Which California programs are still funded, what they actually pay, and the eligibility rules that decide it. Verified August 2026.
Almost every guide to these programs leaves out the part that decides whether they are worth your time. CalHFA down payment assistance is a second loan, and CalHFA will only place it behind a CalHFA first mortgage. It does not attach to a pre-approval you already have.
So using CalHFA assistance means replacing your main loan, not adding to it. Whether that trade makes sense depends on how the CalHFA interest rate compares to the rate you have already been quoted, across the full life of the loan. A few thousand dollars of assistance can be erased by a higher rate over thirty years, or it can be the thing that gets you into a home. Only a side-by-side comparison answers it, and any CalHFA-approved loan officer can run one.
If you already have a pre-approval, you can buy without any of this. These programs are an option to evaluate, not a step you have to clear.
The core CalHFA program. A deferred-payment junior loan, what CalHFA calls a silent second, for down payment and closing costs. You make no monthly payments on it, but principal and interest come due when you sell, refinance, or pay off the first mortgage. Must pair with a CalHFA first mortgage.
Pairs with a CalPLUS first mortgage, which carries a slightly higher rate than standard CalHFA. That higher rate is what buys you the ZIP. Genuinely zero interest, deferred for the life of the first mortgage. Closing costs only, so it cannot go toward your down payment, though it frees your own cash to do that instead.
The more flexible sibling of ZIP. Pairs with a CalPLUS Access first mortgage and can be used for either closing costs or down payment. Sits in third position, behind MyHome, and CalPLUS Access must be combined with MyHome. Payments deferred for the life of the first mortgage.
The 2026 application window closed on March 16, 2026. Vouchers were awarded by random selection. The program is real and has been refunded before, so it is worth being ready if a future round opens, but there is nothing to apply for today. Requires all borrowers to be first-time buyers and at least one to be a first-generation buyer, which is a much narrower gate than most summaries suggest.
Often described online as a straight grant. It is not. Under the current Platinum Select structure the assistance comes as a repayable 15-year second mortgage with monthly payments, plus a smaller portion as non-repayable gift funds. Its real advantage is that it does not require a CalHFA first mortgage and has no first-time buyer requirement, which makes it the fallback when the CalHFA route closes. Note that the promotion opening Platinum Select to all borrowers runs through August 31, 2026, after which it narrows to qualifying professions.
For buyers at the lower end of the Peninsula price range, this is usually the program that matters most, because it lowers the price of the home rather than helping with the loan. HouseKeys administers below-market-rate ownership programs for a number of Peninsula and South Bay cities, including Burlingame, Mountain View, Los Gatos, Milpitas, and San Jose. These run on lotteries and waitlists, so registering early matters more than being ready to buy today. Details at housekeys.org.
San Mateo County lists a Reissued Mortgage Credit Certificate program and an Employee Down Payment Assistance Program for county employees. Several Peninsula cities also run their own below-market-rate ownership programs with rules that vary widely. Note that the HEART Opening Doors loan, still referenced in many older guides and on some county pages, was discontinued in January 2026.
Santa Clara County's flagship down payment program, Empower Homebuyers SCC, sunset on June 30, 2026 and is no longer accepting applications. City-level below-market-rate programs continue, several of them administered through HouseKeys. The county also runs a Manufactured Home Purchase Program.
These still appear in search results and in guides that have not been updated. They are listed here so you do not spend weeks chasing them.
The 10% forgivable loan. Funds were fully committed as of November 30, 2022 and the program has been unfunded ever since. It does not appear in CalHFA's current lineup.
Santa Clara County's shared-appreciation program, funded by the 2016 Measure A housing bond and administered by Housing Trust Silicon Valley. Became fully subscribed, stopped accepting new applications, and officially sunset on June 30, 2026.
The San Mateo County second-lien down payment loan offered through HEART of San Mateo County with Meriwest Mortgage. As of January 28, 2026 the loan is no longer offered and the program was restructured to information only.
Eligibility is a lender and counselor determination. No real estate agent can make it for you, and you should be wary of any who says otherwise. Here is who actually decides.
No. Your pre-approval is a first mortgage and you can buy with it today. CalHFA assistance is a separate second loan, but CalHFA will only place that second behind a CalHFA first mortgage. So using it means replacing your main loan, not adding to it. Whether that trade is worth it depends entirely on how the CalHFA rate compares to the rate you have already been quoted, over the life of the loan. A CalHFA-approved loan officer can run both side by side.
Not necessarily. As of June 30, 2026, the CalHFA income limit for San Mateo and Santa Clara counties is $325,000, and the Dream For All limit is $310,000. GSFA Platinum conventional limits run to $302,580 in San Mateo and $346,140 in Santa Clara, and GSFA sets no income limit at all on FHA, VA, or USDA loans. These are single countywide figures that do not vary by household size, so check the actual number before assuming you are over it.
You give up future upside. Dream For All lends up to 20% of the purchase price, capped at $150,000, and takes back the principal plus a share of appreciation when you sell. The share is 20% for moderate-income borrowers and 15% for borrowers at or below 80% of area median income. On a $750,000 purchase with a $150,000 loan, if the home later sells for $1,000,000, the $250,000 gain produces a $50,000 appreciation share at the 20% rate, so you repay $200,000. That can still be a good trade against paying a full down payment, but model your own numbers before signing.
CalHFA defines a first-time homebuyer as a borrower who has not had an ownership interest in any principal residence, or resided in a home owned by a spouse, during the previous three years. The test is a principal residence, so owning an investment property generally does not disqualify you, and inheriting a home you never lived in generally does not either. Definitions vary between programs, so read the specific one that applies.
Sometimes. In competitive Peninsula markets, listing agents can view assistance-backed offers as harder to close because of the extra approvals and underwriting. All-cash and conventional offers can win at the same price. What helps: a pre-approval from a lender who closes these loans regularly, a larger deposit, and demonstrated reserves. Packaging the offer well is part of the buyer agent's job.
The right down-payment strategy is set before you write an offer, not after. Stacked correctly, these programs change what you can afford on the Peninsula.
Lisa M. Lum · Coldwell Banker Realty
The lender decides eligibility. Lisa's job is making sure you are talking to one who actually closes these loans, and that the program you are chasing is still funded before you spend a month on it.
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