MyAccess

Yes, the MyAccess program strictly requires that you be a First-Time Homebuyer. CalHFA defines a first-time homebuyer as someone who has not held an ownership interest in a principal residence in the three years prior to the loan application. This requirement applies to all borrowers on the loan. If you have owned a home recently, you would not be eligible for MyAccess, though you might be eligible for other CalHFA first mortgage products that do not involve subordinate down payment assistance.

Yes, lenders are permitted to charge a specific processing fee for the MyAccess loan. The maximum allowable processing fee for MyAccess is $250. This fee is separate from the processing fee for the MyHome loan or the origination fees for the first mortgage. Borrowers should review their Loan Estimate and Closing Disclosure carefully to ensure they are not being charged more than this cap. Aside from this specific fee, borrowers are responsible for customary third-party closing costs such as recording fees and title insurance associated with the additional lien.

The MyAccess loan is recorded in the third lien position. In a typical transaction using this program, your main mortgage is in the first position. The mandatory MyHome Assistance Program loan is recorded in the second position. Consequently, MyAccess sits behind both of them. This hierarchy dictates who gets paid first if the home is sold or foreclosed upon. Because it is in the third position, it is considered a deeply subordinate loan, which is why it is strictly tied to the specific CalPLUS Access first mortgage product.

No, CalHFA does not charge prepayment penalties on its subordinate loans, including MyAccess. While you are not required to make monthly payments, you are permitted to pay off the MyAccess loan balance at any time without a fee. However, because the interest rate is a low 1.00% simple interest, many borrowers choose to maximize the deferral period. It is important to remember that paying off the loan early removes the lien from your property, which can simplify future refinancing or selling processes, but keeping the funds invested elsewhere might yield higher returns than the 1% cost.

Although monthly payments are deferred, the MyAccess loan becomes due and payable in full upon the occurrence of specific “trigger events.” You must repay the principal and all accrued interest if you sell the property, transfer the title to someone else, or refinance your first mortgage. Additionally, the loan must be repaid if you pay off the first mortgage in full (for example, after 30 years) or if a Notice of Default is formally filed and recorded against the property, initiating foreclosure proceedings.

MyAccess funds are flexible and can be used for down payment assistance and/or closing costs. This flexibility distinguishes it from the Zero Interest Program (ZIP), which is strictly limited to closing costs. Because MyAccess is combined with MyHome (which is also used for down payments), a borrower can utilize the MyHome funds to cover the minimum down payment requirement and then use the MyAccess funds to cover remaining closing costs or further reduce the principal. However, MyAccess funds cannot be used to pay off borrower debt or provide cash back to the borrower.

No, MyAccess is not a standalone product. It effectively acts as a “third” lien because it must be “stacked” with other specific loans. To use MyAccess, you are required to select the CalPLUS Access first mortgage (either FHA or Conventional). Furthermore, you must also combine it with the MyHome Assistance Program. This mandatory layering means you will have three loans at closing: your first mortgage, your MyHome loan (second position), and your MyAccess loan (third position). This structure maximizes the assistance available but results in a complex lien arrangement.

The MyAccess loan carries a fixed 1.00% simple interest rate. Simple interest is generally more favorable than compound interest because it is calculated only on the original principal balance, not on the accrued interest. Payments on this loan are deferred for the life of the first mortgage, meaning you do not have to make monthly payments on the MyAccess loan. The principal and the accrued interest are due in full only when the loan matures (usually 30 years) or when a trigger event occurs, such as selling or refinancing the home.

The loan amount for the MyAccess program is fixed at 2.50% of your first mortgage loan amount. It is important to note that this percentage is calculated based on your total loan balance, not the sales price of the home. For example, if your first mortgage is $400,000, the MyAccess loan would provide exactly $10,000 in assistance. This differs from the MyHome program, which typically calculates assistance based on the lesser of the sales price or appraised value. Because the amount is fixed at 2.50%, borrowers should calculate if this provides sufficient funds for their needs.

The MyAccess Program is a specific subordinate loan product offered by the California Housing Finance Agency to assist first-time homebuyers with upfront costs. It provides a deferred-payment junior loan that can be used for both your down payment and your closing costs. Unlike grants which do not need to be repaid, MyAccess is a loan that must eventually be paid back. It is exclusively designed to be paired with a specific taxable bond-financed first mortgage called the “CalPLUS Access” loan (available in both Conventional and FHA versions) and must also be combined with the MyHome Assistance Program.