There are two different CalHFA stories, and they deserve different answers. Dream For All is the shared-appreciation program. A limited number of families (on the order of a few hundred) are chosen by lottery to get help with a big chunk of the down payment, in exchange for repaying that assistance plus a share of the home's appreciation when they sell. One refinance is allowed without triggering repayment; a second refinance requires paying back the equity share too. If you win the lottery and understand the shared-appreciation trade, it can be a real leg up. The more common CalHFA products are the second and third mortgages that cover down payment and closing costs, like the zero-interest and My Home options. Our caution is the same one that applies to many state and local down-payment-assistance seconds nationwide: the assistance often rides on an above-market rate on the underlying first mortgage, and you generally cannot refinance that first unless you also pay off the assistance second. If your equity has not grown enough to absorb that second when rates would otherwise let you refinance, you can be stuck at your original rate. We have seen the same trap with programs in other states. HFA offerings change frequently, so confirm the current terms of any specific program before you commit. Comparing an assistance program against a standard FHA or conventional path for your numbers is exactly what we do in the free Roadmap conversation.