Start with the type of assistance
A grant, a forgivable loan, a deferred-payment second mortgage, and an amortizing second mortgage work differently. “No monthly payment” on assistance does not necessarily mean the amount never has to be repaid.
Look beyond cash needed at closing
Ask whether the first-mortgage rate or fees change, whether interest accrues on the assistance, and what triggers repayment. Sale, refinance, occupancy changes, or other events may affect the obligation depending on the program.
Compare with and without assistance
If you already have funds for a down payment, compare a regular FHA or conventional option with the assisted option. Assistance may involve higher pricing or additional obligations, but this is not universal. The comparison should include total payment, reserves remaining, upfront costs, and your expected time in the home.
Confirm eligibility and availability
Income, location, buyer history, education, property type, approved lender participation, and funding availability can matter. CalHFA’s MyHome program is one educational example of deferred-payment assistance; it is not a promise that you qualify or that a particular program is currently available through Troy.