The short version. California's state housing agency, CalHFA, does not lend directly. An approved lender uses its programs, and they cover a fixed-rate first mortgage plus optional second loans for the down payment and closing costs. MyHome is a deferred loan of up to 3% or 3.5% of the price. Dream For All is a shared appreciation loan of up to 20% of the price (maximum $150,000) that you repay with a share of the home's gain, and 2026 entry was by random selection. Both need an income under your county's limit, which runs from $192,000 to $325,000 for standard programs. Test your own numbers below. These are loans, not grants.
We checked these rules on September 25, 2026 against CalHFA's own documents, dated from January 2024 to June 2026. Read the sources and their dates before relying on any number, because CalHFA changes limits and programs during the year.
Check your fit: income, score, assistance and payment
Enter your situation and the tool checks it against CalHFA's published limits, then shows three ways to structure the purchase side by side: the first mortgage alone, with MyHome, and with Dream For All. It is a planning aid built from CalHFA's own tables, and only your approved lender can decide your eligibility. Nothing you type leaves your browser.
How your numbers line up
Three ways to structure the purchase (second loans have no monthly payment; the payment shown is principal and interest on the first mortgage only)
The payment leaves out property tax, insurance and mortgage insurance, and closing costs are separate. For the full monthly cost use the mortgage calculator, and for closing costs the closing cost calculator.
What if the rate or the price were different?
Take it with you. Print or save a plan with your answers, the comparison, questions for your lender and any notes you wrote on this page, or copy a link that reopens these answers.
How CalHFA works, and what it is not
CalHFA does not accept applications directly. An approved lender qualifies you and makes the loan, and CalHFA says each program has its own criteria for income limits, minimum credit scores and citizenship (CalHFA: Borrower Eligibility Requirements). Its own outline of the process has four steps (CalHFA: Homebuyers (steps and FAQs)):
- Learn the options. CalHFA has first mortgages and junior (second) loans for low to moderate income buyers. It also says to check with your local housing authorities and agencies for other financing options.
- Talk to an approved loan officer to get pre-qualified for a loan amount. Our pre-approval guide explains the difference between prequalifying and pre-approval.
- Take a homebuyer education course if you are a first-time buyer. The loan officer must produce your certificate.
- Start looking for a home and make an offer through your real estate agent.
Have these ready when you first contact a loan officer, according to CalHFA: recent pay stubs, bank statements, your employment history and previous tax returns (CalHFA: MyHome Assistance Program). If you are self-employed, our self-employed mortgage guide covers what lenders ask for. Once you have a rate quote, our Loan Estimate guide shows how to compare offers.
The programs side by side
All figures below come from CalHFA's lender matrices and handbooks, which are written for lenders and carry a note that they are for basic information and do not replace the program descriptions. Credit score and debt-to-income figures are the matrix limits for single-family homes and condos approved through an automated system.
| Program | What it is | Key numbers in the matrices |
|---|---|---|
| CalHFA Conventional | A conventional first mortgage insured by private mortgage insurance, with a fixed rate for 30 years (CalHFA: Loan Programs). Open to first-time and repeat buyers. | Score 680, or 700 for a 50% debt-to-income limit (45% otherwise). Up to 97% loan-to-value and 105% combined. Automated approval only, no manual underwriting (Conventional Loan Programs Matrix (updated 01/01/2026)). |
| CalHFA FHA | An FHA-insured loan with a CalHFA fixed-rate 30-year first mortgage (CalHFA: Loan Programs). | Score 640 (automated) with 45% debt-to-income, or 700 with 50%. Hand-underwritten loans: 660 and 43%. Up to 96.5% LTV and 105% combined (Government Loan Programs Matrix (updated 01/01/2026)). |
| CalHFA VA and USDA | A VA-guaranteed or USDA-guaranteed first mortgage with a CalHFA fixed rate for 30 years (CalHFA: Loan Programs). | Score 640, debt-to-income 45%, or 50% at 700. Up to 100% LTV and 105% combined (Government Loan Programs Matrix (updated 01/01/2026)). |
| CalPLUS with ZIP | A first mortgage at a slightly higher fixed rate than the standard program, combined with the Zero Interest Program for closing costs (CalHFA: Loan Programs). | ZIP is 2% or 3% of the first mortgage for closing costs and prepaid items only, and is listed with CalPLUS Conventional and CalPLUS FHA, for first-time buyers only. Same score and ratio limits as the first mortgage (Conventional Loan Programs Matrix (updated 01/01/2026); Government Loan Programs Matrix (updated 01/01/2026)). We did not read ZIP's own repayment terms. |
| CalPLUS Access with MyAccess | A version of CalPLUS paired with MyAccess, a down payment and closing cost loan. | MyAccess is 2.5% of the first mortgage (Conventional Loan Programs Matrix (updated 01/01/2026)). We did not read its handbook, so its eligibility rules and repayment terms are not covered here. Ask a CalHFA loan officer. |
| MyHome | A deferred-payment, simple-interest second loan for down payment and closing costs, used only with a CalHFA first mortgage (MyHome Assistance Program Handbook (revised February 28, 2022)). | Up to 3.5% of the price (FHA) or 3% (others); combined loan-to-value up to 105%; first-time buyers only; lender fee limit $250 (MyHome Assistance Program Handbook (revised February 28, 2022)). |
| Dream For All | A shared appreciation second loan for down payment and closing costs, used only with a Dream For All conventional first mortgage (Dream For All Shared Appreciation Loan Program Handbook (revised January 2024)). | Up to 20% of the price, at most $150,000; score 680, debt-to-income 45% (50% at 700); 97% LTV, combined 95% to 105%; first-time and first-generation buyers; lender fee limit $500 (Dream For All Loan Programs Matrix (updated 1/22/2026); Dream For All Shared Appreciation Loan Program Handbook (revised January 2024)). |
Credit score: two sources, two answers. CalHFA's consumer FAQ says minimum scores are between 660 and 680 depending on the program (CalHFA: Homebuyers (steps and FAQs)), while the lender matrices above list 640 for government loans. We show the matrix figures in the tool and flag the gap. If your score is between 640 and 659 on an FHA, VA or USDA loan, ask your lender which number it applies. Fannie Mae's lower-income rate on the conventional loan needs a score of at least 660, according to the matrix footnote.
Property rules. The home must be in California, be your primary residence and be a single-family residence, not zoned for two to four units. Condos and PUD attached units, guest houses and similar units may qualify, and doublewide manufactured homes are allowed (CalHFA: Property Eligibility Requirements). First mortgages above $832,750 are treated as high-balance loans, limited to 95% loan-to-value on conventional loans and subject to an extra fee, and the matrices also require a one-year home warranty on resale homes bought by first-time buyers (Conventional Loan Programs Matrix (updated 01/01/2026)). CalHFA has had no sales price limits since June 1, 2020, but its income limits and the loan limits of each first mortgage program still apply (CalHFA: Income Limits for CalHFA Home Buying).
CalHFA income limits by county, 2026
Your income must not exceed the limit for the county where the home is. CalHFA counts the income your lender uses to qualify you, and income the lender does not use is not counted (MyHome Assistance Program Handbook (revised February 28, 2022)). The limits below took effect June 30, 2026. CalHFA says its limits cannot exceed certain federal maximums and that it may set them lower (CalHFA: Income Limits for CalHFA Home Buying). The PDFs list one figure per county and do not vary it by household size. Sources: 2026 income limits for CalHFA first and subordinate mortgages and 2026 Dream For All income limits.
| County | Standard | Dream For All |
|---|---|---|
| Alameda | $322,000 | $257,000 |
| Alpine | $256,000 | $205,000 |
| Amador | $218,000 | $175,000 |
| Butte | $192,000 | $153,000 |
| Calaveras | $203,000 | $162,000 |
| Colusa | $192,000 | $153,000 |
| Contra Costa | $322,000 | $257,000 |
| Del Norte | $192,000 | $153,000 |
| El Dorado | $245,000 | $196,000 |
| Fresno | $192,000 | $153,000 |
| Glenn | $192,000 | $153,000 |
| Humboldt | $192,000 | $153,000 |
| Imperial | $192,000 | $153,000 |
| Inyo | $192,000 | $153,000 |
| Kern | $192,000 | $153,000 |
| Kings | $192,000 | $153,000 |
| Lake | $192,000 | $153,000 |
| Lassen | $192,000 | $153,000 |
| Los Angeles | $214,000 | $171,000 |
| Madera | $192,000 | $153,000 |
| Marin | $325,000 | $310,000 |
| Mariposa | $192,000 | $153,000 |
| Mendocino | $196,000 | $156,000 |
| Merced | $192,000 | $153,000 |
| Modoc | $192,000 | $153,000 |
| Mono | $238,000 | $190,000 |
| Monterey | $218,000 | $175,000 |
| Napa | $325,000 | $262,000 |
| Nevada | $278,000 | $222,000 |
| Orange | $274,000 | $219,000 |
| Placer | $245,000 | $196,000 |
| Plumas | $192,000 | $153,000 |
| Riverside | $210,000 | $168,000 |
| Sacramento | $245,000 | $196,000 |
| San Benito | $277,000 | $222,000 |
| San Bernardino | $210,000 | $168,000 |
| San Diego | $259,000 | $207,000 |
| San Francisco | $325,000 | $310,000 |
| San Joaquin | $214,000 | $171,000 |
| San Luis Obispo | $256,000 | $205,000 |
| San Mateo | $325,000 | $310,000 |
| Santa Barbara | $235,000 | $188,000 |
| Santa Clara | $325,000 | $310,000 |
| Santa Cruz | $271,000 | $217,000 |
| Shasta | $201,000 | $161,000 |
| Sierra | $192,000 | $153,000 |
| Siskiyou | $192,000 | $153,000 |
| Solano | $246,000 | $197,000 |
| Sonoma | $264,000 | $211,000 |
| Stanislaus | $195,000 | $156,000 |
| Sutter | $201,000 | $161,000 |
| Tehama | $192,000 | $153,000 |
| Trinity | $192,000 | $153,000 |
| Tulare | $192,000 | $153,000 |
| Tuolumne | $202,000 | $161,000 |
| Ventura | $268,000 | $214,000 |
| Yolo | $269,000 | $215,000 |
| Yuba | $201,000 | $161,000 |
The lowest limits, $192,000 standard and $153,000 for Dream For All, apply in many rural and inland counties, and the highest, $325,000 and $310,000, apply in Bay Area counties such as San Francisco, San Mateo and Santa Clara. Your county's limit is not the same as what you can afford: use our house affordability calculator and our down payment guide to see whether the numbers work.
MyHome: the deferred down payment loan
MyHome gives up to 3.5% of the sales price or appraised value, whichever is less, with an FHA first mortgage, and up to 3% with the others. On a $500,000 home that is $17,500 with FHA or $15,000 with conventional, VA or USDA. The handbook says it is a deferred-payment, simple-interest second loan (MyHome Assistance Program Handbook (revised February 28, 2022)). What it says about the terms:
- No monthly payment. Payments are deferred for the life of the first loan, and the term matches the first mortgage, not more than 30 years.
- When it comes due. At the earliest of a transfer of title, a sale, payoff of the first loan, a refinance of the first loan or a formal notice of default. Note that refinancing the first loan is on that list. The handbook does not describe a way around it, so ask your lender before you plan a refinance.
- What it can pay for. Down payment and closing costs. It cannot pay off your debts and you cannot receive cash back.
- Who qualifies. Every borrower and co-borrower must live in the home and meet the first-time buyer definition, be a U.S. citizen or national or a "qualified alien", and live there as a primary residence within 60 days of closing. Non-occupant co-borrowers and co-signors are not allowed.
- Combined loan-to-value up to 105%, and it may be combined with other assistance as long as MyHome stays in second-lien position.
- The interest rate. The handbook says "simple interest" but gives no rate, and CalHFA's page says to ask an approved loan officer for one (CalHFA: MyHome Assistance Program). We cannot tell you what MyHome costs over time, so compare it in writing with your lender.
CalHFA lists the MyHome handbook as last revised February 28, 2022, and the numbers in it agree with the January 2026 matrices, but check CalHFA for a newer edition. The exceptions to the first-time buyer rule, which include certain borrowers affected by a declared major disaster in California who buy within one year of the declaration, are in the handbook.
Dream For All: the shared appreciation loan
Dream For All is different. The homebuyer repays the original loan plus a share of the home's appreciation, and those repayments fund future homebuyers (Dream For All FAQs (January 2024)). It provides up to 20% of the price or appraised value (whichever is less), and no more than $150,000, for down payment and closing costs, including permanent rate buydowns. It can only be used with a Dream For All conventional first mortgage, and MyHome cannot be combined with it (Dream For All Shared Appreciation Loan Program Handbook (revised January 2024)).
Who can use it, and is it open
- All borrowers must be first-time buyers, and at least one must be a first-generation buyer and a current California resident.
- First-generation means the borrower has not been on title or a mortgage for a home in the U.S. in the last 7 years, and to their knowledge their parents (biological or adoptive) do not own a home in the U.S. or did not at death, or the borrower was ever placed in foster care or institutional care (CalHFA: Borrower Eligibility Requirements).
- Income must be within the Dream For All county limit in the table above, and the lender's counted income is used. A score of at least 680 is required, with a debt-to-income limit of 45%, or 50% at a score of 700 (Dream For All Loan Programs Matrix (updated 1/22/2026)).
- Extras: a one-year home warranty on resale homes, and CalHFA's shared appreciation education course on top of standard homebuyer education.
- Timing. CalHFA said the 2026 pre-registration portal would accept applications from February 24 to 5 p.m. PDT on March 16, 2026, that it expected demand to exceed funding and would pick applications at random, and that selected applicants would have 90 days to find a home, sign a contract and have a lender reserve the loan (CalHFA Program Bulletin #2026-01). That window has closed. A lender-facing CalHFA page from August 2026 mentions a further round of vouchers, so check calhfadreamforall.com for what is open now.
What you repay
When you sell, refinance, pay off the first loan or transfer the title, you owe the original loan plus the program's share of the appreciation. The handbook's formula: the current value, minus the lesser of the original price or appraisal, gives the net appreciation. That is multiplied by the shared appreciation percentage. The percentage is the loan as a share of the home's value, so a 20% loan shares 20% of the gain, and for borrowers at or below 80% of area median income it is 0.75 times that, so 15% on a 20% loan. The shared amount is capped at 2.5 times the original loan. If the home does not gain value, only the loan is due (Dream For All Shared Appreciation Loan Program Handbook (revised January 2024); Dream For All FAQs (January 2024)).
CalHFA's own examples, which our estimator reproduces exactly: a $500,000 home with a $100,000 loan sold for $700,000 owes $140,000; a $400,000 home with an $80,000 loan at or below 80% of area median income, sold for $600,000, owes $110,000. At the cap, a $100,000 loan can never cost more than $350,000 in total.
Estimate what Dream For All would cost you
Enter a price, a loan, and how fast you think the home might gain value. The estimator applies the handbook's formula. The "yearly cost" it reports is our own illustration: the steady yearly rate that would grow the loan to the amount owed. CalHFA does not publish it, and it is not an interest rate or APR.
What you would owe on a $100,000 loan on a $500,000 home
Each cell is the total repaid, in thousands of dollars, for a steady yearly gain in value. A dagger means the 2.5 times cap applies. These tables come from the same tested formula as the estimator above.
Income above 80% of area median (1:1 share)
| Growth per year | 5 yrs | 10 yrs | 20 yrs | 30 yrs |
|---|---|---|---|---|
| 0% | $100k | $100k | $100k | $100k |
| 2% | $110k | $122k | $149k | $181k |
| 4% | $122k | $148k | $219k | $324k |
| 6% | $134k | $179k | $321k | $350k† |
Income at or below 80% of area median (0.75:1 share)
| Growth per year | 5 yrs | 10 yrs | 20 yrs | 30 yrs |
|---|---|---|---|---|
| 0% | $100k | $100k | $100k | $100k |
| 2% | $108k | $116k | $136k | $161k |
| 4% | $116k | $136k | $189k | $268k |
| 6% | $125k | $159k | $266k | $350k† |
Worked example from the tables: at 4% growth a year for 10 years the $500,000 home is worth $740,122. The gain is $240,122, the share is $48,024 and the total repaid is $148,024, which our illustration puts at about 4.0% a year (about 3.1% a year at or below 80% of area median income, where the total is $136,018). With no growth you repay only the $100,000. The longer a home appreciates, the more the shared part grows, up to the cap. Whether that is a good trade depends on the alternatives, such as the first-mortgage rate you would pay to borrow the same money or the mortgage insurance you would avoid by putting in less of your own, so compare two written quotes. Our points guide shows a way to compare costs now against costs later.
Rules people miss
- Refinancing. MyHome is due when the first loan is refinanced. For Dream For All, the handbook allows one limited cash-out refinance of the first mortgage, one time only, without repayment, as long as CalHFA's re-subordination policy is met. Ask before you refinance.
- Not assumable. The Dream For All loan cannot be assumed by a buyer.
- Paying it down. You may make payments on a Dream For All loan, but they go to principal only. Paying the principal off in full triggers the shared appreciation.
- How value is set. If you sell on the open market the actual sales price is used. In other cases it is a value CalHFA obtains under the program's terms (Dream For All FAQs (January 2024)).
- Move in fast. You must live in the home as your primary residence within 60 days of closing, and a non-occupant co-borrower is not allowed.
- First-time buyer exceptions. The three-year test looks at owning and living in a home, and at living in a home a spouse owned. CalHFA says exceptions may apply, so ask your lender before you rule yourself out.
- Documents that are labeled for lenders. CalHFA writes its handbooks, matrices and bulletins for lenders. We quote only the terms buyers need, and we did not copy them.
What this guide does not cover
We did not read city, county or employer assistance programs in California, federal mortgage credit certificates, CalHFA's refinance programs, ZIP's and MyAccess's own program terms, or the county-by-county conforming loan limits. Lenders may add requirements of their own on top of CalHFA's. Interest rates change daily and CalHFA says to ask an approved loan officer for a quote, so the rate in our tools is a placeholder. CalHFA's Am I Eligible tool and its directory of approved loan officers are on its own website. To see whether your income is at or below 80% of area median, CalHFA points to Fannie Mae's HomeReady lookup tool (Dream For All Shared Appreciation Loan Program Handbook (revised January 2024)).
Sources and how current they are
CalHFA's server was not reachable from the connection we used, so we read Internet Archive copies of its own pages and PDFs, captured between January and September 2026. The documents carry their own dates:
The MyHome and Dream For All handbooks are older than the 2026 matrices, so where a number appears in both we used the matrix. Rules change, and your lender and CalHFA have the final word. We are not affiliated with CalHFA or any lender, and this guide is information, not financial or legal advice. We have not had this page reviewed by a housing counselor, and we recommend a HUD-approved counselor for advice on your own situation. See our first-time home buyer guide for the national picture, our Texas guide for a state whose main program works differently, and our down payment assistance guide for what assistance costs and every state's agency.