How to Buy a Home in 2020 w/ O% Down Using the CA Down Payment Assistance Program

The Dream of Homeownership

Let’s face it, real estate values in CA are some of the highest in the country and due to the overall housing shortage and ultra-low vacancy rates, rents have been increasing at a record pace over the last 3 years. With a median-priced home in LA County being $612,000, a 20% down payment becomes unrealistic for the average person who doesn’t have $100,000 in the bank, and working to save that much is even more daunting. Nonetheless, homeownership remains a dream for many and is still the greatest wealth-building opportunity most people will experience in their lifetime. If your goal is to become a homeowner in 2020, there’s hope on the horizon!  Below are ways in how to buy a home in 2020 using a CA Down Payment Assistance Program to start creating long-term wealth for you and your family!

Available 0% Down CA Down Payment Assistance Programs

 First Home Mortgage Program

Offered through the Los Angeles County Community Development Commission, this program was created to help low to moderate-income households. The assistance is in the form of a grant (meaning it doesn’t have to be repaid) and consists of up to 4% of the purchase price to be used for down payment assistance and/or closing costs. There are both income and debt to income ratio requirements based on the loan amount as well as FICO score requirements. The program applies to single-family homes and condos in LA County not including the City of Los Angeles.

MyHome Assistance Program

Two variations of the loan include one for FHA and another for VA, USDA, and conventional type loans.  Each is used to assist with the down payment and/or closing costs.  They are both junior loans with the FHA being up to 3.5% of the purchase price or appraised value and up to 3% or VA loans.  These loans are considered deferred or “silent” loans and you don’t have to make a payment until the property is sold, refinanced or the mortgage paid in full.

School Teacher and Employee Assistance Program (School Program)

Similar to the My Home Assistance Program, this is specifically targeted towards any K-12 teachers who work in CA. public schools.  Teachers in charter and continuation schools are also eligible. This loan offers a junior loan up to 4% of the purchase price which can only be used for down payment assistance or closing costs and must be used with a CalHFA first mortgage loan.

GSFA Platinum Program

This program is uniquely different from the others in that it offers low to moderate-income homebuyers up to 5% of the purchase price to be used for a down payment and/or closing costs. Other benefits of the Platinum Program include not needing to be a first-time buyer to qualify.  The loan itself is a zero percent second mortgage that requires no monthly payments and is completely forgiven after three years of being in the home.  Additionally, firefighters, paramedics, EMTs, peace officers, sheriffs, correctional officers, and current members of CalSTRS (California State Teachers Retirement System) are eligible to apply for a gift that never has to be paid back.

Contact Us to Learn More

As we move into the New Year, the existing housing crisis in CA and the shortage of available homes is expected to continue.  Demand for housing is forecasted to remain high with home value appreciation estimated by some analysts to be around 5.3%.  If one of your goals for 2020 is homeownership, consider the above-mentioned CA Down Payment Assistance Program to help make that dream a reality.  To receive more information on any of these programs, becoming a homebuyer, or about the current housing market in general, feel free to call or shoot us a text at 310-403-7381 or email us at  You can also just click here, fill in your information, and someone from our team with reach out to you.

Like us on Facebook at Inglewood Home Values.