MyHome Down Payment and Closing Cost Help

If you are a first time homebuyer looking for a little help with your down payment and / or closing costs, CalHFA’s MyHome program can help.

MyHome is a junior loan through the CalHFA program that will allow you to borrow up to 3.5% of the purchase price of the home you are buying.  You can use pair this loan with a CalHFA first mortgage for a total of 100% financing.

The MyHome junior trust deed comes with an interest rate of 2.5%.  The interest is calculated as simple interest which means interest gets added to the balance based on the amount of the loan only, not the amount of the loan plus any accrued and unpaid interest.

No payments are required on the MyHome loan until one of the follow events happens:

  • the first mortgage is refinanced
  • the first mortgage is paid off
  • the home is sold

Since the current maximum allowable sales price for CalHFA’s assistance programs is $660,000 a borrower could borrow as much as $23,100 (3.5% of $660,000) at 2.5%.

Income limitations do apply to this program – income limits are set by county and number of household occupants.  Please see this chart to find out if your household falls within the acceptable income limits for qualifying for down payment help.

This is an excellent way to take that first step towards owning a home and beginning to accumulate the financial benefits that accompany home ownership.

If you have questions about this program, feel free to give me a call at (800) 680-7875 or send an email message to