The CalHFA Down Payment Assistance Program is a California-based program that provides financial assistance to eligible first-time homebuyers who need help with their down payment and closing costs. The program is offered by the California Housing Finance Agency (CalHFA), a self-supported state agency that helps low and moderate-income Californians to become homeowners.
The CalHFA Down Payment Assistance Program offers a deferred payment loan of up to 3% - 3.5% of the purchase price or appraised value of the home, whichever is less. The loan is designed to help with the down payment and closing costs, and it does not have to be repaid until the home is sold, refinanced, or the first mortgage is paid off.
To be eligible for the CalHFA Down Payment Assistance Program, you must meet certain income and purchase price limits, as well as credit score requirements. You must also attend a homebuyer education course, and use the home as your primary residence.
It's important to note that the CalHFA Down Payment Assistance Program is just one of many programs available to help first-time homebuyers in California.
If you're interested in the program, you should give me a call, text or email so we can discuss your current situation and see if you are eligible for this program.