Key takeaways
- The California Housing Finance Agency (CalHFA) pairs 30-year fixed loans with down payment help through participating lenders.
- MyHome is a deferred-payment loan of up to 3.5% of the price with FHA (3% with conventional); ZIP adds 2% or 3% for closing costs on CalPLUS loans.
- Dream For All lends first-generation buyers up to 20% of the price (max $150,000), repaid with a share of the home’s appreciation; 2026 applications were chosen by random selection.
- Minimum credit scores start at 640 for CalHFA FHA and 680 for conventional loans.
California’s home prices make the down payment the biggest hurdle for most first-time buyers, and that’s where the state’s programs focus. CalHFA doesn’t lend directly; it works through approved lenders that combine a CalHFA first mortgage with down payment or closing cost assistance that you don’t repay until you sell, refinance or pay off the home.
The flagship option, MyHome, can cover the entire FHA down payment: on a $600,000 home, 3.5% is $21,000. For first-generation buyers, Dream For All goes much further, though its funding comes in limited rounds.
CalHFA programs at a glance
Rates and terms checked: Nov. 11, 2026. They change often, so confirm with the provider before you apply. How we review lenders
| Program | What you get | Key rules |
|---|---|---|
| CalHFA FHA / CalHFA Conventional | 30-year fixed first mortgage | First-time buyers; credit score 640+ (FHA) or 680+ (conventional); income limits; homebuyer education |
| MyHome Assistance | Deferred-payment junior loan: up to 3.5% of the price or appraised value (FHA), up to 3% (conventional), whichever is less | Used with a CalHFA first mortgage, for down payment and closing costs |
| CalPLUS + ZIP | First mortgage at a slightly higher rate plus ZIP: 2% or 3% of the loan for closing costs | ZIP is closing costs and prepaids only; can be combined with MyHome |
| Dream For All Shared Appreciation Loan | Up to 20% of the price or appraised value, max $150,000 | First-generation buyers; income limits; 680 credit score; applications by random selection when funding opens |
MyHome: help with your down payment
MyHome is a deferred-payment junior loan: no monthly payments, repaid when you sell, refinance or pay off the first mortgage. With a CalHFA FHA loan it covers up to 3.5% of the purchase price or appraised value (whichever is less), which is the full minimum FHA down payment. With a CalHFA conventional loan it’s up to 3%.
Example: on a $600,000 home with a CalHFA FHA loan, MyHome can provide up to $21,000, the full 3.5% down payment. You’d still need cash or other help for closing costs, which is where ZIP comes in.
CalPLUS and ZIP: help with closing costs
CalPLUS loans carry a slightly higher fixed rate in exchange for the Zero Interest Program (ZIP), a deferred loan of 2% or 3% of the first mortgage that can be used only for closing costs and prepaid items. It can be stacked with MyHome. Before choosing it, compare the lifetime cost of the higher rate with the closing cost help you get; run both payments in the mortgage calculator and estimate your costs with the closing cost calculator.
Dream For All: up to 20% for first-generation buyers
Dream For All is a shared appreciation loan for first-generation homebuyers, generally buyers whose parents don’t own a home in the U.S. It provides up to 20% of the price or appraised value, capped at $150,000. On a $600,000 home, that’s $120,000; on an $800,000 home, it’s capped at $150,000.
There’s no monthly payment. When you sell, refinance or pay off the loan, you repay the original amount plus a share of the home’s appreciation, and the money is recycled into the program for future buyers. If the home loses value, the terms set what you owe; read the program disclosure before you sign.
Funding comes in rounds. For 2026, CalHFA accepted applications from Feb. 24 to March 16, 2026, chose applicants by random selection, and gave approved buyers 90 days to find a home. Applicants needed a preapproval from a CalHFA-approved lender. Income limits vary by county; CalHFA cited examples of about $168,000 in Los Angeles County and about $309,000 in Santa Clara County. Watch CalHFA’s site for the next round.
Before you apply: because Dream For All is repaid with a share of appreciation, a fast-rising home can make it expensive in dollars. It still lets you buy with a much smaller first mortgage and often no mortgage insurance. Compare it with a standard loan plus MyHome over the years you expect to stay.
Who qualifies for CalHFA programs
- First-time buyer: generally no home owned in the past three years (Dream For All also requires first-generation status).
- Credit score: CalHFA FHA 640 with automated underwriting (700 for a 50% debt-to-income ratio, 660 for manual underwriting); conventional and Dream For All 680.
- Debt-to-income: commonly up to 45%, higher in some cases with stronger credit.
- Income limits: set by county.
- Education: an approved homebuyer course, such as the eHome eight-hour online course or counseling through a HUD-approved agency.
- Owner-occupied home in California.
How to apply
- Check what you can afford with the home affordability calculator.
- Find a CalHFA preferred loan officer and confirm your county’s income limit.
- Complete homebuyer education.
- Get preapproved and compare a CalHFA loan with MyHome against other offers.
- For Dream For All, get a preapproval in advance and apply during the next open window.
Other options to compare
Many California cities and counties run their own down payment programs, and some can be combined with CalHFA help. You can also compare FHA, VA, USDA and 3%-down conventional loans in our first-time homebuyer programs guide. If buying isn’t realistic yet, see whether renting or buying costs less.
First-time home buyer programs in other states
Frequently asked questions
How much down payment assistance can I get in California?
MyHome provides up to 3.5% of the price with a CalHFA FHA loan or 3% with a conventional loan, and ZIP can add 2% or 3% of the loan for closing costs. First-generation buyers selected for Dream For All can get up to 20% of the price, up to $150,000.
Do I have to repay CalHFA down payment assistance?
Yes. MyHome and ZIP are deferred loans with no monthly payments, repaid when you sell, refinance or pay off the first mortgage. Dream For All is repaid with a share of the home’s appreciation.
What credit score do I need for CalHFA?
At least 640 for a CalHFA FHA loan with automated underwriting and 680 for CalHFA conventional loans and Dream For All.
When does Dream For All open again?
CalHFA opens Dream For All in funding rounds; the 2026 window ran from Feb. 24 to March 16. Check CalHFA’s Dream For All page for the next round.
Sources: California Housing Finance Agency (homebuyer loan programs, government and conventional loan program matrices updated Jan. 1, 2026, Dream For All loan matrix and Jan. 16, 2026 press release). Program terms checked Nov. 11, 2026; rates, limits and availability change, so confirm with a CalHFA-approved lender. This article is for educational purposes and isn’t financial advice.
Written by Chanchala
Founder & Lead Writer · B.Sc. Mathematics (Honors) · 9 years in banking & lending
Chanchala is the founder and lead writer of FinInfoBlog. She holds a B.Sc. in Mathematics (Honors) and has 9 years of experience in banking and lending. She writes plain-English guides on savings, CDs, loans, credit and personal finance for U.S. readers, and makes sure every example shows the math behind the money decision. How we research and fact-check.