Unlocking the Door: Buyer Assistance Programs

For this week’s blog we wanted to highlight some of the assistance programs we feature here at Broadview. Below is a chart broken down by assistance program, the type of assistance offered, and what it takes to qualify.

We also wanted to mention some changes to the Mortgage Credit Certificate (MCC) program. Due to the tax reform we were unsure if the program would still exist but fortunately the final version of the bill allowed for MCCs to continue, albeit with changes. The major change is that CalHFA MCCs for non-credit qualifying purposes will continue until CalHFA’s MCC allocation has been exhausted. MCCs for credit qualifying purposes are not available. This means that, once CalHFA’s MCC allocation has been exhausted, the program will no longer be available. However, GSFA MCC and County/ City MCC programs will resume in full, which is much better than completely losing the program.

Please review the chart below and reach out to your local branch if you have any questions.


We will also go into more detail on some of the individual programs below in future blogs. Stay tuned!

Assistance NameAssistance TypeAmountFTHB*LTV/CLTV LimitsLayering Capabilities
CalHFA FHAFirst Mortgage3.5% Down PaymentNo≤ 96.5% /105%FHA Approved Seconds; MyHome or MCC
CalHFA VAFirst Mortgage0% Down PaymentYes≤ 100% /105%VA Approved Seconds; MyHome or MCC
CalHFA CalPLUS ZIPDeferred Second, No Interest Rate Loan3% of 1st LoanNoN/A /105%CalPLUS Conv. (mandatory), FNMA Approved Seconds: MyHome or MCC
CalPLUS ConventionalFirst Mortgage5% of Down PaymentNo≤ 95% /105%FNMA Community Seconds: MyHome or MCC
CalHFA Extra Credit Teacher Program (ECTPDeferred Seconds, Low Interest Rate Loan$7,500 or $15,000YesN/A /105%Any CalHFA First Mortgage, FHA Approved Second and MCC
GSFA Platinum Conventional, FHA, VAHome Buyer Grant5% of 1st LoanNoN/AConventional, FHA, VA, and MCC
GSFA Platinum USDAHome Buyer Grant3% of 1st LoanYesN/AMCC
SCHFA Homebuyer GrantHome Buyer Grant4% of 1st LoanYesN/AFHA, VA, & MCC
HomeReadyFirst Mortgage3% Down PaymentNo97% /105%FNMA Community Seconds
Home PossibleFirst Mortgage3% Down PaymentNo97% /105%Affordable Seconds approved by FNMC, and MCC
Mortgage Credit Certificate Program (MCC)Tax Credit20%YesN/AUniversal Tax Credit to All First Time Home Buyers
MyHome Assistance ProgramSilent Second, Low Interest Rate Loan5% of Lesser of sales price of appraised valueYesN/A /105%Any CalHFA First Mortgage, FHA Approved Second and MCC

*FTHB = First Time Home Buyer

**Programs based on date of blog post. Subject to availability and change at any moment.