CHW CASH Down Payment Assistance Program
Funded
Updated: 03/22/2013
Funds possible in July 2013
Maximum Assistance | DP | CC | MBC |
---|---|---|---|
10,000 |
N | Y | 500 BPF |
Type Of Buyer | Income | |
---|---|---|
First Time Buyer | 120% | |
Previous Owner | 120% | |
Single Parent | NSD | |
Displaced Homemaker | NSD | |
Current Owner | NSD | |
Higher Income | 120% | |
Targeted Area | NSD | |
NSD = No Specific Designation |
Type | Non Targeted | Targeted |
---|---|---|
Re-Sale | N/A | N/A |
New-Const | N/A | N/A |
Front End | Back End | |
---|---|---|
Min | Max | Max |
.45 | .45* |
Program Method | FICO |
Repay |
---|---|---|
Second Mtg | N/A | Yes |
10 year loan: Silent first 5, then repay. Will count towards BE-DTI |
Escrow Period
Minimum: 30 days
Recommend: 30 days
No
No
25,000 liquid assets
Yes
Yes. 8 Hour HUD Cert. (Call for class info).
No
CASH Loan is a second loan and normal lending fees may apply
Buyers: Get A higher Purchase Price With Less Down & A Lower Payment
Introduction:
- Cost Assistance Support for Homebuyers (CASH) is a program designed to provide qualified applicants with second trust deed loans to be used toward closing costs when purchasing their first home.
Eligible Borrowers:
- Qualifying income is below 120% AMI as defined by HUD annually.
- First-time homebuyers as defined by HUD
- Previouse Homeowners who have not owned a home in the last three years
- Higher Income individuals may qualify at the 120% AMI Allowance.
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
Eligible Properties:
A single family residence, including
- Single Family Home
- Condominiums,
- Planned urban developments (PUDs),
- Manufactured housing (as long as it is considered real property and on a permanent foundation). Was removed from last specifications – Verify before writing
The property must be located within the County of San Diego.
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
This program can be used in any community within the County of San Diego.
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
Loan Terms:
- 10 years
- Payments are deferred for the first five years, with interest accruing during that time, with the re-payment amortized over the remaining five-years.
- 3% simple interest
- No Pre-payment penalty
- Fully amortizing conventional or government loans
- 30yr plus fixed rate
- No, I/O, adjustable rate or negative amortization shall be combined with CHW loan programs.
- The maximum loan amount is $10,000
- CASH loans can be placed in a subordinate position behind a first or second mortgage
- The maximum loan shall be adjusted according to the qualifications of the Area Median Housing cost for the County of San Diego, annually.
- The LTV shall not exceed 100% of purchase price, CLTV limit 105% as this loan covers closing costs.
- Debt-to-income ratios up to 45% ***
- Borrowers must occupy the property as their primary residence.
- Minimum of $500 deposit/down payment.
Home Buyer Education
- All borrowers will be required to undergo a face to face, 8 hour HUD approved home buyer education provided by a HUD Approved counseling agency.
- The first mortgage must be a 30 year fixed rate, all income must be documented no stated income.
- Client cannot have more than $25,000. in liquid assets after the close of escrow.
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? Will probably fly
- Are un-permitted conversions allowed (like a garage conversion)? Will probably fly
- 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? YES. 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