Two of California's biggest down payment assistance programs serve overlapping but different buyers. The right choice depends on your income, your county, and how you plan to structure the first mortgage. 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 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.
CalHFA MyHome pairs with a state-run first mortgage that is often priced attractively for income-eligible buyers. The MyHome second sits behind your first mortgage as a silent, no-monthly-payment loan that only comes due at sale, refinance, or payoff. For qualifying first-time buyers within income limits, that can free up meaningful cash you would otherwise put toward the down payment, letting you focus on reserves and moving expenses instead.
GSFA Platinum can deliver grant-style down payment help that generally does not require repayment. It typically has wider income tolerance than CalHFA, so households earning above CalHFA thresholds may still qualify, and it does not require first-time buyer status, opening the door for move-up buyers. GSFA pairs with FHA, VA, USDA, or conventional first mortgages, giving you flexibility on the loan type that best fits your credit and the property.
The right choice depends on your income, credit, first-time buyer status, and what you value most in the deal. Buyers who fit inside CalHFA income limits often benefit from the attractive first-mortgage pricing MyHome carries. Buyers whose income runs higher, or who have owned a home before, may benefit from GSFA's wider eligibility and grant-style structure. In a preapproval consultation we model both side by side for your specific numbers so you can see the monthly payment and cash-to-close each delivers.
MyHome is structured as a silent second mortgage rather than a grant, which is actually a friendly structure for buyers. There is no monthly payment, so it does not affect your qualifying debt-to-income calculation, and repayment is deferred until you sell, refinance, or pay off the first mortgage. Many buyers plan to refinance into a single first mortgage once equity grows, which is a common exit.
GSFA is designed to serve a wider income band and is often the right fit for two-income California households over roughly $120K combined. CalHFA is designed for lower-to-moderate income buyers and offers a lower first-mortgage rate as part of that design. Both are valuable for the buyer they were built for. A lender can confirm current thresholds for your county and household size.
Yes. GSFA Platinum is available statewide across California and works with buyers in San Diego, Los Angeles, the Bay Area, Sacramento, and elsewhere. CalHFA is also statewide. Both have program-specific income limits that vary by county, so the qualifying threshold in San Diego may differ from Los Angeles or the Central Valley.
CalHFA typically works well starting at 660 on FHA-paired programs (640 is possible on some structures). GSFA typically starts at 640. If your score sits between 640 and 700, both programs may be open to you, and comparing the two side by side on rate, mortgage insurance, and DPA amount is the smart move.
Each program is designed as a complete standalone solution built to work on its own with a matched first mortgage. Rather than trying to combine them, the more useful question is which one fits your file best. That is the comparison we walk through in a preapproval consultation so you can see the specific dollars each program delivers for your scenario.
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. Paramount Residential Mortgage Group, Inc. (PRMG), NMLS #75243. 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 nationwide. PRMG is licensed in 49 states, excluding New York. Three-time Gold Award winner for Highly Reviewed Mortgage Team in Sacramento (2023, 2024, 2025). NMLS #225375.
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Source materials are publicly available agency and government resources. Program availability and guidelines may change. Always verify current guidelines with the agency or with Ken Clark Jr. before relying on them for a transaction.