Mortgage guidance · Licensed state
Mortgage broker serving California
Michael DuBois is a mortgage broker serving eligible buyers and homeowners in California, one of 14 states where he is licensed through Stonebridge Mortgage Inc. For first-time buyers, California Housing Finance Agency (CalHFA) publishes a homeownership program worth checking before you commit to a financing plan.
Which California first-time-buyer resource is available?
MyHome Assistance Program is published by California Housing Finance Agency (CalHFA). CalHFA describes MyHome as a deferred-payment junior loan that may assist with down payment and/or closing costs: up to the lesser of 3.5% of the purchase price or appraised value with a CalHFA FHA loan, or up to the lesser of 3% with a CalHFA conventional loan. The page says borrowers must be first-time homebuyers, occupy the property as a primary residence, complete approved homebuyer education, and meet CalHFA income limits; a lender applies the more restrictive guideline if requirements conflict. CalHFA does not lend directly to consumers; approved lenders handle qualification and loans.
Program availability, rates and borrower eligibility change. Ask the agency or a participating lender to confirm the current rules for the property and your application.
How might California property taxes affect the payment?
California property taxes are assessed locally. The California State Board of Equalization says a change in ownership can trigger a supplemental assessment and a supplemental tax bill in addition to the annual bill; the county assessor determines the reappraised value and the county auditor-controller calculates the tax. The amount and timing depend on the property and local assessment details—ask the county assessor.
Official references: California property tax guidance
Get a property-specific estimate from the local assessor or tax office; a seller's existing bill might not reflect your future taxes.
What should a California buyer know about closing costs?
Closing costs vary by transaction and contract. The CFPB lists possible charges including appraisal, tax-service, title insurance, government taxes, and prepaid property taxes, homeowners insurance, and interest; seller or lender credits may affect how costs are paid but are not necessarily free. Review the official disclosures and ask the lender for an itemized estimate.
References: CFPB: mortgage closing costs
Review the Loan Estimate and Closing Disclosure for your actual numbers and any credits or assistance. Michael can help you ask the right questions while the lender and settlement provider confirm the figures.
California mortgage questions
Does the MyHome Assistance Program guarantee that I qualify or provide a fixed amount of assistance?
No. CalHFA does not promise that every applicant will qualify or receive the same amount; an approved lender must determine the borrower’s eligibility and applicable terms.
Where can California buyers check first-time-buyer programs?
Start with CalHFA’s official MyHome page, then speak with a CalHFA-approved lender, since CalHFA does not lend directly to consumers. A local city or county housing office may also identify programs available in the property’s area.
How are property taxes handled in California?
In California, a change in ownership can lead to a supplemental assessment and bill in addition to the regular annual property-tax bill. The county assessor determines the reappraised value, so ask that office about the likely amount and timing for the property.
Which closing costs should a California buyer plan for?
Expect line items for appraisal, title insurance, government taxes, and prepaid items such as property taxes, homeowners insurance, and interest. The contract may shift some costs, and any seller or lender credit should be reviewed in the Loan Estimate and Closing Disclosure.
Does the MyHome Assistance Program guarantee assistance?
No. MyHome assistance is conditional on the program’s borrower, occupancy, education, income, property, and first-mortgage requirements, with final approval handled by a CalHFA-approved lender.