: This is a deferred-payment "silent second" loan for down payments or closing costs. It typically covers up to 3.5% of the purchase price.
To access these programs, you generally must meet the following criteria:
: Defined as not owning a home in the last three years.
: This offers zero-interest loans specifically for closing costs, which can be layered with other CalHFA first mortgages.
: Limits vary by county; for example, limits can be as low as $83,000 in rural areas or over $300,000 in San Francisco.
: A CalHFA program that offers a loan at 0% interest, which is entirely forgiven if the buyer stays in the home for five years. Regional and Local Initiatives
Navigating the California housing market as a low-income individual can feel like an impossible task, but a robust framework of state and local programs exists specifically to bridge the affordability gap. These initiatives focus on the two largest hurdles for buyers: the initial down payment and the long-term cost of a mortgage. State-Level Assistance: CalHFA