Down Payment Assistance

Hey! What’s Today’s Rate?

Today's Rate

Soooo, do I qualify for this program?
…and what exactly is a down payment assistance program?

Down Payment Assistance Programs

The money you put “down” or the down payment on your home loan can be one of the largest hurdles for many first-time homebuyers. We get it “life happens” and its not always easy to put money aside for your dream home. That’s why CalHFA offers several options for down payment and closing cost assistance. This type of assistance is often called a second or subordinate loan. CalHFA’s subordinate loans are “silent seconds”, meaning payments on this loan are deferred so you do not have to make a payment on this assistance until your home is sold, refinanced or paid in full. This helps to keep your monthly mortgage payment affordable.

A down payment assistance is exactly what it sounds like. It can come from the city you are looking at buying in, county, state, teacher fund, public works fund, etc. One of the most popular down payment assistance programs in California is the Calhfa (hence the reason we are talking about Calhfa).

Ruben Garcia Mortgage Group - Downpayment Assistance

Some of these programs help cover the actual down payment, others help cover closing cost and even home repairs! It is important to know all the options that are available to you.

This program is only available to first time homebuyers.

Who qualifies as a first-time homebuyer?

To know for sure, you should understand that a first-time homebuyer is defined as someone who has not owned and occupied their own home in the last three years. That means if you’ve never owned a home, you’re a first-time homebuyer. It also means that if you owned your home three or more years ago, but sold it, you are right back to being a first-time homebuyer again, and you can take advantage of all of the benefits of CalHFA’s first-time homebuyer programs.

Borrower Requirements

Each loan program that CalHFA offers to homebuyers can have different criteria for income limits, minimum credit scores, citizenship etc. To learn about specific requirements and benefits for each program, review the program descriptions at THE BOTTOM OF PAGE.

In general these are borrower eligibility requirements for all CalHFA programs:

  • You will need to meet credit, CalHFA income limits and loan requirements of the CalHFA-approved.
    Please call us to verify your eligibility for the program.
  • You will need to occupy the property as your primary residence. Investment properties are not eligible for this program.
  • CalHFA borrowers must complete homebuyer education counseling and obtain a certificate of completion through an eligible homebuyer counseling organization.
    Please reach out to us for a link and list of online providers.
  • CalHFA’s down payment programs MyHome and School Teacher and Employee Assistance Program require you to be a first-time homebuyer. See the definition of a first-time homebuyer.
Ruben Garcia Mortgage Group - Down Payment Assistance

Homebuyer Education Requirement

CalHFA firmly believes that homebuyer education and counseling is critical to the success and happiness of a homeowner, and requires homebuyer education and counseling for first-time homebuyers using a CalHFA program.

Who has to take this Homebuyer Education and Counseling course?
  • Only one occupying first-time borrower on each loan transaction.
How do I take this education and counseling course?

(fee: varies by agency). ***Please reach out to us directly for additional information.

First-Time Homebuyer Mortgage Programs Available

Conventional Loans

CalHFA Conventional Loan Program

The CalHFA Conventional program is a first mortgage loan insured through private mortgage insurance on the conventional market. The interest rate on the CalHFA Conventional is fixed throughout the 30-year term.

CalPLUS Conventional Loan Program

The CalPLUS Conventional program is a conventional first mortgage with a slightly higher 30 year fixed interest rate than our standard conventional program and is combined with the CalHFA Zero Interest Program (ZIP) for closing costs.

FHA Loans

CalHFA FHA Loan Program

The CalHFA FHA Program is an FHA-insured loan featuring a CalHFA 30 year fixed interest rate first mortgage.

CalPLUS FHA Loan Program

The CalPLUS FHA program is an FHA-insured first mortgage with a slightly higher 30 year fixed interest rate than our standard FHA program and is combined with the CalHFA Zero Interest Program (ZIP) for closing costs.

Cal-EEM + Grant Program

The Cal-EEM + Grant program combines an FHA-insured Energy Efficient Mortgage first mortgage loan with an additional Cal-EEM Grant, making energy efficient improvements even easier. The interest rate on the Cal-EEM is fixed throughout the 30-year term.

Other Government Loans

CalHFA VA Loan Program

The CalHFA VA program is a VA-insured loan featuring a CalHFA fixed interest rate first mortgage. This loan is a 30-year fixed interest rate first mortgage.

CalHFA USDA Program

The CalHFA USDA Program is a USDA Guaranteed first mortgage loan program, which can be combined with the MyHome Assistance Program (MyHome) or the School Teacher and Employee Assistance Program (School Program). This loan is a 30-year fixed interest rate first mortgage.







Monthly Payment

Principal & Interest $1421

Monthly Taxes $1421

Monthly HOA $1421

Monthly Insurance $1421

Want more information on downpayment assistance?

Contact us
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