Overcoming California's Down Payment Hurdle: The MyHome Assistance Program
Saving for a down payment is frequently cited as the number one barrier to homeownership, particularly in California. Fortunately, the MyHome Assistance Program exists to help bridge that exact gap.
MyHome provides a deferred-payment junior loan that can be used to cover your down payment and/or your closing costs. The amount of assistance depends on the type of first mortgage you are getting:
- With a CalHFA FHA Loan: You can receive an amount up to the lesser of 3.5% of the purchase price or the appraised value.
- With a CalHFA Conventional Loan: You can receive an amount up to the lesser of 3% of the purchase price or the appraised value.
Who is eligible?
To qualify for MyHome assistance, you must be a true first-time homebuyer, occupy the property as your primary residence, and meet CalHFA's specific income limits for the program. Additionally, eligible properties include single-family residences, approved condos, and manufactured housing.
You can pair MyHome with a variety of CalHFA products, including standard CalHFA FHA and Conventional loans, as well as CalPLUS loans.
Ready to see if you qualify? Visit our First-Time Buyer Hub and connect with a Bond Street loan officer.
Frequently Asked Questions
Yes, MyHome is a deferred-payment junior loan, not a grant. Repayment is typically required when you sell the home, refinance the first mortgage, or no longer occupy the property as your primary residence.
No, MyHome assistance must be paired with a CalHFA first mortgage loan through a participating CalHFA lender like Bond Street Mortgage.
The maximum depends on your loan type: up to 3.5% of the purchase price for CalHFA FHA loans, or up to 3% for CalHFA Conventional loans.
Yes, you must meet CalHFA's income limits, which vary by county and household size. These limits ensure the program serves low- to moderate-income homebuyers.
Yes, MyHome can be used for approved condominiums, planned unit developments (PUDs), and manufactured housing, as long as the property meets CalHFA eligibility requirements.
See if You Qualify for MyHome Assistance
Our California mortgage specialists can help you understand MyHome requirements and guide you through the application process.
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