Two of California's biggest down payment assistance programs serve overlapping but different buyers. The right choice depends on your income, your county, and whether you have other assistance stacking on top. Here is how they compare.
CalHFA MyHome is a state-run silent second mortgage of up to 3.5 percent of the purchase price for FHA loans (3 percent for conventional). It carries no monthly payment and accrues simple interest until you sell, refinance, or pay it off.
GSFA Platinum is a separate DPA structure that can be paired with FHA, conventional, VA, and USDA financing. GSFA delivers a 3 to 5 percent grant or repayable second toward down payment and closing costs.
CalHFA tends to deliver a lower interest rate on the first mortgage but has tight income limits. GSFA gives more income flexibility (great for two-income households) but at a slightly higher first-mortgage rate. We model the total cost of ownership both ways before choosing.
CalHFA MyHome + FHA + Forgivable Equity Builder: for lowest-income first-time buyers. Total DPA can reach 8.5%+ of purchase price.
GSFA Platinum + FHA + Chenoa Fund: for higher-income buyers who do not qualify for CalHFA. Can reach 8-10% total assistance.
CalHFA MyAccess + FHA: alternative when MyHome income limit is exceeded but borrower still wants CalHFA pricing.
CalHFA wins if your income is at or below 80 percent area median, you are a first-time buyer, and you want the lowest first-mortgage rate. GSFA wins if your income is above the CalHFA cap, you are not a first-time buyer, or you need a faster, more flexible underwrite. The deciding factor is almost always income vs. rate trade-off, and we model it both ways.
No, they are competing first-mortgage programs. You choose one or the other for the first mortgage. You can layer different secondary DPA (like Forgivable Equity Builder) on top of CalHFA, or Chenoa/NHF on top of GSFA.
Not exactly. It is a silent second mortgage with no monthly payment that accrues simple interest until repayment. The Forgivable Equity Builder, by contrast, is a forgivable second that requires 5 years of owner-occupancy to be forgiven.
GSFA has much higher income tolerance, useful for two-income Sacramento households over $120K combined. CalHFA limits are tighter.
Yes, GSFA Platinum is a statewide program in California. CalHFA also works statewide. Both have program-specific income limits that vary by county.
CalHFA typically wants 660+ for FHA-paired programs (640 for some). GSFA is typically 640+. Lender overlays may apply.
This comparison is for educational purposes only and is not a commitment to lend or guarantee of approval. Loan programs, rates, terms, and eligibility requirements are subject to change and depend on credit, income, property, occupancy, program guidelines, and other underwriting factors. Equal Housing Opportunity. PRMG Mortgage. NMLS 225375. Ken Clark Jr. NMLS #225375.
Certified Mortgage Advisor and Branch Manager at PRMG Mortgage (NMLS #75243). 28 years in mortgage lending. Specializes in FHA, VA, conventional, DPA, jumbo, Non-QM, renovation, and construction financing for buyers and investors in Sacramento, New Jersey, and 47 other states (NY excluded). Three-time Gold Award winner for Best Mortgage Company in Sacramento (2023, 2024, 2025). NMLS #225375.
Verify Ken's license at NMLS Consumer Access · Read client reviews · Schedule a call