Calhfa New Myhome Down Payment Assistance Program

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Erik Sandstrom

Mortgage Expert - Call 1-619-379-8999
Staff member
Loan Safe Mortgage
Jan 14, 2011
2,119
183
63
San Diego, California
www.loansreduced.com
The new MyHome program just released replaces some of the older programs called CHDAP and the recently released ZipExtra. These programs have been discontinued as this now provides a larger benefit and faster turn times than previous.

The new MyHome Assistance Program (MyHome) is a deferred payment, simple interest subordinate lien that provides up to 5% of the sale price or appraised value of the property (whichever is less). Typically this program is used to help low to moderate income first time home buyers to obtain a home with both down payment and closing cost assistance.

This is only available through a CalHFA approved lender CLICK HERE TO APPLY NOW.

Key Points:
  • This program is only available in California
  • You must be a first-time homebuyer or have no title interest in a property in the last 3 years
  • Be a U.S. Citizen
  • Meet credit, income and loan requirement of CalHFA’s first mortgage loan program as well as the lenders requirements.
  • Homebuyer Education IS Required
  • Non-Occupant co-signors are allowed on CalHFA FHA, CalPLUS FHA or Cal-EEM + Grant per FHA first mortgage guidelines and cannot occupy the property, be on the purchase agreement, be on title or have any vested interest in the property.

Program Details:
  • 5% assistance provided based on the lesser of the sales price or appraised value
  • 30 year term
  • Payments are deferred for the life of the loan.
  • Assistance received is due and payable when certain events occur.
  • Interest Rates Determined by CalHFA (not the lender you’re working with) meaning there is no competition in the industry for these loans. No matter where you go the interest rates will be the same.
  • Can combine with other programs to provide the maximum benefit
Although these programs can be difficult to qualify due to sales price and income requirements they do give many people the ability to purchase a home that would otherwise not. Many of them being millennials or even retiree's that may not have enough saved for a down payment but want to get out of living in rental properties and into something of their own.

If you’re in California and would like to see if you qualify for any of these programs, feel free to either contact me directly at 619-379-8999. [email protected] or APPLY NOW HERE.
 
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