This loan is a year fixed interest rate first mortgage. The money you put "down" or the down payment on your home loan can be one of the largest hurdles for many first-time homebuyers. That's why CalHFA offers several options for down payment and closing cost assistance.
This type of assistance is often called a second or subordinate loan. 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.
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Purpose Enable low- and very low-income households to become or remain homeowners. Assistance Type and Terms Grants to local public agencies and nonprofit developers to assist individual first-time homebuyers through deferred-payment loans for downpayment assistance, home rehabilitation, including manufactured homes not on permanent foundations, acquisition and rehabilitation, homebuyer counseling, self-help mortgage assistance, or technical assistance for self-help homeownership.
Note: CalHome does not lend directly to individuals. Eligible Activities Predevelopment, site development, and site acquisition for development projects. Eligible Applicants Local public agencies and nonprofit corporations.
MyHome Assistance Program for assistance with down payment and closing costs. For full details on any of the programs listed above, visit the CalHFA website. These lenders may have their own rules about income limits, credit scores and eligible properties.
More from NerdWallet. Calculate your mortgage payment. Compare California mortgage rates. See the best California mortgage lenders. National first-time home buyer programs. Back to top. CalHFA highlights and eligibility requirements. CalHFA first-time home buyer loan programs.
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