California Housing Finance Agency (CalHFA): CalHFA offers a variety of programs to assist first-time homebuyers in California, including the MyHome Assistance Program and The California Dream for all program. These programs provide down payment and/or closing cost assistance through a subordinate loan.

Golden State Finance Authority (GSFA): GSFA is a nonprofit organization that provides various down payment assistance programs to eligible homebuyers in California. Some of the programs offered by GSFA include:

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  • Platinum Program: This program provides down payment and closing cost assistance in the form of a grant. The grant does not need to be repaid, making it a valuable resource for first-time homebuyers.
  • OpenDoors Program: GSFA’s OpenDoors Program offers competitive fixed-rate mortgage loans along with down payment and closing cost assistance. This program aims to make homeownership more affordable for low- to moderate-income families.

Chenoa Fund: The Chenoa Fund is a down payment assistance program offered by CBC Mortgage Agency, a federally chartered government agency. While not exclusive to California, the Chenoa Fund is available in various states, including California. The Chenoa Fund provides assistance through two distinct programs:

  • Chenoa Fund FHA Edge Program: This program offers down payment assistance in the form of a second mortgage that can be used in conjunction with an FHA loan. The second mortgage is forgivable, meaning that a portion of it is forgiven each year as long as the borrower meets certain criteria.
    Platinum Program: Offered by the Santa Clara County Association of Realtors Housing Foundation, this program provides grants to low- to moderate-income first-time homebuyers in Santa Clara County.
  • Sacramento Housing and Redevelopment Agency (SHRA): SHRA offers down payment assistance and closing cost assistance to qualified first-time homebuyers in the city of Sacramento through programs like the Homebuyer Assistance Program.

These are just a few examples of down payment assistance programs that were available in California. It’s important to research and reach out to local housing authorities, housing counseling agencies, and non-profit organizations for the most up-to-date information on available programs and their eligibility criteria. Additionally, keep in mind that program availability and funding levels can vary, and certain restrictions may apply.

At Jason Vassar Home Loans, we have qualified professionals that can guide you through the Down Payment Assistance process. Don’t let your finances hold you back from homeownership. Contact us today!