CalHFA Loans — California Down Payment Assistance
California runs some of the most substantial first-time buyer assistance in the country, including a shared-appreciation program. Funding rounds open and close, so timing matters.
What CalHFA Is
CalHFA is the California Housing Finance Agency, a state agency that helps first-time buyers bridge the down payment gap. It is not a lender you approach directly — CalHFA programs are delivered through approved loan officers, layered on top of an underlying first mortgage such as FHA or conventional.
That structure matters. You are getting two loans: a standard first mortgage, plus a CalHFA assistance loan behind it covering some or all of the down payment and closing costs.
The Main Programs
- MyHome Assistance Program — a deferred-payment junior loan toward down payment and closing costs. No monthly payment; repaid when you sell, refinance or pay off the first mortgage.
- Dream For All Shared Appreciation Loan — down payment assistance in exchange for a share of the home’s future appreciation when you sell or refinance. Larger assistance, but you give up part of the upside.
- CalHFA first mortgages — conventional and FHA first-mortgage products that the assistance programs attach to.
Eligibility and Timing
CalHFA programs carry income limits that vary by county and household size, sales price limits, a homebuyer education requirement, and first-time buyer status — generally meaning you have not owned a home in the past three years.
The timing point is the one most buyers miss. Program funding is finite, and rounds — Dream For All in particular — have opened and closed quickly. Terms and availability change between funding cycles. Confirm what is actually available when you are ready to transact, rather than planning months ahead around a program that may look different by then.
Shared Appreciation Is a Real Trade
Dream For All provides meaningful down payment help in exchange for a share of your appreciation. In a market that appreciates strongly, that share can become a large number. It can still be the right choice — owning with assistance often beats not owning — but it is a trade worth modeling rather than treating as free money.
CalHFA FAQ
What is the difference between MyHome and Dream For All?
MyHome is a deferred-payment junior loan — you repay the amount borrowed, plus interest per program terms, when you sell or refinance. Dream For All provides assistance in exchange for a share of the home’s appreciation, so what you repay depends on how much the property gains in value.
Do I have to be a first-time buyer for CalHFA?
Generally yes for the assistance programs, with first-time typically defined as not having owned a home in the previous three years. Specific program rules vary, and some exceptions exist.
Is there an income limit for CalHFA?
Yes, and it varies by county and household size. California’s limits are higher in expensive counties, but the programs are still targeted at low and moderate income households.
Is CalHFA funding always available?
No, and this is the most important practical point. Funding is finite and rounds have opened and closed quickly in the past. Availability and terms should be confirmed at the time you are ready to buy.
See Whether You Qualify for Assistance
Tell us your household income, the county you are buying in and your first-time buyer status, and we will tell you which CalHFA programs are realistically available to you.
Mango Stock Mortgage | NMLS# 2815478 | Licensed by the California Department of Financial Protection and Innovation under the California Financing Law, License No. 60DBO-218256. Loans made or arranged pursuant to a California Finance Lenders Law license. We do not publish rates; all quotes are personalized. This is not a commitment to lend. All loans are subject to credit, underwriting, appraisal and program approval. Equal Housing Lender. See our Licensing & State Disclosures.
Related California Mortgage Resources
- First-Time Home Buyer California
- FHA Loans California
- Sacramento Mortgage Broker
- Fresno Mortgage Broker
- Get Pre-Approved in California
See what you qualify for
Tell us about the property and what you are trying to do. A licensed loan officer will come back to you within one business day with what is actually available — including when the answer is to wait.