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A New CalHFA Down Payment Assistance Program: MyHome Assistance Program

October 1, 2015

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CalHFA is pleased to announce its new MyHome Assistance Program starting October 5, 2015.  The MyHome program simplifies the loan process and maximizes affordability for eligible first-time homebuyers throughout California.

Highlights of the MyHome program: 

  • Up to 5% of the sales price or appraised value, whichever is less 
  • May be used for down payment assistance and/or closing costs 
  • Available to eligible first-time homebuyers in California 
  • Maximum CLTV is 105% 
  • 3% simple interest 
  • Payments are deferred for life of the first mortgage 
  • Maximum total DTI of 45.00%

MyHome can only be combined with a CalHFA first mortgage loan that has been reserved on or after October 5, 2015 and must be recorded in 2nd lien position.  The MyHome program can also be combined with other down payment assistance loans or grants to maximize affordability, but may not be combined with the Extra Credit Teacher Program.  Non-first-time homebuyers are not eligible for the MyHome program, but may continue to benefit from CalHFA’s CalPLUS Conventional or CalPLUS FHA loan programs with built-in ZIP assistance.

The MyHome program handbook and new forms will be posted on the CalHFA website October 5th.

See what down payment programs you may qualify for.

Get Pre-Approved Today!  Apply Online for Fast Pre-Approvals http://www.pmccanhelp.com.

PMC offers free credit enhancement prior to submitting your loan to the bank to ensure you get the best rate possible.  Even 20 points could be .25% better in rate, which equals thousands of dollars on the life of a mortgage loan.  If you have a loan scenario email us at info@pmccanhelp.com – PMC Can Help!

Visit Our Website:   http://www.pmccanhelp.com

FOR A FAST PRE-APPROVAL: Complete a loan application on our website APPLY ONLINE

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