Get Homebuyer Fact Sheet - California Regional Multiple

Biden's Down Payment Toward Equity Act is a down payment grant that offers a pathway to homeownership for first-generation home buyers. If the bill becomes law, qualified home buyers could receive up to $25,000 in grant funding for their home purchase.

PROGRAM UPDATE AS OF 4/7/2023: We were just informed by CalHFA that as of Friday afternoon the CalHFA Dream For All Program is now entirely out of funds, and the program is now paused.

You are eligible to apply if you've never owned a home or if you owned a home three or more years ago and sold it, ing to CalHFA. You must also plan to live in the home you are buying and must meet income requirements depending on the county in which you live.

The CalPLUS FHA program is an FHA-insured first mortgage with a slightly higher 30 year fixed interest rate than our standard FHA program and is combined with the CalHFA Zero Interest Program (ZIP) for closing costs. Review the sections below to find out more about the CalPLUS FHA program.

CalHFA Government Loans (FHA): MyHome offers a deferred-payment junior loan of an amount up to the lesser of 3.5% of the purchase price or appraised value to assist with down payment and/or closing costs.

The CalHFA USDA Program is a USDA Guaranteed first mortgage loan program, which can be combined with the MyHome Assistance Program (MyHome). This loan is a 30-year fixed interest rate first mortgage.

While you can make payments on the loan to reduce accrued interest, or principal, no payments are required until the loan is called due, at maturity of the first, sale of the property, transfer of title, a refinance or assumption of the first.

The maximum total Debt-to-Income (DTI) ratio cannot exceed: • 50.00% › Credit Score ≥ 700 • 45.00% › Credit Score: 680 – 699 › Properties with Manufactured Homes MCC may not be used for credit qualifying purposes.