Down Payment Assistance in California

CalHFA (California Housing Finance Agency) understands that buying a home is a huge responsibility; it is also a huge opportunity. Owning your home means you can paint the walls with your favorite color, plant flowers and vegetables if you choose and plant the seed for an investment in your future

CalPLUS w/ ZIP EXTRA Homebuyer Assistance Program – CalPLUS w/ ZIP is CAlHFA’s premiere homebuyer assistance program that provides between 3% to 4.5% in down payment assistance, reduced mortgage insurance premiums.  CalPLUS is offered in both FHA and Conventional financing.  Eligible buyers cannot exceed the county income limit.

California Homebuyer’s Down Payment Assistance Program (CHDAP) – One of CalHFA’s most popular assistance program has been DISCONTINUED and replaced by the MyHome Assistance program.

CalHFA MyHome Assistance  Program – The MyHome Assistance programs provides 3% in down payment and closing cost assistance to first time homebuyers in California.  Eligible applicants must meet qualifying requirements for the CalHFA CalPLUS loan program.

GSFA HFA Platinum Grant – Golden State Finance Authority offers 3% to 5% assistance in the form of a non-repayable grant to provide affordable financing to California residents.  The GSFA Platinum grant works with Conventional, FHA, and VA home loans and does not require you be a first time buyers.  Eligible in all counties in California literally provides a grant to help you purchase a home.  Call me to find and compare all of your homebuyer assistance options.

CalHERO Down Payment Assistance – a 2% forgivable grant for down payment assistance.  Eligible borrowers are any current, retired, or volunteer Police Officer, Firefighter, Paramedic/EMT, Nurse, Teacher, veteran, or Military personnel.

Chenoa Fund Downpayment Assistance – Chenoa Fund offers the Chenoa Edge and Chenoa Advantage, both of which provide 3.5% of the sales price to meet the minimum down payment when using an FHA loan.  Assistance is in the form of a 2nd mortgage which may or may not be forgivable, 620 minimum credit score, and borrowers DO NOT have to be first time buyers.

NHF Sapphire Grant – NHF provides up to 4% grant money for eligible home buyers that never has to be repaid.  Available in all counties throughout California, buyers only need a 620 credit score and can DTI ratios can go up to 50%!  Borrowers do not have to first time buyers and can even own other properties.

HELP Down Payment Assistance Grant – Provides 4.5% grant that can be applied towards the down payment or paying closing costs.  Eligible in all 58 counties in California and do not have to be first time homebuyers.  DTI ratios up to 56%.

1% Down Conventional Equity Boost Grant – Down payment assistance program using Conventional financing for buyers with good credit and income.  The lender provides a 2% grant and buyer only needs 1% of their own funds.  Buyer funds can be gifted from a family member.

HomePath Ready Buyer Program – Fannie Mae closing cost assistance program that gives buyers up to 3% when buying a Fannie Mae owned property.

Dream Makers Grant – Homebuyer assistance grant that can be applied towards down payment or closing costs.  Must be an eligible Veteran, Active Duty, Reserve, or National Guard first time buyer with low to moderate income.

Community Home Advantage Program (CHAP) – CHAP provides a reduced interest rate or closing cost credit for homebuyers and homeowners who want to purchase or refinance a home located in an eligible county and zip code of California. There are no income limits.

CHF 3% ACCESS Down Payment Assistance – CHF ACCESS offers 3% down payment assistance in the form of a second lien.  Not limited to first time buyers, available in all counties, and has flexible qualifying credit requirements.  In fact, it’s possible to qualify with a 580 FICO credit score.  (ACCESS program has been DISCONTNUED)

CalHFA School Teacher & Employee Assistance Program – STEAP provides down payment assistance to eligible teachers, administrators, school district employees, and support staff at K-12 public and charter schools, district offices, and continuation schools.

Extra Credit Teacher Program (ECTP) – *** ECTP has been Discontinued***  CalHFA offers a first time homebuyer program for Teachers, Administrators, school Staff, who work in a High Priority school in California.  The ECTP teacher loan provides $7,500 to $15,000 for down payment that has an interest forgiveness feature when employed at the school for at least three years.