California Loan and Downpayment Assistance Programs

Qualifying for a down payment assistance program in California can be a significant advantage for anyone looking to buy a home. These programs offer a variety of financial support to eligible buyers, including grants, forgivable loans, and deferred-payment loans, which can be used towards down payment and closing costs. With this assistance, prospective homebuyers can overcome the financial barriers that may have previously prevented them from entering the real estate market.

By participating in a down payment assistance program, eligible buyers can enjoy greater flexibility and affordability when purchasing a home. The availability of financial support allows buyers to access more favorable mortgage rates, reduce their monthly payments, and avoid costly private mortgage insurance. Additionally, down payment assistance can help buyers build equity faster, providing greater financial stability and investment potential over time.

Benefits of participating in a down payment assistance program can be instrumental in helping Californians achieve their homeownership goals. By taking advantage of available resources, buyers can improve their financial position and make their dream of owning a home a reality.

1. CalHFA Dream For All Shared Appreciation Loan

This loan program provides up to 17% of the purchase price in down payment assistance. The loan is a shared appreciation loan, which means that the state will share the amount of the loan and in any appreciation of the home when it is sold.

2. Housing Trust of Silicon Valley Santa Clara County (SCC) - Empower Homebuyers SCC Program

The Empower Homebuyers SCC Program offers a deferred payment loan for down payment assistance. The loan is forgiven after 30 years or when the property is sold, whichever comes first.

3. Golden State Finance Authority (GSFA) Platinum Assist To Own - Conventional

This program provides a forgivable second mortgage that can be used for down payment and closing costs. The loan is forgiven after three years of owner occupancy.

4. CBC Mortgage Chenoa Fund - FHA Forgivable DPA

The Chenoa Fund offers a forgivable second mortgage that can be used for the down payment and closing costs. The loan is forgiven after three years of owner occupancy.

5. CBC Mortgage Chenoa Fund - FHA Repayable DPA

The Chenoa Fund also offers a repayable second mortgage that can be used for down payment and closing costs. The loan is payable over a 10-year term.

6. Golden State Finance Authority (GSFA) Platinum Down Payment Assistance Program - FHA/VA/USDA

The GSFA Platinum Program offers a non-repayable grant for down payment and closing costs. The grant can be used with FHA, VA, or USDA loans.

7. Golden State Finance Authority (GSFA) Platinum Down Payment Assistance Program - HFA Advantage

The GSFA Platinum Program also offers a non-repayable grant for down payment and closing costs. The grant can be used with the HFA Advantage loan.

8. California Housing Finance Agency (CalHFA) MyHome Assistance Program

The MyHome Assistance Program offers a deferred payment loan for down payment and closing costs. The loan is forgiven after three years of owner occupancy.

9. Federal Home Loan Bank (FHLB) of San Francisco - WISH First-Time Homebuyer Program

The WISH First-Time Homebuyer Program offers a matching grant of up to $15,000 for down payment and closing costs. The homebuyer must contribute $1,500 of their own funds.