Your down payment, deferred.

What MyHome is, and who it's for

MyHome is a deferred-payment, simple-interest junior loan through the California Housing Finance Agency (CalHFA) that provides down payment and/or closing cost assistance: up to 3.5% of the purchase price or appraised value, whichever is less, on FHA, VA, and USDA first mortgages, or up to 3% on Conventional first mortgages. There is no monthly payment on the assistance loan. It's repaid when you sell, refinance, pay off the first mortgage, or no longer occupy the home as your primary residence.

It's only available paired with a CalHFA first mortgage, and it requires first-time homebuyer status plus a CalHFA-approved homebuyer education course. One of the biggest hurdles to buying a home in California isn't qualifying for the mortgage, it's coming up with the cash to close. MyHome addresses that directly: instead of asking you to save an even larger down payment, CalHFA lends you a portion of it through a second, deferred loan that rides alongside your CalHFA first mortgage. Because it's deferred, there's no second monthly payment stacked on top of your mortgage. The assistance is simply repaid later, when the home is sold, refinanced, or the first mortgage is paid off.

How the MyHome Assistance Program works

• Qualify for a CalHFA first mortgage. MyHome isn't a stand-alone loan. It's layered on top of a CalHFA FHA, VA, USDA, or Conventional first mortgage, so we start by qualifying you for that loan.
• Complete homebuyer education. CalHFA requires a homebuyer education and counseling course, completed before closing, with a certificate on file.
• MyHome funds your down payment and closing costs. At closing, MyHome contributes up to 3.5% (FHA, VA, USDA) or 3% (Conventional) of the purchase price or appraised value, whichever is less, toward your down payment and/or closing costs.
• No payment until you sell, refinance, or pay off. MyHome is deferred, so you make no monthly payment on it. It's repaid in full, plus accrued interest, when the home is sold, refinanced, paid off, or no longer used as your primary residence.

Qualifying requirements

Exact guidelines are set by CalHFA and your first mortgage program, but MyHome eligibility generally comes down to this:

• First-time homebuyer status (haven't owned or occupied a home in the past 3 years)
• Paired with a CalHFA first mortgage: FHA, VA, USDA, or Conventional
• Household income within CalHFA's published limits for the property's county
• Completion of a CalHFA-approved homebuyer education/counseling course
• Owner-occupied primary residence; no second homes or investment properties
• Minimum credit score set by the paired first mortgage program
• Eligible property types: single-family homes, approved condos/PUDs, and manufactured housing
• Sales price within CalHFA's loan limits for the property's location

Pros and cons

Pros: no monthly payment on the assistance itself, nothing stacked on your mortgage payment. Can cover down payment, closing costs, or both. Pairs with FHA, VA, USDA, or Conventional financing. Backed by a state housing finance agency, not a private investor.

Cons: only available paired with a CalHFA first mortgage, so it can't be used with just any lender's loan. First-time homebuyer requirement excludes repeat buyers. Must be repaid in full at sale, refinance, or payoff, it doesn't disappear. Household income and sales price limits apply and vary by county.

Who MyHome is best for

• First-time buyers. Buyers who qualify as first-time homebuyers under CalHFA's definition and need help covering upfront costs.
• Income-eligible households. Buyers whose household income falls within CalHFA's published limits for their county.
• Deferred-repayment buyers. Buyers comfortable repaying the assistance later, at sale or refinance, instead of adding to today's payment.
• CalHFA first-mortgage borrowers. FHA, VA, USDA, or Conventional buyers already planning to finance through a CalHFA first mortgage.