California First-Time Home Buyer Programs 2026: CalHFA, Dream For All & MyHome Assistance

California has the highest home prices of any state, which makes the down payment feel impossible for many renting families — even those with strong incomes. But California also runs some of the most ambitious assistance programs in the country, including one that can cover an entire 20% down payment.

This guide explains every major California first-time home buyer program available in 2026, how the programs combine, and what the trade-offs are.

CalHFA — The State Housing Agency

The California Housing Finance Agency (CalHFA) is the engine behind nearly all statewide help. CalHFA does not give grants directly; it offers first mortgages that have assistance built around them.

• CalHFA FHA and CalPLUS FHA — government-backed first mortgages; CalPLUS adds a built-in second loan that covers closing costs
• CalHFA Conventional and CalPLUS Conventional — conventional alternatives with reduced mortgage-insurance structures
• All CalHFA loans are 30-year fixed and designed to layer with down payment assistance

MyHome Assistance Program

MyHome is California's core down payment assistance tool. It is a deferred-payment junior loan — meaning there is no monthly payment, and the balance is repaid only when you sell, refinance, or pay off the home.

The Dream For All Shared Appreciation Loan

California's most talked-about program is Dream For All. It provides down payment assistance worth up to 20% of the purchase price — enough to eliminate the down payment on a conventional loan.

The trade-off is "shared appreciation." Instead of charging interest, the state takes back its original assistance plus a share of how much the home gained in value when you sell or refinance. Other key points:

• At least one borrower must be a first-generation homebuyer — parents never owned a home in the US
• Funding is limited and released in defined rounds, often by voucher or registration window
• It is powerful, but it is not free money — you give up part of your future equity

Income Limits and Eligibility

County and City Programs

Many California counties and cities run additional assistance — Los Angeles, San Diego, San Francisco, Sacramento, and others operate their own programs, often using federal HOME funds or local housing bonds. In high-cost coastal markets these local programs are sometimes the difference between qualifying and not.

The Honest Bottom Line

California assistance is generous, but it comes with real trade-offs — shared appreciation, limited funding windows, and strict income caps. The right choice depends on your price range, how long you plan to stay, and how much future equity you are comfortable sharing. That comparison is exactly what we walk through before you commit to a program.