• Agency is nearing $20 billion in total commitments.
  • The Bay Area is the most difficult region in California for first-time buyers.
  • First time buyers with steady jobs and good credit should contact CalFHA.

During the last four decades, the California Housing Finance Agency (CalHFA) has committed $19.5 billion in first-time homebuyer assistance.

Created in 1975, CalHFA is celebrating its 40-year anniversary at a time when affordability remains a prominent issue for low and moderate income families looking to buy their first home.

The agency recently launched the MyHome Assistance Program, which helps first timers with down payment and closing costs. Under the program, buyers can receive up to five percent in assistance, low interest rates and deferred payments. Available to first timers with steady jobs and good credit, the program can be combined with other CalHFA first mortgage and mortgage credit programs.

Assistance is what first timers appear to need especially in the San Francisco Bay Area, where during the third quarter 45 percent of households could afford to purchase an entry-level home, according to a California Association of Realtors index.

Within the Bay Area are California’s least affordable counties for first timers, Marin, San Francisco and San Mateo. In these three markets 29 percent, 29 percent and 34 percent of households can afford an entry-level home.

In Los Angeles County, affordability isn’t much better than the Bay Area as whole, with 47 percent of households able to afford a home.

In addition to the MyHome program, CalHFA also operates Keep Your Home California, a free mortgage assistance program said to have helped more than 56,000 homeowners remain in their homes. The program continues through 2017.

Email Erik Pisor

Show Comments Hide Comments


Sign up for Inman’s Morning Headlines
What you need to know to start your day with all the latest industry developments
Thank you for subscribing to Morning Headlines.
Back to top
Real estate news and analysis that gives you the inside track. Subscribe to Inman Select for 50% off.SUBSCRIBE NOW×
Log in
If you created your account with Google or Facebook
Don't have an account?
Forgot your password?
No Problem

Simply enter the email address you used to create your account and click "Reset Password". You will receive additional instructions via email.

Forgot your username? If so please contact customer support at (510) 658-9252

Password Reset Confirmation

Password Reset Instructions have been sent to

Subscribe to The Weekender
Get the week's leading headlines delivered straight to your inbox.
Top headlines from around the real estate industry. Breaking news as it happens.
15 stories covering tech, special reports, video and opinion.
Unique features from hacker profiles to portal watch and video interviews.
Unique features from hacker profiles to portal watch and video interviews.
It looks like you’re already a Select Member!
To subscribe to exclusive newsletters, visit your email preferences in the account settings.
Up-to-the-minute news and interviews in your inbox, ticket discounts for Inman events and more
1-Step CheckoutPay with a credit card
By continuing, you agree to Inman’s Terms of Use and Privacy Policy.

You will be charged . Your subscription will automatically renew for on . For more details on our payment terms and how to cancel, click here.

Interested in a group subscription?
Finish setting up your subscription