California Housing Finance Agency (CalHFA) is a state-sponsored agency that offers affordable solutions and down payment assistance programs to first time homebuyers.

To get a CalHFA loan, one must adhere to the following requirements:

• First time homebuyer (by definition a person that has not owned a home, either ever OR in the previous 3 year period).
• Fit within the maximum income requirements, which vary by county and by household size (for example, in a Santa Clara County household size of 1-2 people, the household income cannot exceed $127,320)
• Purchase a property not to exceed set price limitations, also dependent on county (Santa Clara County and most of other high-cost areas: $729,750)

Certain down payment assistance programs have individual restrictions as well, so I can help you figure out what you qualify for and what makes the most sense for your situation.

If you want to peruse the site, check out www.calhfa.ca.gov

CalHFA is an excellent option of financing for first time homebuyers with little or no money down, primarily because it offers deferred down payment assistance. As with every loan program and product, it has its advantages and disadvantages, which I’d be happy to go over with you in detail if you need.