CalHFA Expands DPA Option for First-Time Homebuyers

The California Housing Finance Agency is offering an additional $6,500 in down payment assistance to first-time homebuyers who qualify for its CalPLUS Conventional program.

The newly launched ZIP Extra program is offered in addition to the 3% down payment currently available through CalPLUS Conventional with Zero Interest Program and can also be used to cover closing costs or an upfront mortgage insurance payment.

Both the ZIP program and the ZIP Extra down payment assistance loans on a fixed-rate, 30-year conventional mortgage are offered at 0% interest.

First-time buyers have the option to combine a CalPLUS Conventional loan with other assistance programs including the California Homebuyer's Down Payment Assistance program, the Extra Credit Teacher Home Purchase program and the Mortgage Credit Certificate Tax Credit program. Other homebuyers are not eligible for ZIP Extra, but still can qualify from CalHFA’s other first-mortgage programs.

This additional assistance to first-time homebuyers is a valuable resource for those who are ready to buy, have the means for their monthly mortgage payment, "but haven’t been able to save enough money for a down payment,” said Tia Boatman Patterson, CalHFA's executive director.

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