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About the MyHome Down Payment Assistance Program

 

MyHome Assistance Program  pic

MyHome Assistance Program
Image: calhfa.ca.gov

Jim Cicchese serves as a realtor with COMPASS, a luxury brokerage that stands out as one of the fastest growing real estate firms nationwide. In his work with the real estate firm, Jim Cicchese draws on diverse experience in assisting homebuyers in California.

In the state of California, a resource known as the MyHome Assistance Program allows homebuyers to borrow funds for a down payment. Borrowed funds take the form of a junior loan with a deferred payment format and can total up to 3 percent of a home’s appraised value or purchase price. Neither the sale price nor the borrower’s income may exceed the limits in place under the California Housing Finance Agency (CalHFA), which must serve as the mortgage lender for a MyHome Assistance Program participant.

Each participant must be a first-time homebuyer seeking to purchase a single-unit residence, though in-law apartments and related units may qualify. The borrower must agree to occupy the unit as his or her primary residence and must complete a homebuyer education counseling program through an eligible organization. The program also requires that the borrower meet all requirements set by the lender and insurer or guarantor of the mortgage.

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