First-Time Homebuyer Programs in California: Finding the Right Help for Your First Home

Buying your first home is such an exciting milestone! But let’s be honest, in California’s competitive market, it can also feel a little overwhelming. The great news is that there are some excellent programs out there to help make your dream of homeownership a reality sooner than you might think.

While there are national programs available to anyone, some of the best opportunities for California buyers come from our state-level initiatives. These programs can offer help with your down payment, closing costs, lower interest rates, and even loans that can be forgiven if you stay in your home for a specific period. At Elation Real Estate, Gina Piper and our team guide clients through the home-buying process from start to finish, ensuring they are aware of every available opportunity.

Spotlight on the MyHome Assistance Program

One of the most popular programs for first-time buyers here in California is the CalHFA MyHome Assistance Program. It’s designed to help with your down payment and/or closing costs through a deferred-payment junior loan.

For CalHFA Government Loans (FHA), the program can provide up to 3.5% of the purchase price or appraised value, whichever is less.

For CalHFA Conventional Loans, the assistance is up to 3%.

Who Can Qualify?

To be eligible, you need to be a first-time homebuyer (meaning you haven’t owned a home in the last three years), and the home must be your primary residence. Non-occupant co-borrowers aren’t allowed. You’ll also need to complete homebuyer education and counseling with an approved provider and meet CalHFA’s income limits for your area.

What Kind of Homes Are Eligible?

The program covers single-family, one-unit homes, approved condos or PUDs, and even certain guest houses, granny units, or in-law quarters. Manufactured homes are allowed, too, as long as they meet guidelines. In any case where requirements differ, the stricter rule applies.

Interest Rates

Interest rates vary depending on your finances, lender fees, and other factors — and they can change daily. CalHFA works with approved lenders (they don’t lend directly), so it’s important to connect with one of their trained loan officers to get an accurate quote.

How to Apply

You’ll work with a CalHFA-approved loan officer who will walk you through the process, check your eligibility, and help you apply. To get a head start, gather documents like your pay stubs, bank statements, employment history, and past tax returns. It makes everything smoother and faster.

Tips for First-Time Buyers

• Check with your bank or credit union: They often have special loan programs for members.

• Work with a local Realtor: Someone who knows your market, can connect you to trusted lenders, and help you move quickly when the right home comes up.

• Stay informed: Keep an eye on market trends like prices, days on market, and competition in your target area. If you’re looking in regions like the Tri-Valley, staying current on these metrics will help you act quickly when the right opportunity appears.

• Use the HUD Website: It’s full of state and local resources.

Final Thoughts

If you’re dreaming about buying your first home, understanding these programs can save you thousands and make the process less stressful. At Elation Real Estate, Gina Piper and our team can help you, ensuring you feel confident from your first showing to closing day.

Ready to explore your options? Let’s talk