The California Homebuyer’s Downpayment Assistance Program is a deferred-payment junior loan that grants applicants up to 3% of the purchase price or appraised value of the property, which can be put towards the down payment and/or closing costs. 

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California Homebuyer's Downpayment Assistance

Financial Assistance for Homebuyers in California

In order to help homebuyers afford mortgage costs, the California Housing Finance Agency (CalHFA) has set up the California Homebuyer’s Downpayment Assistance Program (CHDAP). This is a deferred-payment junior loan that grants applicants up to 3% of the purchase price or appraised value of the property, which can be put towards the down payment and/or closing costs. Borrowers intending to apply for CHDAP must meet certain requirements:
  • They must be first-time homebuyers
  • They must occupy the home as their primary residence
  • They are required to successfully complete a homebuyer education counseling course
  • Homebuyers’ income must fall under certain CHDAP limits, depending on the type of mortgage they have
  • Applicants must meet the requirement of their lender and mortgage insurer
CalHFA's income limits cannot exceed certain federal maximum limits and offers low interest rates for low to moderate income first time homebuyers in California. Income limits may be different for each program. Use the list below to choose the appropriate program limits:

Conventional Income Limits
CalHFA Conventional First Mortgage Income Limits (As of 07/18/16)
(CalHFA Conventional, CalPLUS Conventional; also, MyHome and ECTP when used behind a Conventional first)
 
FHA Income Limits
CalHFA FHA First Mortgage Income Limits (07/18/16)
(CalHFA FHA, CalPLUS FHA, Cal-EEM +Grant; also MyHome and ECTP when used behind an FHA first)
 
Other CalHFA Programs
CalHFA MCC Program Income Limits (07/18/16)
 
Maximum Federal Income Limits 
(for use in calculating Recapture and Loan Assumptions)
Federal Limits for Recapture and Loan Assumption - (04/19/09*)
 
*The IRS Revenue Procedure 2010-23 allows CalHFA to use the 2009 published income limits. Therefore, in 2010, first mortgage programs may use the income limits published April 20, 2009 by CalHFA Homeownership Program Bulletin #2009-05).

Down Payment Grants in California

The City of Brentwood offers first-time homebuyers the Down Payment Assistance Program (DAP), which provides funds that go toward the down payment and/or closing costs. Assistance comes in the form of a deferred payment loan program for first-time homebuyers.

The CalHome Program provides applicants up to 17 percent of the total property price for down payment assistance, and 4 percent (up to $10,000) in closing costs assistance. These funds come in the form of a loan with 3 percent simple interest per year, accrued annually.

The California Homebuyer’s Downpayment Assistance Program is a deferred-payment junior loan that grants applicants up to 3% of the purchase price or appraised value of the property, which can be put towards the down payment and/or closing costs. 

The City of Downey has partnered with the local housing non-profit organization Neighborhood Housing Services (NHS) to provide down payment assistance in the form of a $60,000 loan, via the Downey First-time Homebuyer’s Program.

​The First Time Homebuyer Loan Program that was established by the City of Emeryville  provides down payment assistance to households at or below moderate income. This initiative gets individuals out of the renter’s trap by helping them to pay the heavy, upfront costs of purchasing a home.

The Extra Credit Teacher Home Purchase Program (ECTP) grants eligible applicants a deferred junior loan ranging between $7,500 and $15,000, which can only be combined with an eligible first mortgage loan from the California Housing Finance Agency.

Under the First Home Mortgage Program, applicants can receive up to 4 percent of the total first mortgage amount to be put toward paying the down payment and closing cost assistance. This assistance comes in the form of a grant, which has no repayment terms.

Califonia’s Golden State Finance Authority (GSFA) created the Platinum Program, which provides low-to-moderate income California homebuyers with down payment and/or closing cost assistance to help them achieve their goals of purchasing a home.

The FTHB Program provides down payment assistance in the form of a loan, the maximum amount of which may not exceed the lesser of the maximum HOME subsidy limit, 20 percent of the purchase price, or the amount needed as determined by underwriting criteria. The maximum loan amount will never exceed the amount of the primary loan.

The MyHome Assistance Program offers applicants a deferred-payment junior loan up to 3% of the purchase price/appraised value of the mortgaged property in order to help make the down payment or pay the closing costs.

FHA.com Reviews

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