Think of the CalHFA MyHome Assistance Program as California’s gift to first-time homebuyers. This program is particularly valuable in our market because it provides up to 3.5% of your home’s purchase price or appraised value as a down payment assistance loan. Here’s why I believe this program stands out:

The beauty of this program lies in its flexibility. For example, if you’re looking at a $500,000 home in Hidden Valley Lake, you could receive up to $17,500 in assistance. The best part? This is a deferred-payment loan, meaning you don’t make monthly payments on this portion. You’ll only repay it when you sell, refinance, or pay off your home.

What makes this program especially attractive for our Wine Country market is its compatibility with various loan types. Whether you’re considering an FHA loan for its lower credit requirements or a conventional loan for potentially better rates, MyHome can work with either.

2024 Income Limits Worth Noting:
Lake County: $150,000 (family of 4)
Napa County: $176,000 (family of 4)
Sonoma County: $215,000 (family of 4)

This program is truly special for Napa Valley homebuyers, and here’s why: It offers up to 16.5% of the home’s purchase price in down payment assistance, structured as a deferred loan with a term of 55 years. This assistance is designed to help local workers afford homes closer to their workplaces, making a real difference for those looking to settle in areas like St. Helena or Calistoga.

Let’s put this in perspective: In today’s Napa Valley market, where home prices are high, this program can significantly lower your initial out-of-pocket expenses. For hospitality workers or local professionals, it can mean the difference between continuing to rent and finally building equity in your own home.

What makes this program especially valuable is its focus on supporting Napa County’s workforce. If you’re working in the local wine country industry, this program was created with you in mind. Since it’s a deferred loan, you don’t make monthly payments on the assistance. Instead, the amount is repaid when you sell or transfer the property, giving you flexibility to focus on building your career and making your regular mortgage payments stress-free.

Worth Noting:

• You or someone in your household must work in the County of Napa, and
• Your total household income does not exceed 120% of Napa County’s median income ($155,500 for a family of four)
• You do not have to be a first-time homebuyer to qualify.

Here’s an often-overlooked gem in the home buying process: the ZIP program. While everyone focuses on down payments, closing costs can catch many buyers off guard. This program provides up to 3% of your loan amount specifically for closing costs, and the zero interest feature is exactly what it sounds like – you won’t pay any interest on this assistance.

What makes this program particularly valuable in our market is its ability to be combined with MyHome Assistance. For example, if you’re buying in Calistoga, you could potentially use MyHome for your down payment and ZIP for your closing costs, significantly reducing your out-of-pocket expenses.

The Chenoa Fund holds a special place in my toolkit because it offers something unique: forgiveness. After 36 months of on-time payments, the assistance can be forgiven entirely. This program provides up to 3.5% of your purchase price, and unlike some other options, it has no geographic restrictions.

What makes this program particularly interesting for our market is its flexibility with credit scores and its compatibility with FHA loans. If you’re looking at properties in either Hidden Valley Lake or Napa Valley, this program could provide the extra boost you need while offering a path to eliminating the assistance debt entirely through responsible homeownership.

Worth Noting:

• No income limits
• Minimum FICO credit score of 600.
• Do not have to be a first-time homebuyer.