How CalHFA MyHome Works
CalHFA MyHome is a deferred second mortgage — meaning you borrow the money for your down payment but make no monthly payments on it. It sits behind your first mortgage and is only repaid when you sell, refinance, or pay off your home.
| Feature | Details |
|---|---|
| Maximum assistance | 3.5% of purchase price |
| Payment | Deferred — no monthly payment |
| Interest rate | Simple interest, same as first loan rate |
| When repaid | At sale, refinance, or payoff |
| Minimum credit score | 660 |
| First-time buyer required? | Yes — no homeownership in past 3 years |
| Income limit (LA County) | ~$159,000 household |
| Works with | CalHFA FHA first mortgage |
The FHA + MyHome Stack — $0 Down Payment
The most powerful combination for Antelope Valley buyers: CalHFA FHA first mortgage (covers 96.5% of purchase price) + CalHFA MyHome (covers the 3.5% down payment). Result: $0 out of pocket for the down payment. You still pay closing costs (2–3% of purchase price), but many sellers cover a portion of those in the negotiation.
MyHome vs. Dream For All — Which Is Better?
- Dream For All: up to $150K / 20%, but lottery-based and requires first-generation status
- MyHome: up to 3.5% (≈$16K on a $460K home), available any time, no lottery, no first-gen requirement
- If you qualify for Dream For All: use Dream For All — it covers far more
- If you don't qualify for Dream For All (parents owned U.S. home, or ITIN): MyHome is your primary option
- MyHome is the workhorse program — consistently available and reliable
Frequently Asked Questions
What is CalHFA MyHome?+
CalHFA MyHome Assistance is a deferred-payment second mortgage from the California Housing Finance Agency. It covers your down payment or closing costs — you don't make monthly payments on it and don't repay it until you sell, refinance, or pay off your first mortgage. It is designed to stack with CalHFA first mortgages (FHA, conventional) to minimize out-of-pocket costs.
How much can I get from CalHFA MyHome?+
MyHome provides up to 3.5% of the purchase price or appraised value (whichever is less). On a $460,000 home, that's $16,100 — exactly the 3.5% FHA requires as a down payment. Combined with an FHA first mortgage, this can bring your out-of-pocket cost to near zero.
What are the income limits for CalHFA MyHome?+
Income limits vary by county. In Los Angeles County (which includes Palmdale and Lancaster), the 2026 income limit is approximately $159,000 for most household sizes. This is a household income limit — all borrowers combined. Many middle-income families qualify.
Does MyHome have to be repaid?+
Yes — it is a loan, not a grant. You repay the original amount (plus simple interest accrued at the note rate) when you sell, refinance, pay off the first mortgage, or transfer ownership. There is no monthly payment during the time you live in the home. Many buyers repay it comfortably from the equity they've built when they eventually sell.
Questions? We're Here.
Talk to Elizabeth — Hablamos Español
Bilingual real estate agent serving Palmdale, Lancaster, Quartz Hill, and all of Antelope Valley. No pressure, no jargon.