Down Payment Assistance: CalHFA MyHome
No Down Payment Required
Get 3-3.5% in down payment assistance. This comes in the form of a 2nd mortgage, but it requires $0 in payments and only accrues 1% in interest annually. Pair your MyHome down payment assistance with any standard first mortgage (Conventional, FHA, VA, or USDA).
Eligibility
First Time Homebuyers (no ownership in the last 3 years)
Meet Household Income Limits - Up to $248k/yr for SLO County (other county limits here)
Primary Occupancy Only - No non-occupant co-borrowers
640+ FICO
Closing Costs Also Can Be Covered!
MyHome covers your down payment through a 2nd Loan. But you can also get your closing costs covered through a ZIP (Zero Interest Program). This 3rd loan has no payment and no interest associated with it! It does however increase your interest rate for your 1st mortgage.
