CHW CASH Down Payment Assistance Program

Funded

Updated: 03/22/2013

Funds possible in July 2013

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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
10,000
N Y 500 BPF


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 120%
Previous Owner 120%
Single Parent NSD
Displaced Homemaker NSD
Current Owner NSD
Higher Income 120%
Targeted Area NSD
NSD = No Specific Designation

 

FAQ Page - Maximum Purchase Price Maximum Purchase Price

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

 

FAQ Page Debt To Income Debt To Income Ratios.

Front End Back End
Min Max Max
.45 .45*

 

FAQ Page - Program Method Program Method

Program Method FICO
FAQ Page FICO
Repay
FAQ Page Payment Required
Second Mtg N/A Yes
10 year loan: Silent first 5, then repay.  Will count towards BE-DTI


FAQ House No Bevel Escrow Period

Minimum: 30 days
Recommend: 30 days

FAQ Page Seller Affidavit Seller Affidavit Required

No

FAQ Page HQS HQS Inspection Required

No

FAQ Page Maximum Assets Maximum Asset Test

25,000 liquid assets

FAQ Page Eligible Lender List Eligible Lender List?

Yes

FAQ Page HBE Buyer HBE Cert Required

Yes. 8 Hour HUD Cert. (Call for class info).

FAQ Page Pre-Escrow Reservations Pre-Escrow Reservations

No

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

CASH Loan is a second loan and normal lending fees may apply


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

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
1st Mortgage Allowable Loan Programs
  • 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.
Maximum Loan Amount
  • The maximum loan amount is $10,000
Lien Position
  •  CASH loans can be placed in a subordinate position behind a first or second mortgage
Maximum Sales Price
  •  The maximum loan shall be adjusted according to the qualifications of the Area Median Housing cost for the County of San Diego, annually.
Maximum LTV
  • The LTV shall not exceed 100% of purchase price, CLTV limit 105% as this loan covers closing costs.
Maximum Ratios
  •  Debt-to-income ratios up to 45% ***
Owner Occupancy
  •  Borrowers must occupy the property as their primary residence.
Minimum Borrower Contribution
  •  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.
Other Terms
  • 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

 

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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