REMINDER - Program Bulletin 2020-01
ZIP Closing Cost Assistance Funds
Can ONLY Be Used for Closing Costs
CalHFA announced Program Bulletin 2020-01 on February 3, 2020 that outlined MyHome down payment assistance loan amount changes, including a possible $10,000 cap. In cases when the MyHome is capped at $10,000, the MyHome assistance amount may not cover the entire down payment required per the 1 st mortgage guidelines. ZIP funds can not be used to cover the gap between the down payment required and the MyHome assistance amount. 


A $300,000 sales price FHA loan requires 3.5% down payment equal to $10,500. The MyHome will cover $10,000 and the remaining $500 must come from an acceptable source, not ZIP funds.

CalHFA has some tools to help you determine the minimum down payment not covered by MyHome.

  • CalHFA’s Loan Scenario Calculator – Input your loan scenario and it will tell you how much funds are required from the borrower

  • Notice of Commitment – this document will show the down payment funds required from the borrower

Please also remember that MyHome and ZIP can’t be used for debt payoff. Please add any debt payoff to the down payment funds required on the Notice of Commitment to come up with the full amount the borrower will need to contribute.  
California Housing Finance Agency |