is located. These limits are subject to change and should be verified with a CalHFA-approved lender.

Can the MyHome Assistance Program be combined with other CalHFA programs?

Yes, MyHome can be combined with other CalHFA programs, such as the CalPLUS loan programs, to maximize affordability for homebuyers.

When is repayment of the MyHome loan required?

Repayment of the MyHome loan is deferred until the first mortgage is paid off, refinanced, or the home is sold. There are no monthly payments on the MyHome loan.

Are there any fees associated with the MyHome Assistance Program?

Lenders may charge a maximum processing fee of $250 for the MyHome loan. Other customary third-party fees, such as appraisal and title fees, may also apply.

Is there a minimum credit score requirement?

Yes, borrowers must meet the credit, income, and loan requirements of CalHFA's first mortgage loan program, the CalHFA-approved lender, and the mortgage insurer or guarantor.

Can I use the MyHome Assistance Program for a second home or investment property?

No, the program is intended for primary residences only. All borrowers must occupy the property as their primary residence within 60 days of closing.

What is the interest rate on the MyHome loan?

The MyHome loan carries a simple interest rate, which is deferred and does not require monthly payments. The interest rate is subject to change and should be confirmed with a CalHFA-approved lender.

Are non-occupant co-borrowers allowed?

No, non-occupant co-borrowers and co-signors are not permitted under the MyHome Assistance Program. All borrowers must occupy the property as their primary residence.

How do I apply for the MyHome Assistance Program?

To apply, contact a CalHFA-approved lender who will guide you through the application process, including verifying eligibility, assisting with necessary documentation, and explaining program requirements.

Is there a deadline to apply for the program?

There is no specific deadline to apply for the MyHome Assistance Program. However, program availability is subject to funding, so it's advisable to begin the application process as soon as you are ready to purchase a home.

Can I use the MyHome Assistance Program if I have owned a home before?

The program is primarily for first-time homebuyers. However, exceptions exist for certain situations, such as for veterans or those purchasing in targeted areas.

Are manufactured homes eligible for the MyHome Assistance Program?

Yes, manufactured homes are eligible if they are on a permanent foundation and meet the guidelines of the first mortgage.

What happens if I sell or refinance my home?

If you sell or refinance your home, the MyHome loan becomes due and payable. The repayment will include the original loan amount plus any accrued interest.

Is there a maximum loan amount for the MyHome Assistance Program?

Yes, the maximum loan amount is up to 3% or 3.5% of the purchase price or appraised value, depending on the type of first mortgage loan.