The California Homebuyer’s Down Payment Assistance Program (CHDAP) is a deferred payment, simple interest rate junior loan. The CHDAP allows borrowers to finance some of their down payment and/or closing costs helping make homeownership possible. Below are some of the CHDAP’s benefits for homebuyers.
Benefits:
- CHDAP loans are available up to 3% of the sales price or appraised value of the property, whichever is less
- The CHDAP can be used for down payment assistance and/or closing costs with CalHFA’s first mortgage loans or non- CalHFA fixed rate, first mortgage loans
- The CHDAP has a fixed interest rate of 3.25%*
- Term matches the term of the first mortgage, but payments are deferred for the life of the first loan
- The CHDAP can be used to purchase a single-family and approved condominium/PUDs
- The CHDAP allows up to 6% seller allowable contribution*
- Borrowers are allowed to use other approved down payment assistance loans or grants together with the CHDAP
- Assistance up to 5% of the purchase price, or appraised value (whichever is less), for borrowers purchasing a newly constructed home in specific eligible areas*
Guidelines/Restrictions:
- Minimum fico score required 640
- Borrower’s income cannot exceed moderate income limits established for the county in which the borrower is purchasing*
- Sales price of the home cannot exceed CalHFA's sales price limits established for the county in which the property is located*
- A minimum contribution of the greater of $1,000 or 1% of the sales price is required from the borrower’s own seasoned funds
- Borrower must occupy property as their primary residence
- Homebuyer education class required
- Borrowers are allowed to use other approved down payment assistance loans or grants together with the CHDAP
Please contact me anytime for more details on any loan program or option on our website. With decades of experience and professional closings, I can guarantee my service, the best rates, and most accurate program to meet your needs. If you are or ever have been in law enforcement in California please contact me to discuss your home loan options today.
The California Homebuyer’s Down Payment Assistance Program (CHDAP) is a deferred payment, simple interest rate junior loan. The CHDAP allows borrowers to finance some of their down payment and/or closing costs helping make homeownership possible. Below are some of the CHDAP’s benefits for homebuyers.
Benefits:
- CHDAP loans are available up to 3% of the sales price or appraised value of the property, whichever is less
- The CHDAP can be used for down payment assistance and/or closing costs with CalHFA’s first mortgage loans or non- CalHFA fixed rate, first mortgage loans
- The CHDAP has a fixed interest rate of 3.25%*
- Term matches the term of the first mortgage, but payments are deferred for the life of the first loan
- The CHDAP can be used to purchase a single-family and approved condominium/PUDs
- The CHDAP allows up to 6% seller allowable contribution*
- Borrowers are allowed to use other approved down payment assistance loans or grants together with the CHDAP
- Assistance up to 5% of the purchase price, or appraised value (whichever is less), for borrowers purchasing a newly constructed home in specific eligible areas*
Guidelines/Restrictions:
- Minimum fico score required 640
- Borrower’s income cannot exceed moderate income limits established for the county in which the borrower is purchasing*
- Sales price of the home cannot exceed CalHFA's sales price limits established for the county in which the property is located*
- A minimum contribution of the greater of $1,000 or 1% of the sales price is required from the borrower’s own seasoned funds
- Borrower must occupy property as their primary residence
- Homebuyer education class required
- Borrowers are allowed to use other approved down payment assistance loans or grants together with the CHDAP
Please contact me anytime for more details on any loan program or option on our website. With decades of experience and professional closings, I can guarantee my service, the best rates, and most accurate program to meet your needs. If you are or ever have been in law enforcement in California please contact me to discuss your home loan options today.