The California Housing Finance Agency has a new program to help first-time homebuyers purchase a house.
The MyHome Assistance Program, launched Monday, is a deferred junior loan that could help buyers receive up to 5 percent of the purchase price, or appraised value, of a home to use as a down payment or to pay closing costs.
The program can be combined with first mortgage programs through the housing finance agency and the Mortgage Credit Certificate program.
“The lack of savings for a down payment is often the barrier to purchase for first-time homebuyers, even though they can afford the monthly payments,” said Tia Boatman Patterson, executive director. “This new program bundles the first mortgage with down payment and closing cost assistance for our borrowers to make the home buying process simple, affordable and, most importantly, attainable.”
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The program has income limits and requires buyers to complete a homebuyer education course. For more information, visit www.calhfa.ca.gov or call 877-922-5432.