CHDAP California Homebuyer’s Downpayment Assistance Program

Funded

Updated: 11/05/2012

 

Place Mouse Here for more info DONs
FAQ Page - Max Assistance Maximum Assistance

Maximum Assistance DP CC MBC
FAQ -Page - How Funds Can Be Used FAQ -Page - How Funds Can Be Used FAQ Page - The Buyer Has A Minimum Amount That He Must Input
3% of PP Y Y N/A
No Maximum


FAQ Page - Who Is Eligible For This Program Who Is Eligible For Program

Type Of Buyer Income  FAQ Page - How Income Works
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

 

FAQ Page - Maximum Purchase Price Maximum Purchase Price

Type Non Targeted Targeted
FAQ House No Bevel
Re-Sale 643,846 N/A
New-Const 643,846 N/A

 

FAQ Page Debt To Income Debt To Income Ratios.

Front End Back End
Min Max Max
N/A .38 .45

 

FAQ Page - Program Method Program Method

Program Method FICO
FAQ Page FICO
Repay
FAQ Page Payment Required
Silent Second 640 Yes


FAQ House No Bevel Escrow Period

Minimum: 45 days
Recommend: 45 days

FAQ Page Seller Affidavit Seller Affidavit RequiredArrow

Yes

FAQ Page HQS HQS Inspection Required

No.

FAQ Page Maximum Assets Maximum Asset Test

No

FAQ Page Eligible Lender List Eligible Lender List?

Yes.

FAQ Page HBE Buyer HBE Cert Required

Yes.  CHDAP allows online HBE or 8 hour HUD

FAQ Page Pre-Escrow Reservations Pre-Escrow Reservations

No

FAQ Page Buyer Charged A Fee? Buyer Charged A Fee?

$200 Lender Fee (may vary)


 

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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

 

How To Get Down Payment Assistance Programs Bevel 2Learn How To Use The True Mortgage CalculatorCheck Out All Of The Topics In The Video Library Use the True Mortgae Calculator for complete payment

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