In the past month, I’ve had three buyers come to me with the same goal: buy a house. Simple enough. Then we get to the next question: “How are we going to buy it?”
That’s where things get interesting.
CalHFA programs are getting a lot of attention, particularly from buyers who have enough income to make a mortgage payment but haven’t accumulated a large down payment. And the assistance is real. Depending on the loan program, CalHFA’s MyHome program can provide a deferred-payment junior loan of up to 3 percent of the purchase price or appraised value with a conventional loan, or 3.5 percent with an FHA loan.
But “down payment assistance” doesn’t mean free money, and qualifying for assistance doesn’t automatically mean you can buy any house you find.
First, the buyer has to qualify. CalHFA doesn’t make loans directly to consumers; approved lenders do. There are income, credit and loan requirements, and MyHome borrowers generally must be first-time homebuyers, meaning they haven’t owned and occupied their own home during the previous three years. Homebuyer education is also required.
Then the house has to cooperate.
That can become particularly important in our mountain communities, where housing stock ranges from beautifully remodeled homes to cabins that have been standing for generations. Your financing may impose property-condition requirements, and something that looks like a minor repair to a buyer or seller can become considerably more important when a lender or appraiser gets involved.
Now put yourself in the seller’s shoes. They’re watching every dollar too. If accepting an offer could mean dealing with lender-required repairs or additional financing hurdles, they may prefer another offer that appears easier to close. That doesn’t make the assisted buyer a bad buyer or the seller unreasonable. Both are simply trying to get to closing day.
There’s also confusion surrounding the different CalHFA programs. MyHome is not the same thing as California Dream For All. Dream For All can provide much larger assistance, but it is a shared-appreciation loan with additional eligibility requirements and limited availability. For 2026, applicants had to register during a specific application period, and recipients were selected through a randomized process. You cannot simply decide you want that assistance when you find a house.
So, is CalHFA worth considering? Absolutely. For the right buyer purchasing the right property with a lender who really understands the program, it can bridge a financial gap that otherwise keeps homeownership out of reach.
Just go into it with realistic expectations. Before falling in love with a house, understand exactly which program you qualify for, where the money is coming from, what you’ll eventually have to repay and what the property itself must satisfy.
Getting qualified is step one. Getting the keys is the goal.
Theresa Grant is a real estate broker and columnist covering Lake Arrowhead, Crestline, Running Springs, and the surrounding mountain communities. Reach her at (909) 442-1345 visit www.HomesInLakeArrowhead.com, and follow her on social media @TheresaGrantRealtor. Theresa is a Broker Associate with REAL Broker Technologies. DRE#01202881.
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