Unlocking Homeownership: California's Down Payment Assistance Programs

Purchasing a home in California can be challenging, but various Down Payment Assistance (DPA) programs are available to help make the dream of homeownership a reality. These programs offer financial support for down payments and closing costs, easing the financial burden on homebuyers. Here’s a comprehensive list of DPA programs available in California, organized by statewide, county, and city programs:

Statewide Programs

1. California Dream For All Shared Appreciation Loan

• Assistance: Provides a loan for up to 20% of the home purchase price.

• Eligibility: First-time homebuyers who are first-generation homebuyers. Income limits vary by county.

• Forgiveness: The loan is repaid upon sale or refinancing of the home, along with 20% of any appreciation in the home’s value.

• More Info: CalHFA Dream For All

2. MyHome Assistance Program

• Assistance: Up to 3.5% of the purchase price or appraised value for FHA loans, and up to 3% for conventional loans.

• Eligibility: First-time homebuyers, income limits apply based on household size and county.

• Forgiveness: Deferred-payment junior loan, payable upon sale, refinancing, or payoff of the first mortgage.

• More Info: CalHFA MyHome

County and City Programs

1. Alameda County - AC Boost

• Assistance: Up to $210,000 in the form of a shared appreciation loan.

• Eligibility: Middle-income first-time homebuyers who live in, work in, or have been displaced from Alameda County.

• More Info: AC Boost

2. Los Angeles County - Home Ownership Program (HOP)

• Assistance: Up to $85,000 or 20% of the purchase price, whichever is less.

• Eligibility: First-time homebuyers within specified income limits, must complete an 8-hour homebuyer education seminar.
  

• More Info: LACDA HOP

3. Anaheim - BEGIN Loan Program

• Assistance: Deferred payment second mortgage for low- to moderate-income households.

• Eligibility: Purchase of an owner-occupied home in Anaheim.

• More Info: Anaheim BEGIN Program

4. Santa Clara County - Empower Homebuyers SCC

• Assistance: Loan for up to 17% of the home’s purchase price.

• Eligibility: First-time homebuyers in Santa Clara County, must complete a HUD-certified 8-hour homebuyer education class.

• More Info: Santa Clara Empower Homebuyers

5. Santa Ana - My First Home Program

• Assistance: Provides a silent second loan for down payment assistance.

• Eligibility: First-time homebuyers purchasing owner-occupied residences in Santa Ana.

• More Info: Santa Ana My First Home

6. Shasta County Down Payment Assistance Program

• Assistance: 0% interest loans for qualified low-income, first-time homebuyers.

• Eligibility: Serves the cities of Anderson and Shasta Lake.

• More Info: Shasta County

Localized Programs

1. Alameda County Mortgage Credit Certificate Program

• Assistance: Tax credit of up to $2,000 per year based on mortgage interest paid.

• Eligibility: First-time homebuyers or those who haven’t owned a home in the last three years.

• More Info: AC Boost

2. Los Angeles - NeighborhoodLIFT Program

• Assistance: Up to $25,000 for down payment and closing costs.

• Eligibility: Income-eligible homebuyers purchasing in specific neighborhoods.

• More Info: Wells Fargo LIFT

Conclusion

California's Down Payment Assistance programs offer various financial support options to help make homeownership more accessible. Whether you're a first-time buyer, a teacher, a veteran, or purchasing in a specific county, there's likely a program that suits your needs. For detailed eligibility criteria and application processes, visit the respective program websites or contact approved lenders and housing counselors. Explore these options today and take the first step toward owning your dream home in California!