Hov Homes

Buying your first home in Lincoln can feel out of reach when cash to close stacks up fast. CalHFA’s MyHome can help cover part of those upfront costs so you can focus on finding the right home.

What MyHome is

CalHFA’s MyHome Assistance Program is a subordinate loan that helps with your down payment and closing costs when paired with a CalHFA first mortgage.

Maximum assistance equals 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.
See MyHome program details on CalHFA’s website for current program basics.

How repayment works

MyHome is a deferred, or “silent,” second loan with no monthly payments 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; check the agency’s rates page for the latest number.

Who qualifies in Lincoln

Generally, you must be a first-time buyer (no ownership/occupancy in the last 3 years), have at least one occupying borrower complete approved homebuyer education, and meet CalHFA income and underwriting rules.

Placer County income limits were updated in June 2025 for new reservations—confirm current numbers on CalHFA’s income limits bulletin.

What you can buy

Eligible properties include one-unit single-family homes, approved condos/PUDs, and certain manufactured homes that meet program rules.

CalHFA removed sales price caps, but first-loan program limits still apply based on loan type. Verify county loan limits and program rules with your lender.

How it fits with Placer County help

MyHome is statewide, so you can use it for qualifying purchases inside Lincoln city limits, even though Placer County assistance may target unincorporated areas.

The county’s First-Time Homebuyer Assistance Program may offer up to $100,000 for eligible buyers—confirm geography and availability on the county overview page.

Important: city limits matter for county funds. Homes inside Lincoln may not qualify for some county-administered help even though MyHome still applies.

Real-world examples

Conventional example: $600,000 purchase × 3.0% = $18,000 toward down payment/closing.
FHA example: $600,000 purchase × 3.5% = $21,000 in assistance.
Funds reduce cash to close; MyHome is a separate lien repaid later when you sell, refinance, or pay off your first mortgage.

Step-by-step path

Connect with a CalHFA-approved lender using CalHFA tools to confirm eligibility.
Complete approved homebuyer education (online or HUD-counseling) for the qualifying borrower.
Shop in Lincoln and verify whether the address lies inside the city or unincorporated Placer County if stacking local funds.
Have your lender reserve MyHome when submitting the CalHFA first-loan reservation and manage the paperwork.
Track funding timing and daily rate rules; follow your lender’s lock timeline.

What to prepare

Lenders also review credit, debt-to-income, and county income limits to confirm eligibility.

Recent pay stubs, W-2s/tax returns, bank statements, asset docs, ID, Social Security numbers, employment/income details, and homebuyer education certificate.

Benefits and tradeoffs

Benefits

Lowers upfront cash needed for down payment and closing costs.
No monthly MyHome payments while you occupy the home.
Designed to work with CalHFA first mortgages for first-time buyers.

Tradeoffs

MyHome is a junior lien repaid when you sell, refinance, or pay off your first mortgage.
Interest accrues on the subordinate loan—check the current rate and lender fees.
Stacking local programs may add restrictions or separate liens; confirm combined rules with your lender.

Ready to plan your path in Lincoln?

If MyHome could bridge your cash-to-close gap, let’s map out a confident, contract-savvy plan for your Lincoln purchase. Reach out to Hovhannes Hovakimyan for local South Placer insight before you write an offer.

FAQs

Can I use CalHFA MyHome in Lincoln?: Yes. MyHome is statewide and available in Lincoln if you meet CalHFA rules; Placer County assistance may depend on being in unincorporated areas and on availability.
What does “first-time buyer” mean for CalHFA?: CalHFA defines it as not owning and occupying a home in the last 3 years, and at least one occupying borrower must complete approved homebuyer education.
Do I make monthly payments on MyHome?: No. MyHome payments are deferred; repayment happens when you sell, refinance, or pay off the first mortgage. Check the current subordinate interest on CalHFA’s rates page.
Will MyHome cover my entire down payment?: Usually not. MyHome covers up to 3.0% (Conventional) or 3.5% (FHA) of price/appraised value, so you may still need funds or combine with local assistance.
Can I combine MyHome with Placer County assistance?: Sometimes. The county’s program may offer up to $100,000 but often targets unincorporated areas and limited funding windows—check eligibility and availability.
What documents will a lender ask for with MyHome?: Expect pay stubs, W-2s/tax returns, bank statements, ID, and a homebuyer education certificate for the qualifying borrower.