California Down Payment Assistance

Program Highlights

Program Summary

The California Housing Finance Agency offers First Time Home Buyer programs to specifically meet the needs of home buyers in the State of California.  CalHFA offers first mortgages to 95% with a wide variety of down payment assistance options that results in essentially no money out of pocket for down payment and in some cases closing costs.

Program Details

First Mortgage Loan Programs:

• interest only PLUS - 35 year fixed rate mortgage / Interest only for the first 5 years
• 30 Year Fixed - 30 year fixed, fully amortized mortgage
• 40 Year Fixed - 40 year fixed, fully amortized mortgage

Down Payment Assistance Loan Programs:

• CalHFA Housing Assistance Program (CHAP):  Offers a deferred payment down assistance loan up to 2% of the purchase price or appraised value, whichever is less, in CHAP designated areas.
• California Homebuyers Downpayment Assistance Program (CHDAP):  Offers a deferred payment loan up to 3% of the purchase price or appraised value.  May be used for either down payment assistance or closing costs.
• Extra Credit Teacher Home Purchase Program (ECTP):  is designed to make homeownership a possibility for eligible teachers, administrators, classified employees and staff members working in high priority schools in California.

Purchase Price Limits:  Purchase price limits are determined by County and Area - See guidelines here

Income Limits:  Income restrictions are determined by County and number of occupants in home.  See guidelines here

Payments:  Payments on all down payment assistance loans are deferred for the term of the first mortgage.  Repayment is required if first mortgage is either refinanced or home is sold.

Recapture:  Under certain circumstances, there is a recapture feature to CalHFA first mortgages - see guidelines here

Contribute Home Buyer Comments:  Please keep this site up to date and relevant by making comments if you have used this program or are in the process of using it now.  By sharing this information it helps all Home Buyers stay informed and up to day.