Golden State Finance Authority (GSFA) Programs (e.g., GSFA Platinum® Program,

Golden Opportunities Program)

  • What it is: Down payment and/or closing cost assistance programs.

  • Details: Not limited to first-time homebuyers. Offers up to 5.5% in financial

    assistance based on the first mortgage loan amount. Can be used for various

    property types (1-4 units, condos, townhomes, manufactured homes).

    Compatible with FHA, VA, USDA, and Conventional loans. Offers different

    structures (e.g., 15-year fully amortizing second mortgage loan, deferred second

    mortgage with 0% interest).

  • Eligibility: Designed for low-to-moderate income borrowers with flexible income

    limits (county-dependent). FICO scores as low as 640 may qualify.


California Housing Finance Agency (CalHFA) Programs

  • What it is: Offers various first mortgage and down payment assistance

    programs, including:

    • MyHome Assistance Program: Provides deferred-payment junior loans

      for down payment and/or closing costs.

    • CalHFA Dream For All Shared Appreciation Loan: A shared

      appreciation loan that provides down payment assistance to first-time

      homebuyers. The loan is repaid upon sale or transfer of the home, along

      with a share of the appreciation.

    • ADU Grant Program: Provides grants for pre-development and

      non-recurring closing costs associated with the construction of an

      Accessory Dwelling Unit (ADU) on an owner-occupied property.

  • Eligibility: Typically for low to moderate-income first-time homebuyers. Income

    limits and other criteria apply.

Mortgage Credit Certificate (MCC) Program

  • What it is: A federal tax credit that allows qualified first-time homebuyers to claim

    a portion of their annual mortgage interest as a tax credit, dollar-for-dollar, which

    can significantly reduce their federal income tax liability. This frees up income for

    other expenses and can help them qualify for a larger loan.

  • Administered by: Various state and local housing finance agencies (e.g.,

    CalHFA, GSFA, local county/city housing authorities).






USDA Rural Development - Single Family Housing Direct Home Loans (Section

502 Direct Loan Program)

  • What it is: Assists low- and very-low-income applicants to obtain decent, safe,

    and sanitary housing in eligible rural areas. Provides payment assistance to

    reduce mortgage payments.

  • Who can apply: Applicants must be without decent, safe, and sanitary housing,

    unable to obtain a loan elsewhere on reasonable terms, agree to occupy as

    primary residence, and meet citizenship/noncitizen requirements.

  • Details: No down payment typically required. Fixed interest rate (can be as low

    as 1% with payment assistance). Up to 33-year payback period (38 years for very

    low-income).

NMLS:

1926173

Call:

(562) 734-5400

DRE:

02239785