🏡 What Is CalHFA? The Ultimate Guide to California’s Homebuyer Assistance Programs

Unlocking Homeownership in California

Buying a home in California can feel like an uphill climb — especially with rising prices and limited inventory. But what if there were a program designed to help you finally cross the finish line?

That’s where CalHFA, the California Housing Finance Agency, comes in. Since 1975, CalHFA has been on a mission to make homeownership more accessible for everyday Californians through affordable financing, down payment help, and community-based housing initiatives.

As a Los Angeles Realtor who helps clients navigate today’s complex market, I’ve seen firsthand how CalHFA can turn “someday” into today for many buyers.

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What Is CalHFA?

The California Housing Finance Agency (CalHFA) is a state-run, self-supporting agency that funds affordable housing programs for both homeowners and renters. It doesn’t rely on taxpayer dollars — instead, it sustains itself through bond sales, loan repayments, and fees.

CalHFA’s mission:

To create safe, affordable housing opportunities for low- and moderate-income Californians while building stronger communities statewide.

Whether you’re buying your first home or developing affordable housing, CalHFA offers programs that make the process more achievable and sustainable.

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Why CalHFA Matters for California Homebuyers

If you’re struggling to save for a down payment or qualify for a conventional mortgage, CalHFA can bridge the gap. Here’s why it’s such a game-changer:

• 🏠 Down Payment & Closing Cost Assistance: CalHFA helps you cover upfront costs that often prevent first-time buyers from entering the market.

• 💸 Below-Market Mortgage Rates: Their fixed-rate loan options mean stable monthly payments and long-term financial confidence.

• 💬 Free Homebuyer Education: Every participant completes a CalHFA-approved course to set you up for success as a homeowner.

• 🌆 Community Focused: CalHFA funds projects that keep neighborhoods livable and affordable for working families across California.

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Key CalHFA Programs You Should Know

1. CalHFA First Mortgage Loans

These programs provide competitive fixed-rate mortgages through approved lenders:

• CalHFA FHA Loan – Backed by the Federal Housing Administration

• CalHFA Conventional Loan – Backed by Fannie Mae

• CalHFA VA Loan – For eligible U.S. veterans

• CalHFA USDA Loan – For buyers in designated rural areas

These loans are perfect for first-time homebuyers looking for flexibility and affordability.

2. MyHome Assistance Program

This program provides a deferred-payment junior loan that can be used toward:

• Your down payment

• Closing costs

• Other initial expenses

You won’t repay the MyHome loan until you refinance, sell, or pay off your first mortgage — giving you a financial head start when buying your home.

3. California Dream For All Shared Appreciation Loan

This newer program offers up to 20% of the home’s purchase price as down payment assistance. In return, CalHFA shares a portion of your home’s future appreciation when you sell. It’s an innovative way to make homeownership possible now while sharing success later.

4. Multifamily Housing Programs

CalHFA also partners with developers to finance affordable rental housing projects across California — ensuring communities have access to quality, long-term rental homes.

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Who Qualifies for CalHFA Programs?

To qualify, buyers generally must:

• Be a first-time homebuyer (no homeownership in the past 3 years)

• Occupy the home as their primary residence

• Meet income and purchase price limits for their county

• Complete a homebuyer education course

• Apply through a CalHFA-approved lender

👉 Tip: Income limits are higher than you might expect — in Los Angeles County, many moderate-income buyers still qualify.

How To Apply for a CalHFA Loan

1. Check Your Eligibility: Review CalHFA’s income and loan limits.

2. Take the Homebuyer Course: This online course is quick, easy, and often enlightening for first-time buyers.

3. Get Pre-Approved: Work with a CalHFA-approved lender to explore which programs fit your budget.

4. Find a Qualified Realtor: Partner with a local agent (like me) who understands how to navigate CalHFA transactions.

5. Start Your Home Search: Once approved, you can confidently shop for homes that fit your financial plan.

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CalHFA’s Impact on California Communities

Beyond helping individuals, CalHFA is shaping the future of California’s housing landscape.It plays a critical role in:

• Reducing the housing shortage

• Encouraging homeownership equity

• Supporting affordable housing development

• Stabilizing neighborhoods through sustainable financing

As of 2025, CalHFA is preparing to join the new California Housing and Homelessness Agency (CHHA) — unifying housing and homelessness efforts statewide.

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Why CalHFA Could Be Your Key to Homeownership

For thousands of Californians, CalHFA programs have opened doors that once felt locked.It’s not just about getting a loan — it’s about building generational wealth, stabilizing communities, and empowering families to thrive in the state they love.

If you’re thinking about buying a home in Los Angeles, Sherman Oaks, Studio City, or anywhere across California, exploring CalHFA could be the smartest move you make this year.

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💬 Ready To Learn More?

If you’re curious whether you qualify for CalHFA or want help connecting with approved lenders, I’d love to guide you through the process. As a Los Angeles Realtor specializing in first-time buyers and affordable financing, I can help you navigate every step — from eligibility to closing day.