CalPLUS Access FHA

Refinancing is possible, but it usually requires paying off the assistance loans. CalHFA generally does not allow “subordination” of the MyHome and MyAccess loans. This means if you refinance your first mortgage in the future to get a lower interest rate, the second (MyHome) and third (MyAccess) liens will become due and payable immediately as part of that transaction. You would need enough equity in the home or cash on hand to pay off the first mortgage plus both assistance loans to complete the refinance.

The primary differences are usage and interest. The Zero Interest Program (ZIP) offers a 0% interest loan that can only be used for closing costs; it cannot be applied to the down payment. MyAccess, on the other hand, charges 1.00% simple interest but allows you to use the funds for either the down payment or closing costs. This makes MyAccess a more flexible option if you need extra help meeting the down payment threshold, whereas ZIP is better if you specifically need closing cost relief and want a 0% rate.

Yes, you can purchase a manufactured home using this program, provided it meets specific criteria. The home must be a double-wide or larger (single-wide homes are not permitted) and must sit on a permanent foundation. Financial requirements are stricter for these purchases: you must have a minimum credit score of 660, and your Debt-to-Income (DTI) ratio cannot exceed 45%. Additionally, manual underwriting is not permitted for manufactured homes; you must receive an automated “Approve/Eligible” finding to qualify.

Yes, like all CalHFA programs, CalPLUS Access FHA has strict income limits based on the county where the property is located. The total income of all borrowers on the loan cannot exceed these caps. For example, in 2025, the annual income limit for counties like Alameda and Contra Costa is $316,000, while Los Angeles is $211,000. Lenders calculate your income using standard FHA guidelines, but CalHFA generally only counts the income used for “credit qualifying” toward the program limit.

The standard minimum credit score for the CalPLUS Access FHA program is 640. However, there are specific scenarios where the requirement increases to 660. You must have a score of at least 660 if your loan requires manual underwriting (meaning it did not receive an automated approval) or if you are purchasing a manufactured home. Lenders will use the middle credit score of the lowest-scoring borrower on the application to determine if you meet these thresholds. Borrowers with no credit score are not eligible.

Yes, because the CalPLUS Access FHA program utilizes subordinate financing (MyHome and MyAccess), all borrowers on the loan must be first-time homebuyers. CalHFA defines a first-time homebuyer as someone who has not held an ownership interest in a principal residence (the home you live in) during the three years immediately preceding the purchase of the new home. If you are married, this requirement applies to your spouse as well; if they have owned a principal residence in the last three years, you would not be eligible.

Both the MyHome Assistance loan and the MyAccess loan carry a simple interest rate of 1.00%. Importantly, you do not need to make monthly payments on either of these loans. Repayment is deferred for the life of the first mortgage. You are only required to pay back the principal balance plus the accrued simple interest when you sell the home, refinance your first mortgage, transfer the title, or pay off the first loan in full. This structure helps keep your monthly housing expenses manageable.

Yes, this is a key advantage of the CalPLUS Access program compared to other options like the CalPLUS ZIP program. Funds from the MyAccess loan can be used for both the down payment and closing costs. This flexibility allows you to apply the funds where they are needed most. For example, if the MyHome loan covers your minimum down payment, you can use MyAccess for closing costs. Conversely, if you have seller credits covering your closing costs, you can apply MyAccess funds to increase your down payment.

The program provides two layers of assistance calculated differently. First, the MyHome Assistance Program offers a loan of up to 3.5% of the sales price or appraised value (whichever is less), which is designed to cover the mandatory FHA down payment. Second, the MyAccess Program provides an additional loan fixed at 2.50% of the first mortgage loan amount (including the Upfront Mortgage Insurance Premium). When combined, these two sources provide substantial buying power, often exceeding the minimum cash required to close the transaction.

The CalPLUS Access FHA program is a comprehensive financing package offered by the California Housing Finance Agency (CalHFA) designed for first-time homebuyers who need maximum upfront assistance. It is not just a single loan; rather, it combines a fixed-rate FHA first mortgage with two distinct subordinate loans: the MyHome Assistance Program and the MyAccess Program. By “stacking” these three loans, borrowers can receive funds to cover the 3.5% FHA down payment requirement and have additional funds remaining to pay for closing costs, essentially allowing for zero-down-payment financing with minimal out-of-pocket expenses.