What is CalHFA and how does its down payment assistance work?

CalHFA, the California Housing Finance Agency, helps first-time homebuyers statewide, including Inland Empire buyers in Riverside and San Bernardino counties. Its loans run through CalHFA-approved mortgage lenders and combine a fixed-rate first mortgage with an optional subordinate second loan for down payment and closing costs. The MyHome program is a deferred 'silent second' of up to 3.5 percent of the purchase price for FHA loans (3 percent for conventional, VA, and USDA) with no monthly payment; it is repaid only when you sell, refinance, or reach loan maturity. The Zero Interest Program (ZIP) covers closing costs with a 0-percent interest second loan that pairs with the CalPLUS first mortgage. California Dream For All offers a shared-appreciation loan of up to 20 percent of the purchase price (capped around $150,000) with no monthly payments, repaid with a share of your future appreciation; it requires a voucher through a randomized drawing. Programs require homebuyer education, owner occupancy, and county income limits, and they can be layered with local programs such as the Inland Empire Down Payment Assistance Program. Julian can point you to CalHFA-approved lenders and tell you which combination fits your price range and income.