CalHFA has other loan programs available that I haven’t explained here. Check their website to see if you meet any of their requirements. The CalHFA website also contains detailed explanations regarding their loan and homebuying processes:
Assistance for teachers and school district employees
Teachers, administrators, and district employees might also be eligible for another deferred payment loan which can be used towards the downpayment. Visit the website to find out which schools and employees are eligible: CalHFA Extra Credit Teacher Home Purchase Program
Mortgage Tax Credits for First-time homebuyers
This is something I wish I was aware of when I bought my first home. Normally, the mortgage interest deduction is used to reduce the amount of income you’re taxed on. However, the MCC credit applies at the end, once you determine how much tax you owe – it’s a credit to pay your income tax. The limit of the credit is currently 20% of the mortgage interest you paid annually. If you paid $10,000 in interest, you can apply $2,000 towards the amount you owe (however, you can’t take both the mortgage interest deduction and the MCC credit – just one or the other). You should be able to reduce your withholding to accommodate the MCC credit so your paychecks will be larger. Page 4 of this PDF has a great example: Mortgage Credit Certificate Program
All of San Diego County is eligible to apply for the CalHFA Mortgage Credit Certificate program, and our in-house lender is also a participating MCC loan officer. Everyone’s tax situation is different, so you should consult with your tax professional to see how much you would benefit.
Several similar, government-insured loan programs are also available through CalHFA including Energy Efficiency grants for including the cost of energy efficient improvements into your loan – solar panels, etc. Visit: CalHFA FHA programs and Energy Efficient Mortgage Program to learn more.