California Down Payment Assistance
Helping Californians Achieve homeOwnership
California Down Payment Assistance Programs
Helping Californians Achieve homeOwnership
California Down Payment Assistance Programs
General Features of California DPA Programs
- Eligibility:
- Income and purchase price limits apply, often based on the area median income (AMI).
- Most programs require buyers to be first-time homebuyers (defined as not owning a home in the past three years).
- Credit Requirements:
- Minimum credit scores range from 600 to 660, depending on the program.
- Property Types:
- Assistance is typically available for owner-occupied, single-family homes, condos, and some manufactured homes.
- Repayment:
- Many programs offer deferred loans, meaning repayment isn’t required until the home is sold, refinanced, or no longer the primary residence.
- Some programs offer forgivable loans or grants that do not require repayment if conditions are met.600
Benefits of California DPA Programs
- Lower Upfront Costs: Reduce or eliminate the need for a large down payment.
- Accessibility: Increase access to homeownership for low- and moderate-income families.
- Flexibility: Options for both first-time and repeat buyers.
- Broad Availability: Programs cover urban, suburban, and rural areas.
California offers several down payment assistance programs to help homebuyers, especially first-time buyers, afford the upfront costs of purchasing a home.
California Dream For All Shared Appreciation (CALHFA)
- What It Is: Offers up to 20% of the home’s purchase price as a loan for down payment and/or closing costs.
- Repayment Terms: No monthly payments; repayment occurs when the home is sold, refinanced, or transferred. Borrowers share a portion of the home’s appreciation with the program.
- Eligibility: Must meet income limits, Be a first-time homebuyer, Complete a homebuyer education course.
- Best For: Buyers needing substantial down payment assistance in high-cost areas.
MyHome Assistance Program (CALHFA)
- What It Is: Provides up to 3% of the purchase price (5% for certain categories like teachers and firefighters) as a loan for down payment or closing costs.
- Repayment Terms: Deferred payments until the home is sold, refinanced, or no longer the primary residence.
- Eligibility: Income limits based on county and household size, Must be a first-time homebuyer, Must use a CalHFA-approved lender.
- Best For: Buyers looking for flexible, low-cost down payment assistance.
Zero Interest Program (CALHFA)
- What It Is: Provides a zero-interest loan to cover closing costs. Works as an add-on to CalHFA loan programs.
- Repayment Terms: Repayment is deferred until the home is sold, refinanced, or transferred.
- Eligibility: Must pair with a CalHFA first mortgage, Meet income and property requirements.
- Best For: Buyers who need help with closing costs specifically.
Platinum Program (GSFA)
- What It Is: Offers grants or forgivable loans (up to 5% of the loan amount) for down payment or closing costs.
- Repayment Terms: Grants do not need to be repaid. Forgivable loans are forgiven after three years if you stay in the home.
- Eligibility: No first-time homebuyer requirement, Meet credit score (usually 640+) and income requirements.
- Best For: Buyers seeking assistance without repayment obligations.
Open doors Programs (GSFA)
- What It Is: Provides up to 7% of the loan amount for down payment and/or closing costs.
- Repayment Terms: Loans have low-interest rates and are repayable over time.
- Eligibility: No first-time homebuyer requirement, Meet credit score and income guidelines.
- Best For: Buyers who need more substantial assistance.
- What It Is: Offers grants or forgivable loans (up to 3.5% of the loan amount) for down payment or closing costs.
- Repayment Terms: Grants do not need to be repaid. Forgivable loans are forgiven after three years if you stay in the home.
- Eligibility: No first-time homebuyer requirement, Meet credit score (usually 600+) and No income requirements.
- Best For: Buyers seeking assistance with income restrictions issues.
City Specific Programs
California’s major cities offer various city-specific down payment assistance programs to address the high cost of homeownership in these areas. These programs often provide more localized benefits tailored to their housing markets. Below are key options in Los Angeles, San Francisco, and San Diego:
- DALP (Downpayment Assistance Loan Program): A deferred loan up to $375,000 for first-time homebuyers who meet income and residency requirements.
- BMR (Below Market Rate) Housing Program: Provides homes at below-market prices with restrictions.
- LIPA (Low-Income Purchase Assistance Program): Offers deferred loans to help first-time homebuyers with down payment and closing costs.
- MIPA (Moderate-Income Purchase Assistance Program): Similar to LIPA but for moderate-income buyers.
- HOP Program (Deferred-payment loans up to $85,000 for down payment assistance): Income limits apply and Homebuyer education is required.
- San Diego Housing Commission First-Time Homebuyer Program: Offers deferred-payment loans and closing cost assistance for eligible buyers.
- First-Time Homebuyer Mortgage Assistance Program (MAP): Helps low-income families with deferred loans for down payment and closing costs.
- CalHome Program (through SHRA): Offers loans to assist with down payments, with eligibility based on income and residency.
- First-Time Homebuyer Program: Provides financial assistance for down payments and closing costs to eligible buyers within Fresno city limits.
- First-Time Homebuyer Program: Offers loans for down payment assistance and may include gap financing options.
- First-Time Homebuyer Assistance Program: Provides low-interest deferred loans for down payment and closing costs.
- First-Time Homebuyer Program (City of Bakersfield): Offers deferred loans to cover down payment and some closing costs.
- Downpayment Assistance Program: Provides forgivable loans up to $80,000 for down payment assistance.
County Specific Programs
- Alameda County:
- AC Boost: A down payment assistance loan program for middle-income first-time homebuyers.
- Santa Clara County:
- Empower Homebuyers SCC: A loan program providing up to 17% of a home’s purchase price for down payment.
- Riverside and San Bernardino Counties:
- Neighborhood Partnership Housing Services (NPHS): Offers down payment assistance and affordable mortgage programs.
- Contra Costa County:
- First-Time Homebuyer Program: Offers silent second loans for down payment assistance.
How to Apply
- Complete a Homebuyer Education Course:
- Most programs require completing an approved course.
- Work with Approved Lenders:
- Programs often require you to apply through lenders or agencies partnering with the city.
- Submit an Application:
- Ensure you meet all income, credit, and property requirements before applying.
- Obtain Pre-Approval:
- Many programs require pre-approval to reserve funds.
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