CalHFA first-time buyer help, explained
Down payment help can change how much cash you bring to closing. It can also add another debt. Start by separating the mortgage that buys the home from the assistance loan that helps fund the purchase.
ReadMe Mortgage is opening soon in Citrus Heights. Loan applications and lending services are not available through this site. This is education only, not a quote, an offer, or a promise that any buyer or property meets program requirements.
What CalHFA is
The California Housing Finance Agency is a California state agency. It administers housing finance programs, including homebuyer mortgages and assistance. CalHFA does not lend directly to consumers; participating, approved lenders make the loans. Reading about a program here does not reserve funding or establish eligibility.
CalHFA FHA
The CalHFA FHA program is a first mortgage insured by the Federal Housing Administration, with a fixed term of 30 years. FHA insurance protects the lender; it is different from conventional PMI. Ask a participating lender how mortgage insurance affects the monthly payment and cash needed at closing.
CalHFA Conventional
The CalHFA Conventional program is a conventional first mortgage with a fixed term of 30 years. It is a different loan type from FHA. Mortgage insurance requirements and property rules differ, so compare the whole cost structure rather than assuming one program is always cheaper.
MyHome Assistance Program
MyHome is a junior loan with deferred payments that can help with down payment and/or closing costs. It sits behind the first mortgage. It is not free money or a grant, and deferring payments does not forgive the balance. The permitted amount depends on the first mortgage type and the program rules.
CalPLUS
CalPLUS FHA combines an FHA first mortgage with the Zero Interest Program, or ZIP, for closing costs. CalPLUS also has a conventional version. The first mortgage carries a higher rate than the corresponding standard CalHFA program. Check the current combination requirements, including MyHome, with the official CalPLUS bulletin. Assistance can reduce upfront cash while changing the longer-term cost.
Dream For All: check the current status
As of November 2026, CalHFA's official Dream For All page says voucher registration is closed. It describes shared-appreciation assistance for first-generation buyers, paired with a Dream For All Conventional first mortgage. Existing applicants should check their official portal status. When the home is sold, transferred, or the first mortgage is fully repaid, repayment includes the original assistance plus a share of appreciation. Check the official page for updates; this guide does not announce a new application window.
How assistance repayment works
A second loan creates another obligation secured by the home. Before agreeing to one, ask for its balance, interest terms, payment schedule, and events that make it due. Deferred payments mean payments are postponed; they do not automatically mean no interest or no eventual repayment.
A sale commonly requires settling both the first mortgage and the assistance debt from the transaction proceeds. Refinancing can also trigger repayment, unless the program permits the assistance loan to remain behind the new first mortgage through an approved resubordination. Ask about that before assuming a future refinance will be simple. Shared-appreciation assistance adds another question: how is the program's share of a gain calculated?
Who the programs are generally for
For CalHFA, a first-time buyer generally has not owned and occupied a principal residence during the previous three years. Individual programs can have exceptions and additional rules. Dream For All's first-generation requirement is separate from being a first-time buyer.
Income limits vary by county and program. Use CalHFA's current county income limits and the linked program requirements instead of an old number from an article. First-time buyers using CalHFA programs must complete accepted homebuyer education and counseling. Confirm the course before enrolling; a general online class may not satisfy the requirement.
Where this fits in the buying path
Start with a comfortable household budget, then separate your cash into down payment, closing costs, and reserves. The first-time buyer checklist puts documents, inspections, and disclosures in order. The closing costs guide explains which expenses assistance might help cover and why prepaid bills still matter.
Before choosing a program with a future participating lender, compare the first mortgage payment, insurance, assistance balance, and eventual repayment with a purchase without assistance. Keep emergency savings in that comparison. A smaller closing-day check is useful only if you understand the obligations that come with it.
Frequently asked questions
Does first-time buyer mean I have never owned a home?
Generally, CalHFA uses no ownership and occupancy of a principal residence in the past three years. Program-specific exceptions and additional rules can apply, so check the official borrower requirements.
Is MyHome a grant?
No. MyHome is a deferred-payment junior loan for down payment and/or closing costs. Deferred payments do not erase the debt; review when repayment is due and how interest is handled.
Can I register for Dream For All now?
As of November 2026, the official CalHFA page says the voucher application period is closed. Existing applicants should check their official portal status. Check CalHFA for later changes.
Does ReadMe Mortgage offer these loans?
No. ReadMe Mortgage is opening soon in Citrus Heights. Loan applications and lending services are not available through this site. This guide explains programs for education only, without an eligibility decision.