CalHFA provides low interest rate home financing to low to moderate income homebuyers in California, as well as down payment and closing cost assistance.
CalPLUS with Zip
For first-time homebuyers looking for a fixed rate mortgage with closing cost assistance combined into one perfect package, CalPLUS with ZIP is a great option!
- Conventional & FHA Options
- 97% LTV Conventional 1st mortgage loan
- 96.5% LTV FHA 1st mortgage loan
- Fixed interest rate on up to 20-year term
- Can also be combined with MyHOME program or STEAP and Mortgage Credit Certificate Program
- Choice of 3% or 4% of the total loan amount
- Zero interest
- Deferred payment (until maturity of first mortgage loan, refinance, or property transfer)
More CalHFA Programs
MyHome Down Payment Assistance
Up to 3.5% of the sales price or appraised value of the property, whichever is less, for down payment assistance
School Teacher and Employee Assistance Program (STEAP)
California K-12 school employees can receive up to 4% of the home’s sales price or appraised value (whichever is less) that can be used for down payment and closing costs
- STEAP will be in 2nd lien position if layered with CalPLUS and ZIP
- May not be combined with MyHome
- Generous Income Limits
- Available to First-Time Homebuyers Exclusively
Good Neighbor Next Door Program
With the Good Neighbor Next Door Sales Program, pre-Kindergarten through 12th grade teachers, firefighters, emergency medical technician (EMTs), and police officers can contribute to community revitalization while receiving 50% off the list price of the home!
- Full-time, pre-Kindergarten through 12th grade teachers, firefighters, emergency medical technician (EMTs), and police officers
- Commit to live in the property as your sole residence for 3 years.
- Eligible single family homes located within revitalization areas as listed by state (see www.HUDHOMESTORE.com)
Mortgage Credit Certificate
Allows first time homebuyers to claim a tax credit for a portion of the mortgage interest and qualifies for monthly savings in housing ratios
The program is designed to increase homeownership opportunities for low-to-moderate income individuals and families in California. Down Payment Assistance (DPA) is available in the form of a grant.
- Grant of 3%, 4% or 5% of the 1st mortgage amount, that requires no repayment
- For down payment and/or closing costs
- Minimum 640 FICO score
- Available for FHA and Conventional 1st loans
- Up to 50% MAX DTI for Conventional & 45% Max DTI for FHA
- 2% Borrower Paid Origination + $900 Processing