Buyer Programs · California
California Down Payment Assistance, Compared
CalHFA and GSFA are not competing for the same buyer. One is built for first-time buyers; the other does not care whether you have owned before.
Overview
The fork is simpler than it looks: have you owned a home before?
CalHFA is California’s state housing finance agency, and its MyHome assistance — a deferred junior loan worth up to 3.5% of the purchase price — is aimed squarely at first-time buyers using a CalHFA first mortgage. GSFA is a joint powers authority, and its programs were built for the buyers CalHFA leaves out: no first-time-buyer requirement, no maximum purchase price, and debt-to-income allowances up to 50%. That last set of terms matters enormously in California, where a repeat buyer of an $900,000 home is a completely ordinary situation that most assistance programs simply exclude. Between the two GSFA options the difference is the credit floor: Platinum starts at 640 and reaches up to 5% (5.5% for public county employees), while Golden Opportunities drops to 620 for buyers whose credit is still rebuilding. CalHFA also carries things GSFA does not — the Zero Interest Program for closing costs alongside a CalPLUS first, and the Extra Credit Teacher Program for K–12 educators. So the honest answer is that a first-time buyer should price CalHFA first, and almost everybody else should start with GSFA.
How to choose
The questions that actually decide it
- Have you owned a home before? If yes, GSFA is almost certainly your path.
- What is your credit score? 620 opens Golden Opportunities; 640 opens Platinum.
- How expensive is the house? GSFA has no maximum purchase price. CalHFA does.
- Are you a K–12 teacher? CalHFA’s Extra Credit Teacher Program is worth pricing.
- Do you work for a county? Public county employees can reach 5.5% through GSFA Platinum.
- Is your DTI tight? GSFA allows up to 50%, which rescues a lot of California files.
The programs
Two agencies, three main paths
CalHFA MyHome
Up to 3.5% of purchase price or appraised value as a deferred junior loan, paired with a CalHFA first mortgage. See CalHFA programs.
CalHFA ZIP and ECTP
The Zero Interest Program covers closing costs alongside a CalPLUS first; the Extra Credit Teacher Program adds help for K–12 educators.
GSFA Platinum
Up to 5% — 3.5% as a 15-year amortizing second plus 1.5% as a non-repayable gift. Up to 5.5% for public county employees. 640 FICO. See GSFA Platinum.
GSFA Golden Opportunities
Up to 5% with a 620 minimum FICO — the lowest credit bar of the three. Works with FHA, VA, USDA and conventional. See the program.
No price limit
GSFA carries no maximum purchase price, which is why it works in counties where the FHA limit reaches $1,249,125. See California lending.
Repeat buyers
Neither GSFA program requires you to be a first-time buyer. That single rule decides most California files.
Not sure which California program fits?
Tell me your county, your credit score and whether you have owned before. Those three answers narrow it immediately. Call (303) 557-3846 or start online.
California down payment assistance side by side
| Program | How much | Structure | Credit floor | First-time buyer required? |
|---|---|---|---|---|
| CalHFA MyHome | Up to 3.5% of price or value | Deferred junior loan, no monthly payment | Per CalHFA guidelines | Yes — and you must use a CalHFA first mortgage |
| CalHFA ZIP | Closing-cost assistance | Deferred, paired with a CalPLUS first mortgage | Per CalHFA guidelines | Yes |
| GSFA Platinum | Up to 5%, or 5.5% for public county employees | 3.5% as a 15-year amortizing second plus 1.5% as a non-repayable gift | 640 | No |
| GSFA Golden Opportunities | Up to 5% | 3.5% as a 15-year amortizing second plus 1.5% gift | 620 | No |
The fine print
CalHFA MyHome: the details that change the number
“Up to 3.5%” is the headline, but the percentage depends on the first mortgage you pair it with. Per CalHFA’s current program page:
- FHA first mortgage: MyHome up to the lesser of 3.5% of the purchase price or appraised value.
- Conventional first mortgage: MyHome up to the lesser of 3% of the purchase price or appraised value.
- First-time buyers only, within CalHFA’s income limits for the county.
- Homebuyer education: at least one occupying first-time borrower completes an approved course, such as eHome online or a NeighborWorks America counselor.
- Repayment: a deferred junior loan with no monthly payment.
What credit score do I need for California down payment assistance?
For GSFA, 620 opens Golden Opportunities and 640 opens Platinum. CalHFA sets its minimums by first-mortgage type, so I check your score against the specific loan before we pick a path.
Should a first-time buyer always choose CalHFA?
Price it first, but not automatically. If your file needs a higher debt-to-income allowance, or the home is above CalHFA’s county price limit, GSFA can still be the better fit even for a first-time buyer.
Source: CalHFA MyHome Assistance Program page (accessed September 2026). Terms are set by CalHFA and GSFA and subject to change.
Common questions about California assistance
Can I get California down payment assistance if I have owned a home before?
Yes — through GSFA. Neither GSFA Platinum nor Golden Opportunities carries a first-time-buyer requirement, and neither has a maximum purchase price. CalHFA’s MyHome assistance does target first-time buyers. If you have owned before, GSFA is where to start.
What is the difference between GSFA Platinum and Golden Opportunities?
Mainly the credit floor. Platinum requires a 640 FICO and can reach 5.5% for public county employees; Golden Opportunities drops to 620 and reaches 5%. Both structure the help the same way — roughly 3.5% as a 15-year amortizing second plus about 1.5% as a gift that is not repaid — and neither requires you to be a first-time buyer.
Is there a maximum purchase price for California down payment assistance?
Not with GSFA, which is unusual and genuinely useful in high-cost counties where the FHA limit reaches $1,249,125. CalHFA programs do carry price limits that vary by county. In the Bay Area and coastal Southern California this difference alone often decides the program.
Can I combine CalHFA and GSFA assistance?
No — they are alternative sources of down payment assistance on the same transaction, so you choose one path. What you can sometimes layer are CalHFA’s own components, such as MyHome alongside the Zero Interest Program on a CalPLUS first mortgage. I price the combinations rather than assuming.