CalHFA Introduces Additional Down Payment Assistance for First-Time Homebuyers Agency Makes Home Buying Process More Accessible

October 6, 2014

SACRAMENTO, October 6, 2014 – The California Housing Finance Agency announced today that it will begin providing an additional $6,500 in down payment assistance through its CalPLUS Conventional program. The change is part of the Agency’s ongoing efforts to make home purchasing more accessible for first-time homebuyers.

CalHFA’s ZIP Extra down payment assistance program reduces the amount of money needed to close on the purchase of a home for buyers who may not yet have the funds for a large down payment, closing costs or even an upfront mortgage insurance payment.

“CalHFA is pleased to extend this additional assistance to first-time homebuyers,” said CalHFA Executive Director Tia Boatman Patterson. “This is a valuable resource for those families who are ready to buy a home and have the means for their monthly mortgage payment, but haven’t been able to save enough money for a down payment.”

The new program launches today, October 6.

The program will include an additional $6,500 on top of the 3% down payment it currently offers as part of its CalPLUS Conventional with Zero Interest Program (ZIP). The ZIP program provides 3% of the loan amount at 0% interest on a fixed-rate, 30-year conventional mortgage. The additional $6,500, ZIP Extra, will also be provided at 0% interest.

An added benefit is that a CalPLUS Conventional loan can also be combined with CalHFA’s other assistance programs, such as:

The new assistance is available only for first-time homebuyers. However, although non-first-time homebuyers are not eligible for ZIP Extra, they may still benefit from CalHFA’s other first mortgage programs.

To learn more about CalHFA’s programs, visit

For nearly 40 years, CalHFA, a self-supported State agency that doesn't rely on taxpayer dollars, has supported the needs of renters and homeowners by creating and financing progressive housing solutions so more Californians have a place to call home. CalHFA has helped more than 152,000 California families purchase homes. For more information, visit

Contact: Kenneth Giebel
Phone: 916.326.8606
Fax: 916.322.2345

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