You pay for all three of these programs through an above-market interest rate somewhere in the structure; there's no free money in down payment assistance. CalHFA typically layers a second, and sometimes a third, mortgage on top of an above-market first. Chenoa similarly builds the subsidy into an above-market rate. We're less hands-on with GSFA specifically, so confirm its current terms directly. Our overall read: these programs are fine if they're honestly your only path to owning, but we'd be cautious about taking on subordinate financing. Rapid appreciation is what made these programs feel low-risk over the past decade, and nobody can promise home prices keep climbing, so we don't lean on that assumption. Before choosing one, check whether you could scrape together your own down payment and instead use a lender credit or seller credit to cover closing costs. That path often leaves you with meaningfully better overall terms and no subordinate liens complicating a future refinance. Since you qualify for all three but don't have rate quotes yet, get the quotes and compare the true all-in cost. Weigh the rate you'd carry for years against the headline assistance amount, because the headline is the smaller half of the story.