Updated September 23, 2026 · By Sean Mertens, Assist Home Loans · NMLS #2047444
First-time homebuyer and down payment assistance options in SLO County
Sean Mertens at Assist Home Loans helps buyers in San Luis Obispo, Morro Bay, Los Osos, Atascadero, Paso Robles, and other SLO County communities compare home financing. Start with your budget, savings, and homeownership history, then compare assistance with a mortgage that does not use assistance.
There is no single best program for every first-time buyer. The useful comparison is the cash you need now, the full monthly housing expense, and what you will owe later. Program access and eligibility must be confirmed for your specific loan.
How CalHFA MyHome works
MyHome is a deferred-payment junior loan for down payment and/or closing costs. It must accompany an eligible CalHFA first mortgage through an approved lender; it cannot be paired with just any standard mortgage.
With an eligible FHA first mortgage: up to 3.5% of the lower of the purchase price or appraised value.
With an eligible conventional first mortgage: up to 3% of that lower value.
Repayment: monthly payments are deferred, but simple interest accrues. This is a loan, not a grant. Confirm the current assistance interest rate and written terms.
Principal and interest generally become due when you sell, transfer title, refinance, or pay off the first mortgage; a recorded notice of default can also trigger repayment unless rescinded. Read the official MyHome overview and program handbook.
Who may qualify for MyHome?
Borrowers generally must meet CalHFA's first-time buyer definition, occupy the home, complete required homebuyer education, and satisfy the applicable income, credit, and underwriting rules. Non-occupant co-borrowers are not allowed. Credit requirements depend on the first-mortgage program and lender.
Do not use an old county income chart to decide whether you qualify. Ask for the current CalHFA county income limit and the program's method of counting income. Limits and definitions differ across assistance programs.
Other options to compare
CalPLUS with ZIP or MyAccess
CalHFA offers additional assistance through specific loan combinations. ZIP is deferred, zero-interest assistance for closing costs. MyAccess can help with down payment and closing costs and must be combined with MyHome and a CalPLUS Access first mortgage. Deferred payments do not necessarily mean zero interest. Compare the first-mortgage pricing and every assistance loan's repayment terms. See CalHFA's current program guides.
GSFA and SLO County employee assistance
GSFA offers assistance programs that may also serve repeat buyers. If you work directly for the County of San Luis Obispo, compare the Assist-to-Own county employee program. Living in SLO County alone does not qualify you for that employee benefit. See GSFA's official program directory for other options.
California Dream For All
The 2026 application portal is closed to new registrations as of this update. CalHFA says applications could not be submitted after March 16, 2026. Applicants who already registered should check their portal status. Dream For All uses shared appreciation: repayment includes the original assistance plus a share of the home's appreciation. Do not plan a purchase around receiving a new voucher. Check CalHFA's current Dream For All status.
Local affordable homeownership opportunities
Below-market-rate homes are separate from a down payment assistance loan and have their own qualification and resale rules. The City's affordable housing page directs buyers to HouseKeys and currently lists no active purchasing opportunities. Check that page for openings; availability in one city does not establish availability throughout SLO County.
Does assistance mean I can buy with no money out of pocket?
Not necessarily. A covered down payment does not automatically cover lender and escrow fees, prepaid taxes and insurance, inspections, or reserves. Ask for a written estimate showing the assistance, any seller or lender credits, and your remaining cash needed. Compare it with the same purchase price and loan term without assistance.
Start your first-time buyer comparison with Sean
Bring your target price, available savings, estimated credit range, income and employment details, and whether you have owned a home before. If you are a county employee, mention your employer. Sean can help you review the financing paths and confirm which programs are available through the appropriate participating lender.
Schedule a consultation with Sean Mertens or call 805-540-9909. You can also review mortgage preapproval steps, what a $0-down purchase does and does not cover, and the SLO County mortgage-broker comparison checklist.
General educational information, not a loan approval or commitment to lend. Program availability, assistance, rates, and eligibility are subject to change and underwriting. Confirm the current written terms before committing to a purchase.
