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First-Time Home Buyer Programs in California — Complete Guide
California offers a wealth of programs designed to help first-time buyers achieve homeownership. From state-backed loan programs to down payment assistance, tax credits, and local grants, the right combination can save you tens of thousands of dollars.
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Find Programs You Qualify For
No impact to your credit score.
Find Programs You Qualify For
No impact to your credit score.
CalHFA First Mortgage Programs
California Housing Finance Agency (CalHFA) offers below-market rate first mortgages for first-time buyers.
CalHFA Conventional Loan
- ✓30-year fixed rate for first-time buyers
- ✓Below-market interest rates
- ✓Down payment as low as 3%
- ✓Combine with CalHFA assistance programs
CalHFA FHA Loan
- ✓CalHFA-insured FHA with competitive rates
- ✓3.5% minimum down payment
- ✓More flexible credit requirements
- ✓Combine with MyHome and ZIP assistance
CalHFA VA Loan
- ✓VA loan option for eligible veterans
- ✓0% down payment
- ✓No PMI required
- ✓Combine with CalHFA assistance programs
Down Payment Assistance Programs
California Dream For All
Up to 20% of purchase price (max $150,000)
Shared appreciation loan — repay original plus share of appreciation. Limited funding — opens annually.
CalHFA MyHome Assistance
Up to 3.5% of purchase price
Deferred payment junior loan. Simple interest at first mortgage rate.
CalHFA ZIP (Zero Interest Program)
Up to 3% for closing costs
0% interest, deferred payment. Must combine with CalHFA first mortgage and MyHome.
Tax Benefits for First-Time Buyers
Mortgage Credit Certificate (MCC)
- ✓Tax credit of 15-20% of mortgage interest paid annually
- ✓Directly reduces federal tax liability (not just deduction)
- ✓Can save $2,000-4,000+ per year
- ✓Must apply before home purchase
- ✓Available through CalHFA
MCC Example
Local First-Time Buyer Programs
San Francisco
DALP
Up to $500,000 (lottery-based, income-restricted)
BMR Program
Below-market-rate ownership units
San Jose / Santa Clara County
Empower Homebuyers
Up to $200,000
First-Time Buyer Program
Various assistance options
Oakland / Alameda County
Homebuyer Program
Up to $100,000 deferred loan
First-Time Buyer Incentives
Additional local incentives
San Mateo County
HEART Program
Up to $200,000 for essential workers
Opening Doors
Closing cost assistance
Who Qualifies as a First-Time Buyer?
You Qualify If:
- ✓Have not owned a home in the past 3 years
- ✓Single parents who only owned with ex-spouse
- ✓Displaced homemakers who only owned with spouse
You May Still Qualify If:
- ✓Previously owned but sold 3+ years ago
- ✓Owned a mobile home (not on permanent foundation)
- ✓Only owned investment property (never lived in)
Key Requirements:
- ✓Meet income limits for your county
- ✓Complete homebuyer education course
- ✓Plan to use home as primary residence
How to Maximize First-Time Buyer Benefits
Complete Homebuyer Education
Required for most programs. HUD-approved, typically 8 hours.
Check Income Limits
Verify you meet income requirements for your county.
Get Pre-Approved
Work with a CalHFA-approved lender who knows the programs.
Stack Programs
Combine first mortgage + DPA + MCC for maximum savings.
Apply Early
Many programs have limited funding that depletes quickly.
Close & Save
Finalize your purchase with all benefits applied and start saving from day one.
Maximum Benefit Example
Loan Programs for Every Need
We offer a comprehensive range of mortgage products. The right loan depends on your situation, goals, and financial profile — and we'll help you find the perfect fit.
DSCR Loans
Best for: investors qualifying by rental income.
How it works: Approval is based on property cash flow, not personal income.
Key features:
- No personal income docs
- 620+ credit, 20–25% down
- Unlimited properties
Conventional Investment Loans
Best for: strong W-2 investors.
How it works: You qualify using personal income, credit, and assets.
Key features:
- Lowest rates
- 620+ credit (700+ ideal)
- Up to 10 properties
Portfolio Loans Options
Best for: complex or large portfolios.
How it works: Lender creates a custom loan outside standard guidelines.
Key features:
- Flexible underwriting
- Finance 10+ properties
- Relationship-based
Fix & Flip (Bridge Loans)
Best for: renovate-and-sell investors.
How it works: Short-term loan for purchase and rehab, repaid at sale or refi.
Key features:
- Fast closings (7–14 days)
- Based on ARV
- Covers purchase + rehab
Cash-Out Refinance (Investors)
Best for: pulling equity to reinvest.
How it works: Refinance and extract cash from existing property value.
Key features:
- Access up to 75–80% value
- Use funds for any purpose
- DSCR or conventional options
Blanket Loans
Best for: multiple properties.
How it works: One loan covers several properties under one payment.
Key features:
- One loan, one payment
- Finance 5+ properties
- Portfolio consolidation
Short-Term Rental Loans
Best for: Airbnb/VRBO investors.
How it works: Qualify using projected or actual short-term rental income.
Key features:
- DSCR-based
- 20–25% down
- Uses STR income data
Bank Statement Loans
Best for: self-employed borrowers without traditional income docs.
How it works: You qualify using 12–24 months of bank deposits instead of tax returns.
Key features:
- No W-2s or tax returns
- Personal or business statements
- 620+ credit typical
- 10–20% down
California Program Questions, Answered
Can't find your answer? Reach out and we'll be happy to help.
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First-time buyer programs can save you tens of thousands of dollars. Let us help you find and combine the programs you qualify for.
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