Buying your first home in Kerman can feel out of reach when cash for down payment and closing costs is tight. You are not alone, and there are real options that can help. CalHFA programs, including the popular MyHome Assistance Program, can reduce the upfront cash you need and pair with either an FHA or a conventional first mortgage. In this guide, you will learn how MyHome works, who qualifies in Fresno County, the steps to apply, and the questions to ask your lender so you can move forward with confidence. Let’s dive in.
CalHFA options in a nutshell
CalHFA is California’s housing finance agency. It works through participating lenders to offer first mortgages and down payment or closing cost assistance to eligible buyers. In most cases, you will use a primary first mortgage and layer CalHFA help as a junior loan.
For Kerman buyers, the most common pairing is an FHA or conventional first mortgage with MyHome assistance. This setup can lower the cash you need to close while keeping your monthly budget manageable.
How MyHome helps
MyHome is designed to help with your down payment and allowable closing costs. It is set up as a junior loan that is recorded at closing. Many versions are deferred, which means no monthly payment. The junior loan typically comes due when you sell, refinance, or pay off the first mortgage.
You can often combine MyHome with either an FHA or a conventional first mortgage from a CalHFA-participating lender. Your lender will calculate your combined loan-to-value ratio and make sure the structure meets program rules.
FHA pairing basics
- You can use MyHome with a CalHFA-backed FHA first mortgage.
- FHA has its own mortgage insurance rules and property standards.
- Condo purchases may require the project to be FHA approved.
Conventional pairing basics
- You can use MyHome with a CalHFA-backed conventional first mortgage.
- Conventional loans use private mortgage insurance when you put less than 20 percent down.
- Mortgage insurance cost and rules differ from FHA, so compare both paths with your lender.
Eligibility in Fresno County
Your eligibility is based on income and purchase-price limits for Fresno County, first-time buyer rules, occupancy, and completion of approved homebuyer education. Lenders will also review your credit, debt, employment, and savings.
Income and price limits
- CalHFA uses county-specific income limits tied to HUD’s Area Median Income and household size.
- Purchase-price caps also apply and can vary by program and property type.
- Limits change over time. Before you apply, check CalHFA’s current income and sales price limits for Fresno County and confirm which limit applies to the program you plan to use.
How to confirm your limit:
- Look up Fresno County income limits on CalHFA or HUD’s AMI tables.
- Identify which CalHFA program you will use, since some programs use different bands.
- Verify the current purchase-price cap for your property type.
First-time buyer and education
- Many CalHFA programs target first-time buyers, usually defined as no homeownership in the past three years.
- Some programs offer exceptions, so ask your lender if you qualify even if you owned a home before.
- Most assistance requires an approved homebuyer education course or counseling. Plan to complete this before closing and keep your certificate ready for underwriting.
Credit and DTI basics
- You must meet the first-mortgage program’s underwriting guidelines, including credit score and debt-to-income ratio.
- CalHFA may have additional overlays in some products.
- Your lender will factor in the combined loan-to-value when reviewing mortgage insurance and eligibility.
Eligible homes in Kerman
CalHFA assistance is for primary residences. Investment properties and second homes are not eligible. Eligible property types often include single-family homes, approved condos, and certain manufactured homes, subject to program rules.
If you use FHA, the home must meet FHA minimum property standards. Ask your lender early about any special rules for condos, manufactured homes, or 2- to 4-unit properties you plan to occupy.
How the process works
Follow a simple, step-by-step path to stay on track:
- Get prequalified with a CalHFA-participating lender. They will check your income against Fresno County limits and review your credit.
- Confirm your pairing. Ask whether MyHome can be combined with your FHA or conventional first mortgage for the property you want.
- Complete approved homebuyer education and get your certificate. Your lender will tell you which providers they accept.
- Submit your full loan application and documents. Your lender will calculate combined loan-to-value and mortgage insurance.
- Complete underwriting, appraisal, and closing. The MyHome junior loan is recorded at closing and is typically deferred until you sell, refinance, or pay off the first mortgage.
Your document checklist
Gather these items early to save time:
- Government-issued ID and Social Security number
- Last 2 years of federal tax returns
- Recent pay stubs for the last 30 days and proof of other income
- Bank statements and gift documentation if applicable
- Employment and rent verification if requested
- Homebuyer education or counseling certificate
- If using FHA, ask about any condo approval or counseling requirements
Questions to ask your lender
Use these to compare options and avoid surprises:
- Which CalHFA products are available for purchases in Kerman, Fresno County?
- Can I pair MyHome with an FHA first mortgage? With a conventional first mortgage?
- What are the current Fresno County income and purchase-price limits for my household size?
- What minimum credit score do you require for the first mortgage and for the assistance program?
- How will the MyHome junior loan affect my combined loan-to-value and mortgage insurance? Will it change my monthly payment?
- When is the junior loan due? At sale, refinance, or payoff, and are there any forgiveness terms?
- Which homebuyer-education providers do you accept, and when do I need the certificate?
- Are there program-specific fees, reserve requirements, or timelines I should plan for?
Local tips for Kerman buyers
- Start early on documentation. CalHFA programs tie income limits to household size, so confirm how co-borrowers are counted.
- Talk with a local CalHFA-participating lender. Experience in Fresno County helps with appraisal, condo, and manufactured home questions.
- Ask how the CalHFA junior loan affects your escrow timeline. In competitive situations, timing can matter to sellers.
- If you plan to use gift funds along with MyHome, verify the first-mortgage rules for documenting gifts.
Pitfalls to avoid
- Do not assume fixed dollar amounts or percentages for assistance. Limits change, so verify current caps before you write offers.
- Confirm property eligibility early, especially for condos, manufactured homes, or 2- to 4-unit properties.
- Understand repayment triggers for the junior loan, including what happens at refinance.
- Ask about any additional reserve requirements your lender may have when using CalHFA programs.
Next steps
If you are thinking about buying in Kerman, a CalHFA pairing with MyHome could make your budget work with less cash at closing. Get prequalified with a CalHFA-participating lender, complete your homebuyer education, and line up your documents so you can move quickly when the right home hits the market.
Ready to map out your options and connect with trusted local lenders? Schedule a Consultation with Unknown Company to get a step-by-step plan tailored to your budget and timeline.
FAQs
Do CalHFA programs require me to be a first-time buyer?
- Many CalHFA programs target first-time buyers, defined as no homeownership in the last three years, but some exceptions exist. Confirm the rule for the specific program you plan to use.
How do income limits work in Fresno County?
- CalHFA income limits are county-specific and based on HUD Area Median Income and household size. They are updated regularly, so check current tables before you apply.
Will a MyHome second loan increase my monthly payment?
- Many MyHome junior loans are deferred and do not require a monthly payment, but they affect your combined loan-to-value and can impact refinancing. Verify exact terms with your lender.
Can I use MyHome with FHA or conventional loans?
- Yes. MyHome is commonly paired with both FHA and conventional first mortgages through CalHFA-participating lenders. The choice affects mortgage insurance and underwriting.
Do I need homebuyer education for CalHFA assistance?
- Most assistance requires an approved homebuyer education course or counseling before closing. Your lender will need your completion certificate for underwriting.
