The MyHome Assistance Program (MyHome) is a deferred payment, simple interest rate subordinate loan that may only be used with a CalHFA first mortgage. Your low to moderate income first-time homebuyer can use this loan for down payment and/or closing cost assistance.
CalHFA allows qualified homebuyers to layer other down payment assistance loans or grants to maximize affordability.
MyHome must be in 2nd lien position when layering with other programs.
Brokers must work through a CalHFA-approved wholesale lender to process your CalHFA loan.
This program is for first-time homebuyers purchasing an owner-occupied property anywhere in California.
Each borrower must:
- Be either a citizen or other National of the United States, or a “Qualified Alien” as defined at 8 U.S.C § 1641
- Meet credit, income and loan requirements of CalHFA’s first mortgage loan program, the CalHFA-approved lender and the mortgage insurer/guarantor
- Be a first-time homebuyer
Exceptions to first-time homebuyer requirement:
- Borrowers utilizing HUD Section 184 Indian Home Loan Guarantee Program
- Borrowers affected by natural disasters in California Previous property must:
› be located in an area declared as a Major Disaster and posted on the Federal
Emergency Management Agency (FEMA) website
› have been the borrower’s primary residence
› have been destroyed or declared uninhabitable with supporting documentation supplied from either (i) the insurance company or (ii) the local government jurisdiction
› Borrowers affected by a declared Major Disaster are eligible to purchase a new home using CalHFA loan programs within three (3) years of that Major Disaster’s declaration date
First-Time Homebuyer Definition
To qualify for the MyHome loan program, all borrowers, including co-borrowers must reside in the home and meet the definition of a first-time homebuyer.
A first-time homebuyer is defined as a borrower who has not had an ownership interest in any principal residence or resided in the home owned by a spouse during the previous three years.
- All borrowers must occupy the property as their primary residence within sixty (60) days of closing
- Non-occupant co-borrowers are not allowed
- Non-occupant co-signors are not allowed
Property must meet the requirements of the applicable CalHFA first mortgage. Please refer to CalHFA first mortgage program handbooks for full details.
The following reference materials disclose income limits by county:
Underwriting & Compliance
The term of the MyHome matches the term of the CalHFA first mortgage not to exceed thirty (30) years. Payments on MyHome are deferred for the life of the first loan. MyHome is due and payable when certain events occur.
Repayment of the principal and interest on the MyHome loan shall be due and payable at the earliest of the following events:
- Transfer of title
- Sale of the property
- Payoff of the first loan
- Refinance of the first loan
- The formal filing and recording of a Notice of Default (unless rescinded)
MyHome loans behind an FHA or VA first mortgage may be assumed when the first mortgage is assumed
Maximum Loan Amount
The following categories will NOT be subject to the $10,000 loan amount cap. Eligible Borrowers
Eligible Loan Types
- Veterans using a CalHFA VA First Mortgage Eligible Property Types
- New Construction Properties
- Manufactured Housing Properties
- Single Family homes with Accessory Dwelling Unit (ADU) Units
Required Documentation for School Employees or Fire Department Employees:
- School Employees: paystub and/or written Verification of Employment reflecting the California public school district
- Fire Department Employees: paystub and/or written Verification of Employment reflecting the state, federal, local or tribal Fire Department
LTV and CLTV
Loan-to-Value (LTV) to follow the applicable mortgage insurer/guarantor investor guidelines and the applicable CalHFA first mortgage underwriting guidelines.
Maximum Combined Loan-to-Value (CLTV) cannot exceed 105%.
Lenders are required to calculate income to qualify borrower(s) for loan approval using investor guidelines. CalHFA will use the lender’s credit qualifying income to determine if the loan exceeds the maximum program income limit. Income not used by the lender for credit qualifying will not be used by CalHFA.
Maximum Income Limits
The income of all borrowers cannot exceed the published CalHFA income limits established for the county in which the property is located.
- Meet the requirements of the CalHFA first mortgage. Please refer to CalHFA first mortgage program handbook for full details
- MyHome may be used for down payment and/or closing cost. MyHome funds may not be used to pay off borrower debt. Borrower(s) may not receive any cash back from the MyHome loan. Any excess funds must be applied as a principal reduction.
- MyHome must be combined with a CalHFA first mortgage and may be combined with other down payment and/or closing cost assistance programs, but must remain in second lien position.
Minimum Credit Score & Qualifying Ratios
- Follow the guidelines in the applicable CalHFA first mortgage program handbook for minimum credit score requirements
- Follow the guidelines in the applicable CalHFA first mortgage program handbook for maximum total Debt-to-Income ratio requirements
Lender may charge a maximum total processing fee of $250. All other normal customary third party fees are allowed.
California Housing Finance Agency
Single Family Lending – MS 300
P.O. Box 4034
Sacramento, CA 95812-4034
 School Employees is defined as teachers, administrators, school district employees and staff members working for any California public school (Pre/TK - 12) or public-school district, which includes Charter schools and county/continuation schools.
 Fire Department Employees is defined as firefighters, administrators and all other state, federal, local or tribal fire department employees