CHDAP California Homebuyer’s Downpayment Assistance Program
Funded
Updated: 11/05/2012
Maximum Assistance | DP | CC | MBC |
---|---|---|---|
3% of PP | Y | Y | N/A |
No Maximum |
Type Of Buyer | Income | |
---|---|---|
First Time Buyer | FHA | 120% |
Other | *120% | |
Previous Owner | FHA | 120% |
Other | *120% | |
Single Parent | NSD | |
Displaced Homeowner | NSD | |
Current Owner | NSD | |
High Income | NSD | |
Targeted Area | NSD | |
Veteran | FHA | 120% |
Other | *120% | |
NSD = No Specific Designation |
Type | Non Targeted | Targeted |
---|---|---|
Re-Sale | 643,846 | N/A |
New-Const | 643,846 | N/A |
Front End | Back End | |
---|---|---|
Min | Max | Max |
N/A | .38 | .45 |
Program Method | FICO |
Repay |
---|---|---|
Silent Second | 640 | Yes |
Escrow Period
Minimum: 45 days
Recommend: 45 days
Yes
No.
No
Yes.
Yes. CHDAP allows online HBE or 8 hour HUD
No
$200 Lender Fee (may vary)
Buyers: Get A higher Purchase Price With Less Down & A Lower Payment
In general these are borrower eligibility requirements for all CalHFA programs:
- You must make under the allowable income limit.
- You must be a First Time Home buyer
- OR a Previous Homeowner who has not owned their home in the last three years (legally a FTHB)
- OR a Veteran even if you currently own a home, as long as the new home will be your primary residence!
- You must be a U.S. citizen, permanent resident or other qualified alien.
- You will need to meet credit, income and loan requirements of the CalHFA-approved lender and the mortgage insurer.
- You will need to live in the home you are purchasing
- for the entire term of the loan,
- OR until the home is sold
- OR until the home is refinanced at which time you pay the CHDAP off.
- This means that this like nearly all FTHB DAP programs is not designed to help investors, it is designed to help with home-ownership.
- CalHFA borrowers must complete homebuyer education counseling and obtain a certificate of completion through an eligible homebuyer counseling organization.
Note: CHDAP is currently not offering special assistance in Targeted areas.
Want even more information? Watch the First Time Home Buyer Tutorial located in our Video Tutorial Section
Still Have Questions? Call 877-696-7373 x777 or email Don Gardnier at Don@sd4u.com
Property Guidelines
In general these are property eligibility requirements for all CalHFA programs
- The home must be located in California.
- The home must be your primary residence.
- The sales price of the home must be less than the allowable sales price limits.
- There is a five (5) acre maximum on the size of the property.
- The home can be a single family residence (detached).
- The home can be a condominium or attached unit in a planned unit development (PUD).
*In the case of conflicting guidelines, the lender must follow the more restrictive.
Additional Property Guidelines
- Condominiums must meet the guidelines of the first mortgage
- Manufactured housing is NOT permitted
- There is a five acre maximum on the size of the property
- Leaseholds/Land Trusts and Co-ops are not permitted
- Meet the requirements of the mortgage insurer/guarantor
Want even more information? Watch the First Time Home Buyer Tutorial located in our Video Tutorial Section
Still Have Questions? Call 877-696-7373 x777 or email Don Gardnier at Don@sd4u.com
Areas Served
All Of California
Want even more information? Watch the First Time Home Buyer Tutorial located in our Video Tutorial Section
Still Have Questions? Call 877-696-7373 x777 or email Don Gardnier at Don@sd4u.com
Loan Terms
The CHDAP provides a deferred-payment junior loan – up to 3% of the purchase price, or appraised value, whichever is less, to be used for their down payment and/or closing costs.
This program may be combined with a
- CalHFA or non-CalHFA, first mortgage loan including Conforming, FHA, VA, USDA, etc.
- No monthly payments are required.
Since CalHFA is not a direct lender, their mortgage products are offered through private loan officers who have been approved & trained by their Agency.
Want even more information? Watch the First Time Home Buyer Tutorial located in our Video Tutorial Section
Still Have Questions? Call 877-696-7373 x777 or email Don Gardnier at Don@sd4u.com
Issues That Cause Escrow To Fail
Like all transactions there are many reasons why a FTHB transaction can fail. But listed below are the most common;
- Are un-permitted additions allowed? No.
- Are un-permitted conversions allowed (like a garage conversion)? No
- Is a section 1 termite clearance required? No
- Is a home warranty required? No
- Are there funds available for the program you are applying for?
- If so, are the enough funds available that there will still be funds by the time your file is reviewed?
- Does your household income exceed the maximum amount allowed for this program for ALL PEOPLE living and working in your house?
- Is the buyer allowed to make any repairs out of their own funds to correct issues called out on the appraisal or by the program? No. This is important because if the house is in a condition that either entities will call out repairs, and the seller is not willing to correct the issues, then the transaction will fail.
- Is the lender required to be on an approved list? Yes
Want even more information? Watch the First Time Home Buyer Tutorial located in our Video Tutorial Section
Still Have Questions? Call 877-696-7373 x777 or email Don Gardnier at Don@sd4u.com
Homeowners: This Program Can Help You Sell Your House For More
Homeowners frequently overlook First Time Home Buyer Programs (FTHB’s) and Down-payment Assistance Programs (DAP’s) when they are interviewing real estate agents for the listing of their home. But when you look at the facts, it is undeniable that the seller who caters to these buyers will almost always sell their home for a higher price than those who don’t. Let’s review
- Have you ever wondered how to know if your getting the best possible price for your property? There are really two overriding factors which will determine if you maximized the potential in the sale of your home.
- It is an accepted fact that the more people that walk through your house to look at it, the higher the price it will sell at. Think about it. If ten people walk through your home, perhaps 1 will hate it, 2 will not like it very much, 4 will think it is okay, 2 will like it and 1 will think it is the most awesome house that they have ever seen. Obviously the one that thinks it is the most awesome house ever would be the one that wanted to make the highest offer. You need to get enough people to walk through your house to make sure that you get the highest possible offers.
- What is the maximum amount the buyer is allowed to offer? Now that you got enough people to walk through the property and have several really interested buyers. how much you get will depend directly on how much of a loan they are qualified for.
- First Time Home Buyers are the largest single segment of buyers. It is in your interest to lure them in for a look.
- What better way to lure them in than with
- Custom signage that says that Down-payment Assistance may be available to them to help the purchase your home.
- That your listing agent is an expert in these programs and will waive his consultation fees for any buyer who makes on offer on your home.
- That your listing agent is an expert and can help the buyers agent write the offer is a way that it will conform to the program guidelines.
- Now that they are interested, you can maximize the amount that they can offer you because we will help them qualify for any down-payment assistance that is available. We have helped buyers increase the amount the qualify for by up to 90,000 dollars. This is no sales pitch, review our comments on this website and also look at our Facebook page to see real comments by real buyers and sellers who have used these programs to maximize there transactions. At the bottom of this page you will find links to our customer comments and a link to our Facebook page.
At Gardnier Inc, we have beautiful, High Quality For Sale and Down-payment Assistance Signs that add to instead of detract from the curb appeal of your home. Additionally we have extremely high quality brochures printed and placed into the sign box on the post. The back of these brochures is dedicated to telling the buyers how we will waive our fees and help them qualify for these amazing programs if they make an offer on your home. Think about it, their payment can be as much as 700 dollars a month less if they buyer your house instead of your neighbors who used a different agent. Not only does it work, it is a Win-Win for everyone!
Want even more information? Watch the First Time Home Buyer Tutorial located in our Video Tutorial Section
Still Have Questions? Call 877-696-7373 x777 or email Don Gardnier at Don@sd4u.com
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Want even more information? Watch the First Time Home Buyer Tutorial located in our Video Tutorial Section
Still Have Questions? Call 877-696-7373 x777 or email Don Gardnier at Don@sd4u.com
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Want even more information? Watch the First Time Home Buyer Tutorial located in our Video Tutorial Section
Still Have Questions? Call 877-696-7373 x777 or email Don Gardnier at Don@sd4u.com