California Homebuyer Down Payment Assistance Program CHDAP
The California Homebuyer Down Payment Assistance Program (CHDAP) is a great home loan program for First Time Buyers. This home loan program is a very easy program to qualify for and will allow the home buyer to receive 3% of the sales price for down payment assistance or closing cost assistance. This home loan program can also be combined with other loan programs such as CalHFA FHA or CalHFA 30-Year Fixed Conventional first mortgage.
Qualification and Eligibility:
- Maximum Loan Amount can not exceed 3% of the home loan price
- Borrower(s) must:
- Be a First time Home Buyer
- Meet HCD defined moderate income limits
- Occupy the property as their primary residence, non-occupant borrowers are not allowed.
- Be a U.S. Citizen, permanent resident alien or qualified alien
- A minimum contribution of the great $1,000 or 1% of the sales price is required from the borrowers own funds
- Minimum Credit Score (FICO) 640
- Property Eligibility:
- Sales price of the home cannot exceed sales price limits established for the county in which the property is located.
- Be a single family, one unit residence, including approved condominium/PUDs
-Additional Property Guidelines
c. Condomimiums must meet the guidelines of the first mortgage
d. Manufactured housing is not permitted
e. Leaseholds/Land Trusts and Co-ops are not permitted
f. Meet the requirements of the mortgage insurer/grantor
For more information about California Homebuyer Down Payment Assistance Program CHDAP, please call us at 562-652-7667 for English and 562-547-1170 for Spanish.