CalHFA in Lincoln: How MyHome Helps First‑Time Buyers

Buying your first home in Lincoln can feel out of reach when cash to close stacks up fast. You’re not alone if the down payment and closing costs are the roadblock. The good news: CalHFA’s MyHome can help cover part of those upfront costs so you can focus on finding the right home. In this guide, you’ll learn how MyHome works, who qualifies in Lincoln and Placer County, how it pairs with local assistance, and the exact steps to get started. Let’s dive in.

What MyHome is

CalHFA’s MyHome Assistance Program is a subordinate loan that helps with your down payment and closing costs when you use a CalHFA first mortgage. The maximum help is up to the lesser of 3.5% of the price or appraised value with FHA first loans, and up to 3.0% with Conventional first loans. You must pair MyHome with an eligible CalHFA first mortgage product.

Learn the current program basics on the MyHome page from CalHFA. See MyHome program details.

How repayment works

MyHome is a deferred, or “silent,” second. You do not make monthly payments on this loan while you live in the home. Repayment is due when you sell, refinance, or pay off the first mortgage. CalHFA posts the current MyHome interest rate and updates it as markets change. You can check the latest on the agency’s rates page.

Who qualifies in Lincoln

To use MyHome, you generally need to be a first‑time buyer, which CalHFA defines as not owning and occupying a home in the past 3 years. At least one occupying borrower must complete approved homebuyer education, and you must meet CalHFA income and underwriting rules. Review borrower basics and education options on the CalHFA borrower page.

CalHFA updates income limits by county. Placer County’s limits were updated in June 2025 and apply to new reservations on or after that date. For current numbers, check CalHFA’s income limits bulletin.

What you can buy

Eligible properties typically include one‑unit single‑family homes, approved condos or PUDs, and certain manufactured homes that meet program rules. While CalHFA removed sales price caps, first‑loan program limits still apply based on the loan type you use. Verify today’s county loan limits and program rules on CalHFA’s limits page, then confirm specifics with your lender.

How it fits with Placer County help

MyHome is a statewide program you can use for qualifying purchases inside the city of Lincoln. Placer County also offers a separate First‑Time Homebuyer Assistance Program that may provide additional help, often limited to unincorporated areas and subject to availability. The county announced updated guidelines in 2025, including assistance up to $100,000 for eligible buyers. See the county program overview and geography notes on Placer County’s First‑Time Homebuyer Assistance Program.

Important: City limits matter for county funds. A home inside Lincoln city boundaries may not qualify for county‑administered assistance that targets unincorporated addresses, even though it can still use MyHome statewide. Always confirm eligibility by address.

Real‑world examples

Numbers help you see the impact. Here are simple illustrations:

• Conventional example: On a $600,000 purchase, 3.0% MyHome assistance equals $18,000 toward your down payment and/or closing costs.
• FHA example: On a $600,000 purchase, 3.5% MyHome assistance equals $21,000.

These funds reduce your cash to close. The MyHome loan is a separate lien that you repay later when you sell, refinance, or pay off the first mortgage.

Step‑by‑step path

1. Connect with a CalHFA‑approved lender. Use CalHFA’s tools and guidelines to find a loan officer and confirm your eligibility. Start with the borrower page.
2. Complete homebuyer education. CalHFA accepts approved online courses and HUD‑approved counseling. Details are on the borrower page.
3. Shop and get into contract in Lincoln. If you plan to stack local funds, verify whether the address is inside Lincoln or in unincorporated Placer County using county resources.
4. Your lender reserves MyHome. The lender submits the CalHFA first‑loan reservation and requests MyHome as part of the funding stack, then manages the paperwork.
5. Track timing and rates. Funding is subject to availability and daily rate rules. Check CalHFA’s rates page and follow your lender’s lock timeline.

What to prepare

Gather the basics your lender will need:

• Recent pay stubs, W‑2s and/or tax returns
• Bank statements and asset documentation
• Photo ID and Social Security numbers
• Employment and income details
• Homebuyer education certificate (for the qualifying borrower)

Your lender will also review credit, debt‑to‑income, and county income limits to confirm eligibility. See borrower requirements on CalHFA’s borrower page.

Benefits and tradeoffs

Benefits

• Lowers your upfront cash need for down payment and closing costs
• No monthly payment on the MyHome loan while you occupy the home
• Designed to work with CalHFA first mortgages for first‑time buyers

Tradeoffs

• MyHome is a junior lien that must be repaid when you sell, refinance, or pay off the first loan
• Interest can accrue on the subordinate loan; check the current posted rate and lender fees on the rates page
• If you stack local programs, there may be added restrictions or separate liens; ask your lender about combined rules

Ready to plan your path in Lincoln?

If MyHome could bridge your cash‑to‑close gap, let’s map out a simple, confident plan for your Lincoln purchase. With a contract‑savvy approach and local insight across South Placer, you’ll understand your options before you write an offer. Reach out to Hovhannes Hovakimyan to get started.

FAQs

Can I use CalHFA MyHome in Lincoln?

• Yes. MyHome is a statewide program you can use in Lincoln if you and the property meet CalHFA rules; separate Placer County assistance may depend on whether the home is in unincorporated county land and on program availability. See MyHome details.

What does “first‑time buyer” mean for CalHFA?

• CalHFA generally defines it as not owning and occupying a home in the last 3 years; at least one occupying borrower must complete approved homebuyer education. Check the borrower page.

Do I make monthly payments on MyHome?

• No. MyHome payments are deferred; you repay when you sell, refinance, or pay off the first mortgage. CalHFA posts the current subordinate interest on the rates page.

Will MyHome cover my entire down payment?

• Usually not. MyHome covers a percentage of the price or appraised value (3.0% Conventional, 3.5% FHA), so you may still bring funds or combine with eligible local assistance. See program details.

Can I combine MyHome with Placer County assistance?

• Sometimes. Placer County’s program may offer up to $100,000 but is often limited to unincorporated areas and funding windows. Confirm address eligibility and availability on the county’s program page.

What documents will a lender ask for with MyHome?

• Expect standard mortgage docs: pay stubs, W‑2s/tax returns, bank statements, ID, and a homebuyer education certificate for the qualifying borrower. See CalHFA’s borrower page.