CHICO · PARADISE · OROVILLE · BUTTE COUNTY
Assistance may reduce the savings needed to buy a home, but the amount of help is only one part of the decision. Compare eligibility, the first mortgage, cash needed at closing, and what must be repaid later.
Program requirements can change. Use the linked official program pages for current details and availability.
Statewide programs may serve eligible buyers in Chico and elsewhere in Butte County. City and town programs have their own location restrictions.
Who and Where: Eligible first-time buyers purchasing a California primary home. Income limits and education apply.
Assistance: Deferred loan for down payment or closing costs: up to 3.5% with CalHFA FHA or 3% with CalHFA conventional, based on the lower of price or appraised value.
What to Check: First-mortgage approval, interest, repayment terms, and property eligibility.
Who and Where: All borrowers must be first-time buyers; at least one must meet first-generation criteria. Residency and income rules apply.
Assistance: Shared-appreciation loan up to 20%, capped at $150,000, for down payment or closing costs.
What to Check: See CalHFA for current availability and application details.
Who and Where: Eligible first-time buyers purchasing in Paradise. Income and program requirements apply.
Assistance: Deferred gap loan based on buyer affordability and funds needed.
What to Check: Town approval, certified lender, property eligibility, and funding.
Who and Where: Income-qualified first-time buyers purchasing a move-in-ready home in Oroville city limits.
Assistance: Deferred loan up to $100,000 or 45% of the price, whichever is less.
What to Check: Minimum 620 score, no delinquencies or collections, price limits, and funding.
These are starting points, not an exhaustive list of assistance available in the county.
A deferred loan postpones payments. Review the balance, interest, maturity date, and events that trigger repayment.
Ask whether the assistance can remain as a second loan, whether approval to subordinate is required, and whether repayment would reduce the benefit of refinancing. Compare these conditions before selecting assistance. Future refinancing is not guaranteed.
BUY NOW OR KEEP RENTING?
What would you spend on rent while saving for your own down payment? Compare that amount with an assumed 2% fee plus two years of interest on the MyHome down payment loan.
Assumed 2% fee: $6,755
MyHome interest: $245
24 months at your current rent.
Buying starts the process of paying down a mortgage and building equity. Renting gives you time to save. This comparison is a starting point for a conversation about your options.
Already have your own down payment? We can help you compare the pros and cons of using your own funds versus down payment assistance, including upfront costs, monthly payments and repayment terms.
Assumes MyHome provides 3.5% of the purchase price, with appraised value equal to price. Interest is calculated at 1% simple interest on that second loan for two years, with no repayments. Interest is deferred, not paid monthly. The principal remains repayable and is not included in the cost total. Review MyHome’s repayment terms.
The 2% fee is an illustration, not a verified mandatory CalHFA fee. This compares only the fee and two years of MyHome interest with rent, not the full cost of buying versus renting. Mortgage payments, other closing costs and ownership expenses are not included. MyHome is a repayable loan, and equity growth is not guaranteed.
Yes, some programs allow eligible closing costs as well as down payment. MyHome and Dream For All explicitly describe both uses. Confirm the allowable expenses for local programs.
Not always. Many programs use a three-year lookback, but definitions and exceptions vary. Dream For All also has a separate first-generation requirement.
Do not assume assistance can be stacked. Each administrator and the first-mortgage lender must permit the proposed combination.
No. You do not need to gather anything to talk with Alex or Jay and understand your options. If you want a more detailed review, recent paystubs and W-2s can help us give you more specific information. We can explain any additional documents that may be useful as you move forward.
Request the monthly payment, cash to close, lender fees, assistance balance and repayment terms for each option. Include a comparison without assistance where feasible. A mortgage professional can help model the differences.
Use the homepage planning calculators and return to the assistance overview.
Prepared by Alex Wahba (NMLS #2666977) and Jay Jones (NMLS #1140576), loan officers with HappyDog, a registered DBA of Go Rascal Inc. (Company NMLS #2072896). Program summaries are based on the official program pages linked above. Confirm current terms with the administrator and your chosen lender.