JET Advantage Mortgage

CalHFA Down Payment Assistance Loan Programs

Assist your Clients with CalHFA’s MyHome & ZIP programs For California Properties

CalHFA Loan Programs Overview

CalHFA down payment assistant programs may help you reach more clients and expand your pipeline all while helping borrowers get into their dream home!

Offered by the California Housing and Finance Agency, CalHFA offers various loan programs through mortgage lenders, like JET advantage mortgage to assist the needs of low to mid-income borrowers.  These loans have deferred payments which helps keep a borrower’s monthly mortgage payment affordable.

Each loan program that CalHFA offers to homebuyers can have different criteria for income limits, minimum credit scores, citizenship etc. Contact an Account Executive to learn about specific requirements and benefits for each program.

CalHFA loans are for First Time Homebuyers. A first-time homebuyer is defined as someone who has not owned and occupied their own home in the last three years. Plus, if they owned a home three or more years ago, but sold it, they qualify as a first-time homebuyer again, and can take advantage of all of the benefits of CalHFA’s first-time homebuyer programs. Exceptions may apply.

CalHFA recipients are also required to complete Homebuyer Education courses to help them understand the importance and responsibilities of homeownership. To learn more about these requirements, visit the CalHFA Borrower Eligibility Requirements page: https://www.calhfa.ca.gov/homebuyer/borrower.htm#first-time

MyHome & ZIP (Zero Interest) Programs

MyHome Can be added to the CalHFA and CalPLUS to provide down payment assistance. 

ZIP (Zero Interest Program) from CalHFA, may be used with CalPLUS and MyHome to cover closing costs at a zero interest rate. 

CalHFA Conventional Loan DPAs

  • CalHFA Conventional DPA Loans and MyHome offer a deferred payment program up to the lesser of 3% of the purchase price or appraised value to assist with down payment and/or closing costs. ZIP Not Allowed.
 
  • CalPLUS Conventional DPA, MyHome, and ZIP provide the down payment assistance of MyHome with the addition of the ZIP program for closing costs. 

CalHFA FHA Loan DPAs

  • CalHFA FHA DPA Loans and MyHome offer a deferred payment program up to the lesser of 3.5% of the purchase price or appraised value to assist with down payment and/or closing costs.
 
  • CalPLUS FHA DPA, MyHome, and ZIP provide the down payment assistance of MyHome with the addition of the ZIP program for closing costs. 

 

Dream For All (DFA) Program

The 2023 CalHFA Dream For All Program has been retired and all funds allocated have been claimed. We look forward to when this program may be offered again. 

 
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