Overview
- The program offers subordinated loans up to 20% of a home’s purchase price with a $150,000 cap to support down payments and closing costs.
- Borrowers repay the original assistance plus 15% or 20% of any appreciation when the home is sold or refinanced, depending on income tier.
- CalHFA anticipates $150 million to $200 million in 2026 funding, with at least 10% reserved for applicants in qualified census tracts.
- Eligibility requires all borrowers to be first-time buyers, at least one to be a first-generation homeowner who currently lives in California, and adherence to county income limits.
- Applicants must obtain pre‑approval from a CalHFA‑approved lender, complete a free one‑hour online course, enter a randomized drawing, and if selected have 90 days to purchase with a possible 90‑day extension, with prior applicants required to reapply.