The MyHome Assistance Program offers qualified first-time homebuyers with moderate income assistance with their down payment or closing costs.
The assistance comes in the form of a deferred-payment junior loan of up to 3.5% of the purchase price or the appraised value, whichever is less; the junior loan may be combined with a CalHFA first mortgage loan.
Below are a few of the requirements to qualify for the MyHome Assistance Program.
The Borrower must be a first-time homebuyer purchasing a home intended to be an owner-occupied primary residence. The Borrower is considered to be a first-time homebuyer if they have not owned and occupied a home in the past three (3) years.
The Borrower must be a U.S. citizen, permanent resident alien or other qualified alien.
The property to be purchased must but be a single family one unit residence; manufactured homes may be eligible.
Each Borrower using the MyHome Assistance Program must attend a Homebuyer Education course and receive a homebuyer’s education counseling certificate of completion. Said certificate must be issued through CalHFA’s online provider, eHomeAmerica, or a HUD-approved home-buyer counseling agency.
For the complete list of requirements, visit http://www.calhfa.ca.gov/homebuyer/index.htm