It features a deferred payment structure with no monthly payments required, and you can apply if you have a credit score of 660 or higher and meet the income limits!
For those dreaming of owning a home in California, down payments and closing costs are often the biggest concerns.
After all, with skyrocketing home prices, coming up with tens of thousands of dollars upfront all at once is never easy!
This is where CalHFA’s MyHome Assistance program can help. 😎
It’s a first-time homebuyer benefit that provides low-interest loans covering up to 3.5% of the purchase price, dramatically reducing the initial cost burden.
Today, we’ll explore the CalHFA MyHome Assistance program.
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Calhfa MyHome Assistance Program, Your Start to Homeownership in California
The Calhfa MyHome Assistance Program is a 1% simple interest subordinate loan program that supports down payments and closing costs for first-time homebuyers in California.
The most appealing aspect of this program is its ‘silent second mortgage’ structure.
Unlike typical loans where you repay principal and interest monthly, it features a deferred payment structure where loan repayment is postponed. ✨
This means your monthly payment burden doesn’t increase at all after purchasing the home.
As a result, the amount received only needs to be repaid later when you sell the home, refinance, or at the end of the loan term, making it highly advantageous for securing immediate cash flow. 🧐
- Up to 3.5% Assistance: Receive up to 3.5% of the purchase price or appraised value (whichever is less) to use toward your down payment or closing costs.
- Deferred Payment: There are no monthly payments required while you own the home, keeping your household budget manageable.
- Low Interest Rate: As a government-backed program, it applies a much more competitive interest rate compared to typical secondary loans on the market.
- Program Combination: It can be combined with various first mortgage products (such as FHA or Conventional loans), allowing you to design the optimal plan for your financial situation.
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Calhfa MyHome Assistance Program, what are the eligibility requirements? 🧐
As of 2026, the MyHome program requires a minimum credit score of 660 and meeting county-specific income guidelines.
Want to learn more?
- Minimum credit score of 640 recommended (varies by lender)
- Must meet the designated income limits for the county where the property is located
- Complete an education course provided by a CalHFA-approved organization
- Submission of an official Certificate of Completion is required when applying for the loan
1. Credit Score and Income Limits
The Calhfa MyHome Assistance program focuses on supporting buyers with stable repayment capacity, making credit score management crucial.
Maintaining a minimum score of 660 or higher significantly increases approval chances, and higher scores lead to more favorable loan terms.
Additionally, income restrictions are strictly enforced based on the desired location.
Since you must not exceed the income ceiling set for each county, you should verify beforehand that your total annual income falls within the applicable guidelines.
Lastly, managing your DTI is crucial. To ensure smooth loan approval, keep your monthly debt payments below a certain percentage of your income.
2. Required Course: Complete Homebuyer Education
If you meet the eligibility requirements, the next step is to complete Homebuyer Education. This course is not merely a formality but an essential step to prevent risks that may arise during the home purchase process.
Please note that you cannot receive final program approval without completing the education.
✅ Homebuying Process: Understanding the entire flow from property search to closing
✅ Budgeting & Management: How to manage maintenance costs and property taxes after buying a home
✅ Mortgage Basics: Interest rates, types of loan products, and how to prepare documents
✅ Credit Management Strategies: How to maintain a healthy credit score after securing your loan
This training can be taken online or in person through an accredited institution. Since the completion certificate issued after finishing the training must be submitted when applying for a loan, completing it beforehand before starting your home search can save you time!
This program does not involve monthly payments of principal and interest. There is no payment obligation during the loan period. Instead, the principal and the accumulated 1% interest are repaid in a lump sum when one of the following three situations occurs first.
✅ Refinancing: The assistance must be paid off when you refinance your primary mortgage to secure a lower interest rate or cash out.
✅ 30-Year Maturity: When the primary mortgage term ends or the loan is fully paid off, the assistance amount must also be settled.
Ultimately, this subsidy serves as a reliable pillar, ensuring liquidity of funds while you own the home. However, since it’s money that must be repaid eventually, it’s wise to calculate in advance whether sufficient equity will be built up when you later sell the home or refinance.
Considering these repayment timelines is essential when creating long-term financial plans. If you’re curious about the actual amount you could qualify for based on your income level and home price, tap the calculator now! 👉
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What do I need to do to apply right now?
To successfully apply for the Calhfa myhome assistance program, it’s a good idea to prepare the following documents in advance!
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Frequently Asked Questions FAQ
This program uses a ‘deferred payment’ method, meaning you don’t need to repay any principal or interest monthly while you own the home.
You repay it in a lump sum when you sell the home, refinance, or when the primary loan term ends.
As of 2026, a minimum credit score of 660 is required to qualify for the CalHFA MyHome program.
If your score is insufficient, we recommend consulting with a professional to improve your score before applying.
Yes, it can. Combining an FHA loan with the MyHome program allows the full down payment to be covered by the 3.5% home purchase assistance, making it highly advantageous for buyers with limited initial capital.
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The seemingly complex home buying process becomes much easier to prepare for with Loaning.ai.
Through the Calhfa MyHome Assistance program, we cheer you on to make your dream of owning a home a reality by 2026! 🏠✨
From preparing complex documents to obtaining pre-approval and final closing,
Loaning.ai, the official mortgage lender for Korean Americans in the U.S., will be your reliable partner.
