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Explore These First-Time Homebuyer Programs in California

Agents assisting a couple having a new home

Buying a home for the first time is one of the most exciting and daunting tasks you will ever handle. Luckily, there are plenty of resources in California to assist first-time buyers. Here are a few of the first-time homebuyer programs in California you should explore.

#1. MyHome Assistance Program

The MyHome Assistance Program is a deferred-payment subordination loan that low and moderate-income first-time homebuyers in California can utilize to make a down payment or pay for the closing costs when taking a CalHFA mortgage loan. The term subordinate means it does not need to be paid until the home is sold, refinanced or paid off.

#2. Cal-EEM + Grant Program

This is an FHA-insured Energy Efficient Mortgage for both repeat home buyers and first-time homebuyers with a 30-year term with a fixed interest rate. The Cal-EEM + Grant Program helps borrowers make energy-efficient home improvements that are greater than the maximum amount allowed by the FHA and the mortgage is combined with a grant of up to 4% of the entire loan amount.

This can also be combined with the MyHome Assistance Program or School Teacher and Employee Assistance Program to help cover down payment or closing costs.

#3. School Teacher & Employee Assistance Program

Similar to the MyHome Assistance Program, the School Teach and Employee Assistance Program is a deferred-payment subordinate loan that helps buyers pay down payment and closing costs. It was created for teachers, school administrators, school district employees and staff members of California K-12 public schools. Those who work for charter schools and county/continuation schools can also qualify. These loans are limited to 4% of the sales price or appraised value, whichever is lower.

#4. CalHFA Zero Interest Program

The CalHFA Zero Interest Program makes the CalPLUS Conventional and CalPLUS FHA loans more affordable because it pays a portion of the closing costs. This program offers up to 4% of the total amount of the loan with an interest-free second loan. Payments on a CalHFA Zero Interest Program loan are deferred as long as you are residing in the home, but you are required to pay it back in full if you default on the loan, sell the home, refinance or transfer the title.

Are you a first-time homebuyer looking for the perfect home in Santa Ynez, California? I can make sure you find your dream home in your ideal neighborhood. Contact me today & check out my online listings to see all of the beautiful homes available in the area

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