CHF Platinum
Funded
Updated: 03/21/2013
Maximum Assistance
| Maximum Assistance | DP | CC | MBC |
|---|---|---|---|
|
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| 3% |
Y | Y | 0 |
| 3% of first lien (not PP) |
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| 12,500 | |||
Who Is Eligible For Program
| Type Of Buyer | Income |
|
|---|---|---|
| First Time Buyer | $83,145 | |
| Single Parent | $83,145 | |
| Displaced Homemaker | $83,145 | |
| Previous Owner | $83,145 | |
| Current Owner | $83,145 | |
| High Income | $83,145 | |
| Targeted Area | NSD | |
| Current Income | Click Here | |
| NSD = No Specific Designation | ||
Maximum Purchase Price
| Type | Non Targeted | Targeted |
|---|---|---|
| Re-Sale | 417,000 | N/A |
| New-Const | 417,000 | N/A |
Debt To Income Ratios.
| Front End | Back End | |
|---|---|---|
| Min | Max | Max |
| .45 | ||
Program Method
| Program Method | FICO |
Repay |
|---|---|---|
| Grant | 620 | No |
Escrow Period
Minimum: 30 days
Recommend: 30 days
Seller Affidavit Required
No
HQS Inspection Required
No
Maximum Asset Test
None
Eligible Lender List?
Yes
Buyer HBE Cert Required
No
Pre-Escrow Reservations
Yes
Buyer Charged A Fee?
No (*But there is a reservation cancellation fee of $400)
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Buyers: Get A higher Purchase Price With Less Down & A Lower Payment
The Program is designed to increase homeownership opportunities for low – to – moderate income individuals and families in California.
- May not exceed 3% of the First Mortgage Loan amount
- Proceeds may be used for down payment and/or closing costs
- There must be no cash back to the borrower from the Grant Fund proceeds
- Lender will request Grant at the time of loan closing
- Occupy the residence as their primary residence; non-occupant co-borrowers are not allowed
- Qualifying income cannot exceed CHF income limits for the county in which the property is located:115% Area Median Income (AMI). Refer towww.nhfloan.org
- Minimum Credit Score of 620
- Meet all required FHA, VA, USDA-RHS underwriting criteria
The purchase price of the property must be the lesser of $417,000 (not including MIP) or maximum loan amounts permitted by HUD.
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
- The property must be located within California.
- The property may be New or Resale: single-family detached unit, condominium, townhouse
- Manufactured homes NOT Allowed.
- The purchase price and the appraised value of the property may not exceed $417,000, subject to periodic updates.
- You must obtain flood insurance – if the property is located in a flood plain.
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 areas in 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
Grant Terms
The grant may be used with any of the following 1st Mortgages.
- 30-year fixed term with full amortization:
- FHA: 203(b); 203(b)(2); 203(h); 234(c); in accordance with FHA guidelines. Temporary buy-downs permitted, per limits and rules.
- VA: in accordance with VA guidelines under 1810 and 181A. Temporary buy-downs permitted, per limits and rules.
Grant Funds available from CHF:
- May not exceed 3% of the First Mortgage Loan amount;
- Proceeds may be used for down payment and/or closing costs;
- There must be no cash back to the borrower from the Grant Fund proceeds;
- Lender will request Grant at the time of loan closing
The Down Payment Assistance structure is subject to change during the course of the Program. This may include providing assistance in the form of subordinated mortgages. CHF’s EIN is 68-0322272. Lenders are required to reflect CHF’s EIN on HUD’s FHA Loan Underwriting and Transmittal Summary in conjunction with secondary financing assistance, grants or gifts to the borrower when the borrower is receiving an FHA First Mortgage.
Grant Request:
- Lenders submit a Grant Request at the time of closing using a CHF Platinum Grant Request checklist, available for download in the CHF Platinum Participant Guide.
- There are two versions of the Grant Request Checklist. The first, and recommended version, is used in conjunction with escrow services provided by a CHF Platinum Participating Title Company. CHF has negotiated discounted rates with these companies and they are familiar with the Platinum Program to help ensure an efficient process for your borrower. The second version of the Grant Request Checklist is used when circumstances prevent the use of a CHF Platinum Participating Title Company*. Both Grant Request Checklists are available in the CHF Platinum Participant Guide.
The Grant Letter referenced on the Grant Request Checklist is provided along with the Reservation Confirmation at time of registering the loan on the Reservation Portal.
Click here to review the most recent guidelines
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
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