Quick answer: California offers several down payment and closing-cost assistance programs for first-time and moderate-income buyers, including CalHFA MyHome, GSFA Platinum, and CalPLUS with the Zero Interest Program (ZIP). They can provide roughly 3% of the price toward your down payment or closing costs, usually as a deferred or low-interest second loan. You apply through an approved lender. Program terms change, so confirm current details with a lender.
Key takeaways
- Programs like CalHFA MyHome, GSFA Platinum, and CalPLUS ZIP help with down payment and closing costs.
- Assistance is often around 3% of the price, as a deferred or low-interest second loan.
- Most require homebuyer education, income limits, and a minimum credit score (often 660–680; FHA options can go to 580).
- You apply through an approved lender, not directly with the agency.
- These programs can dramatically lower the cash you need up front.
CalHFA MyHome Assistance
MyHome is a deferred-payment second mortgage from the California Housing Finance Agency. It can provide up to 3% of the purchase price on a conventional loan, or 3.5% on an FHA loan, toward your down payment or closing costs. You do not make monthly payments on it — it is repaid when you sell, refinance, or pay off the first mortgage.
GSFA Platinum
The GSFA Platinum program provides assistance toward down payment and closing costs, often structured so that it does not have to be repaid if you meet the program terms. Income limits apply, but they are relatively generous, which makes it an option for many Bay Area buyers who earn too much for some other programs.
CalPLUS with ZIP
CalPLUS pairs a CalHFA first mortgage with the Zero Interest Program (ZIP), a small interest-free second loan used specifically for closing costs. It is helpful when you have enough for a down payment but want help covering the fees due at closing.
Who qualifies and how to apply
Most programs require you to meet income limits for your county, complete a homebuyer education course, and hit a minimum credit score. Many are aimed at first-time buyers, defined as not having owned a home in the last three years. To apply, get pre-approved with a lender who is approved to offer these programs — they will match you to the right one and handle the paperwork alongside your mortgage.
Frequently Asked Questions
What is the CalHFA MyHome program?
A deferred second mortgage that can provide up to 3% (conventional) or 3.5% (FHA) of the price toward your down payment or closing costs, repaid when you sell or refinance.
What credit score do I need for down payment assistance?
Often 660–680 for CalHFA programs, though some FHA-based options can go as low as 580. Lenders set their own overlays.
Do I have to be a first-time buyer?
Many programs require it, meaning no home ownership in the past three years, but some do not. A lender can tell you which you qualify for.
How do I apply for down payment assistance?
Through a CalHFA or GSFA-approved lender, at the same time you get your mortgage pre-approval.
Want to know which program you qualify for? we can connect you with a trusted local lender to run the numbers. Comment GUIDE or reach out — Surbhi Gupta, REALTOR®. This is general information, not lending or financial advice.
