Watch: What Is CalHFA?
Learn how down payment assistance may help eligible California buyers plan for the upfront costs of a home purchase.
Watch on YouTube →California homebuyer assistance
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Explore CalHFA MyHome and Dream For All with Amy and our team. We will help you understand the money available upfront, what you repay later, and how each option could fit your home goals.
CalHFA is the California Housing Finance Agency. Its programs are offered through approved lenders, rather than directly to buyers. The two options below help with eligible purchase costs, but they work differently. Neither is free money, and you still need to qualify for the accompanying mortgage.
Start with the life you want at home. Then we can compare the upfront help, monthly housing costs, and future repayment before you choose a direction.
Watch and learn with Amy
What Is CalHFA? Down Payment Assistance Explained
Join Amy for an introduction to CalHFA assistance, then explore the program details below. Assistance options, funding, and eligibility can change; our team will help you review the current requirements.
01 | CalHFA MyHome Assistance
Help With the Upfront Costs of Your First Home
MyHome is a smaller, second loan used alongside an eligible CalHFA first mortgage. It can help pay your down payment, closing costs, or both. Monthly payments on the assistance are postponed; interest still accrues.
How much assistance could you receive?
- With a CalHFA FHA mortgage: up to 3.5% of the lower of the purchase price or appraised value.
- With a CalHFA conventional mortgage: up to 3% of that lower amount.
A simple example
For a $500,000 purchase with an appraisal of at least $500,000, those maximums would be $17,500 with FHA or $15,000 with conventional financing. This illustrates assistance only, not all the cash needed to close. Your actual eligibility and costs must be reviewed.
Compare the underlying FHA loan and conventional loan before deciding which combination works for you. See CalHFA's official MyHome overview.
Who may qualify?
MyHome generally requires first-time buyer status, a California primary residence, qualifying income within the applicable county limit, and completion of approved homebuyer education. The home and borrowers must also meet the first mortgage and lender requirements; non-occupant co-borrowers are not allowed.
For CalHFA, first-time does not necessarily mean never having owned. The usual definition looks back three years at ownership and occupancy of a principal residence, including living in a home owned by a spouse. Exceptions and documentation matter, so we will review your history together. Review the official borrower definitions.
When do you repay MyHome?
MyHome uses simple interest and is not a grant or a forgivable loan. Principal and accrued interest become due under the loan terms, including when you sell, transfer title, pay off or refinance the first mortgage, or reach maturity. A recorded notice of default can also trigger repayment. Deferring payments does not erase the balance.
Before refinancing, review the payoff with your lender. CalHFA generally requires MyHome to be repaid when the first mortgage is refinanced. Read the MyHome handbook and current refinancing guidance.
Your next step with MyHome
Begin with a financing review through a CalHFA-approved lender. Gather income records, bank statements, employment history, and tax returns for secure review. We can help you understand the questions to ask, compare the full house spending plan, and plan for education and closing costs.
02 | California Dream For All
More Upfront Help, With a Share of Future Appreciation
Registration status: checked September 27, 2026
CalHFA lists new voucher registration as closed. The application window ended March 16, 2026. Existing applicants should check their status in the official portal. No future opening is promised here. Check the latest Dream For All updates.
Dream For All offers up to 20% of the purchase price, capped at $150,000, for down payment and/or closing costs. It pairs with the Dream For All conventional first mortgage, not FHA. Voucher selection uses a randomized drawing; meeting the guidelines does not guarantee selection or loan approval.
First-time and first-generation are different requirements
All borrowers must be first-time buyers, at least one must be a current California resident, and at least one must meet CalHFA's first-generation definition. County income limits apply.
The first-generation definition includes a seven-year lookback for the designated borrower's ownership, title, or mortgage history for a home on owned land with a permanent foundation in the United States. It also considers parents' current ownership, or ownership at death. A foster-care or institutional-care pathway is included in the definition. Review your circumstances against CalHFA's full eligibility criteria.
What does shared appreciation mean?
You repay the assistance plus an agreed share of the home's increase in value. For a standard 20% assistance example, that share is 20% of appreciation. Eligible lower-income borrowers may receive a reduced share. Repayment is triggered by events such as sale, transfer, or payoff of the first mortgage.
An example to make the trade-off clear
Imagine buying for $500,000 with $100,000 in assistance. If the home later has a repayment valuation of $600,000 and your appreciation share is 20%, the illustration is $100,000 in original assistance plus $20,000 in shared appreciation: $120,000 total. This simplified example excludes adjustments and other costs; your loan documents control the calculation.
Refinancing also needs careful review. CalHFA has a conditional process that may let qualifying borrowers refinance without immediately repaying Dream For All. It is not automatic. Review the current refinance and resubordination rules before making plans.
What should you do now?
If you already applied, follow the instructions for your portal status. If you did not apply, we can explore MyHome and other assistance options while you follow official updates. Dream For All requires approved homebuyer education plus its separate shared-appreciation course.
Use this time to get comfortable with your numbers. Talk through how long you might stay, what a future move could look like, and how sharing appreciation could affect the equity available for your next home.
Explore the Dream For All article for additional background. For current terms and availability, use CalHFA's official program page.
Your questions, answered
CalHFA and Dream For All FAQs
These questions draw on Amy's detailed CalHFA and Dream For All articles, with answers checked against current official guidance.
Do I have to be a first-time buyer, and what does first-generation mean?
MyHome generally uses a three-year lookback: you must not have owned and occupied a principal home, or lived in a home owned by a spouse, during that period. Dream For All requires all borrowers to be first-time buyers and at least one to meet its separate first-generation definition. That includes a seven-year borrower ownership or mortgage-history test plus parent-ownership criteria, with a foster-care or institutional-care pathway. We will review the official definitions with you rather than assume that previously owning a home automatically rules you out.
How much assistance can I receive, and can it cover my entire down payment?
MyHome may provide up to 3.5% with a CalHFA FHA mortgage or 3% with a CalHFA conventional mortgage, based on the lower of price or appraised value. Dream For All offers up to 20% of the purchase price, capped at $150,000. Assistance can help with eligible down payment and closing costs, but it does not guarantee a purchase with no money out of pocket. We will calculate your remaining cash needed, including upfront expenses.
What credit score and income do I need to qualify?
There is no single credit-score requirement that applies to every CalHFA loan combination. Your first mortgage, underwriting findings, mortgage insurer, and lender requirements all matter. County income limits also differ by program. Amy and our team can review the exact combination you are considering and explain which income and credit information is needed. A score shown in a consumer app may differ from the score used for your mortgage; a score alone does not establish eligibility.
Can I use CalHFA assistance with an FHA or conventional loan?
MyHome can accompany an eligible CalHFA FHA or CalHFA conventional first mortgage. Dream For All must accompany the Dream For All conventional first mortgage, so it cannot be paired with FHA. The mortgage and the assistance are separate parts of the financing, and you must meet the requirements for both. We will compare your full payment and upfront costs before recommending a direction.
Is the assistance a grant, and when do I have to repay it?
Neither MyHome nor Dream For All is a grant. MyHome defers monthly assistance payments, but simple interest accrues and the balance must be repaid under its terms. Dream For All requires repayment of the assistance plus a share of appreciation. Sale, transfer, first-mortgage payoff, and other events described in your documents can trigger repayment. MyHome generally must be repaid when you refinance; Dream For All has a conditional resubordination process. Review the current refinance rules before planning a new loan.
How much of my home's appreciation does Dream For All receive?
In CalHFA's standard example, 20% assistance means repayment of the original assistance plus 20% of the increase in value. Its reduced-share example for eligible borrowers at or below 80% of area median income uses a 15% appreciation share for 20% assistance. This is a share of the increase in value, not 20% of the entire sale price. Your assistance percentage, income eligibility, loan terms, and valuation rules determine the calculation. See the repayment illustration above and CalHFA's examples.
Is Dream For All open, and what if I am waitlisted or not selected?
As checked September 27, 2026, new voucher registration is closed. Selection uses a randomized drawing, not a first-come queue. Existing applicants should follow their official portal status: waitlisted buyers should monitor the portal and email; voucher recipients should follow the instructions issued to them. If you were not selected or missed the window, we can compare MyHome and other assistance. Read Amy's article about having a Plan B and check official program updates.
How do I apply, and do I need homebuyer education?
Begin with a CalHFA-approved lender to review your financing and eligibility. Have income records, bank statements, employment history, and tax returns ready to provide securely when requested. Approved homebuyer education is required; Dream For All also requires its separate shared-appreciation course and a program-specific lender pre-approval letter for voucher registration when available. A conversation now can help you prepare without assuming a future opening. Talk with Amy about your next step.
Let's Make Your Next Step Clear
Bring your questions, your home goals, and your timing. Amy and our team will help you compare the full picture: upfront costs, monthly payments, and what assistance means later.
Talk With Amy About Your OptionsReturn to the First-Time Home Buyer Hub
Program rules, funding, and availability can change. All loans are subject to eligibility, underwriting, and approval. Official CalHFA guidance and your loan documents govern.