CalHFA MyHome Assistance • San Diego Real Estate

CalHFA MyHome

CalHFA’s MyHome Assistance Program is a deferred-payment junior (second) loan that can be paired with an eligible CalHFA first mortgage to help reduce the upfront cash needed to purchase a home. It can be used toward down payment and/or closing costs, and CalHFA describes the assistance amount as up to the lesser of 3.5% of the purchase price or appraised value for certain eligible first-mortgage pairings (program pairing rules apply).

A major benefit is that MyHome is typically structured so you don’t make monthly payments on the assistance while you live in the home, helping keep the monthly budget more manageable. Repayment is generally deferred until a future event—most commonly when you sell, refinance, or pay off/replace the first mortgage, or if the home stops being your primary residence—based on CalHFA’s subordinate financing terms and guidelines.

Benefits & Advantages

CalHFA’s MyHome Assistance Program is valuable because it directly reduces the two biggest barriers to homeownership—down payment and closing costs. By providing a junior loan that can be paired with an eligible CalHFA first mortgage, MyHome helps buyers purchase sooner without having to drain savings. This can also strengthen your overall financial position by allowing you to keep reserves for moving expenses, repairs, and emergencies instead of putting everything into the transaction.

Another key advantage is the deferred-payment structure, which typically means no monthly payment is required on the MyHome assistance while you occupy the home as your primary residence. That helps keep the monthly budget more manageable and can make qualifying easier than assistance that adds an immediate second payment.

Requirements

To qualify for CalHFA MyHome Assistance, you generally must be a first-time homebuyer (per CalHFA’s definition) and the home must be owner-occupied as your primary residence. All borrowers on the loan are expected to live in the property, and non-occupant co-borrowers are not allowed, which means you cannot add someone to the loan who will not reside in the home.

MyHome must be used in combination with an eligible CalHFA first mortgage and originated through a CalHFA-approved lender. You’ll also need to complete CalHFA-required homebuyer education/counseling and obtain a certificate of completion, and you must meet CalHFA county income limits and other program guidelines (property eligibility and underwriting requirements follow the paired first mortgage and lender overlays).