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. 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.

Government Loans

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.

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). This loan is a 30-year fixed interest rate first mortgage.

Chenoa Fund

The state of California offers homebuyers Down Payment Assistance (DPA) options through the Chenoa Fund. The Chenoa Fund offers three different programs to meet the different needs of homebuyers. The three programs offered by the Chenoa Fund are: Rate Advantage, DPA Edge: Soft Second, and DPA Edge: Repayable Second. 

Rate Advantage

Amount of DPA Provided
* 3.5% or 5% of the lower of the purchase price or the appraised value.

Description of Program
* Down payment assistance in the form of 10-Year repayable secondary financing at a 6% fixed rate only.

Borrower Income Limits
* Fully amortized second mortgages with a term of 10 years for borrowers with qualifying income less than or equal to 135% of the area median income for the property.

DPA Edge: Soft Second

Amount of DPA Provided
* 3.5% or 5% of the lower of the purchase price or the appraised value.

Description of Program
* Down payment assistance in the form of soft/forgivable secondary financing. The second lien is a 30-year term, 0% interest, and no payments due.

Borrower Income Limits
* Soft/forgivable secondary financing available to borrowers with qualifying income less than or equal to 115% of the area median income for the property.

DPA Edge: Repayable Second

Amount of DPA Provided
* 3.5% or 5% of the lower of the purchase price or the appraised value.

Description of Program
* Down payment assistance in the form of Repayable Secondary Financing. Loan Option 1 is a 10-year term, a 0% interest rate. Loan Option 2 is a 30-year term with, a 5% interest rate.
Both loans require regular monthly payments.

Borrower Income Limits
* Fully amortized second mortgages with a term of 10 or 30 years. With no income limits!