The down payment is the wall most California first-time buyers hit — not the monthly payment. Household incomes that comfortably support a mortgage payment still struggle to stack up tens of thousands of dollars in a state with California's cost of living. That's the exact problem the state's housing finance agency, CalHFA, exists to solve — and its flagship tool, the MyHome Assistance Program, is available through approved lenders across every market we serve, from Sacramento to San Diego.
What MyHome actually is
MyHome is a deferred-payment junior loan that rides alongside your first mortgage and covers down payment and/or closing costs:
| First mortgage type | MyHome assistance |
|---|---|
| CalHFA FHA loan | Up to the lesser of 3.5% of the purchase price or appraised value |
| CalHFA conventional loan | Up to the lesser of 3% of the purchase price or appraised value |
"Deferred-payment" is the part that matters: you make no monthly payment on the MyHome loan at all. It's repaid when you sell the home, refinance it, or pay off the first mortgage. Until then, it simply sits behind your main loan, quietly doing its job.
Notice what that math means: FHA's minimum down payment is 3.5% — the same number MyHome can provide. For many buyers, MyHome effectively covers the entire minimum down payment, shifting the real cash-to-close conversation to closing costs and reserves.
What it looks like in real numbers
- Sacramento: on a $550,000 purchase with a CalHFA FHA first mortgage, MyHome can provide up to $19,250.
- Bay Area: on a $900,000 purchase (CalHFA's price limits permitting), 3% conventional assistance is up to $27,000.
- Inland Empire or Stockton–Modesto: on a $480,000 purchase, FHA-paired assistance is up to $16,800.
These are illustrations of the program formula, not quotes — your numbers depend on the purchase price, loan type, and current program terms.
Who qualifies
The headline requirements, straight from CalHFA:
- First-time homebuyer — defined as not having owned and occupied your own home in the last three years. (Owned a home years ago? You may still count.)
- Owner-occupancy — the home must be your primary residence; non-occupant co-borrowers aren't allowed.
- Income limits — CalHFA sets income limits by county, updated regularly. Many buyers assume they earn too much and are wrong; the limits reach well into six figures in most metros. Check your county's current figure on CalHFA's income limits page (linked below) or ask your loan officer to run it.
- Homebuyer education — a required course with a certificate of completion, available online.
- Eligible property — single-family, one-unit homes including approved condos/PUDs; manufactured homes are permitted; some guest houses and in-law units can qualify.
The fine print worth knowing
- It's a loan, not a grant. MyHome is repaid when you sell, refinance, or pay off the home. Plan for that in your long-term equity math.
- It stacks with CalHFA first mortgages only. MyHome pairs with CalHFA's FHA and conventional first-mortgage programs through CalHFA-approved lenders — this isn't something you bolt onto any loan from any lender.
- Price limits apply. CalHFA caps eligible purchase prices; in high-cost coastal counties the caps are meaningfully higher than inland. Current limits are on CalHFA's site.
- Local programs can exist too. Some cities and counties in our markets run their own assistance programs that may layer differently. A local loan officer who works these programs weekly will know what's actually funded and available right now — programs open and close throughout the year.
Is MyHome right for you?
Deferred-payment assistance is a genuinely good deal for buyers who plan to stay put and build equity. It's less compelling if you expect to sell within a couple of years (the assistance comes due at sale) or if you have the down payment saved and qualify for stronger pricing without a junior lien. The honest answer depends on your timeline, market, and loan type — which is a fifteen-minute conversation with a loan officer, not a guess.
Sources
- CalHFA MyHome Assistance Program (program terms, borrower and property requirements)
- CalHFA loan programs overview
- CalHFA income limits (county-by-county)
Program terms are set by CalHFA and change without notice; figures above are current as of August 2026. This is general information, not a loan offer, a commitment to lend, or financial advice. Talk to a CalHFA-approved Xpert loan officer to confirm current terms and your eligibility.