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Jonathon Villaescusa's Blog

By Jonathon Villaescusa | Agent in Santa Fe Springs, CA

California Homebuyer Down Payment Assistance Program CHDAP

California Homebuyer Down Payment Assistance Program CHDAP

The California Homebuyer Down Payment Assistance Program (CHDAP) is a great home loan program for First Time Buyers. This home loan program is a very easy program to qualify for and will allow the home buyer to  receive 3% of the sales price for down payment assistance or closing cost assistance. This home loan program can also be combined with other loan programs such as CalHFA FHA or CalHFA 30-Year Fixed Conventional first mortgage.

 See the Full Article & Video at: http://excellenceduo.com/2011/california-homebuyer-down-payment-assistance-program-chdap/

Qualification and Eligibility:

  1. Maximum Loan Amount can not exceed 3% of the home loan price
  2. Borrower(s) must:
    1. Be a First time Home Buyer
    2. Meet HCD defined moderate income limits
    3. Occupy the property as their primary residence, non-occupant borrowers are not allowed.
    4. Be a U.S. Citizen, permanent resident alien or qualified alien
    5. A minimum contribution of the great $1,000 or 1% of the sales price is required from the borrowers own funds
  1. Minimum Credit Score (FICO) 640
  2. Property Eligibility:
    1. Sales price of the home cannot exceed sales price limits established for the county in which the property is located.
    2. Be a single family, one unit residence, including approved condominium/PUDs
-Additional Property Guidelines

c.  Condomimiums must meet the guidelines of the first mortgage

d. Manufactured housing is not permitted

e. Leaseholds/Land Trusts and Co-ops are not permitted

f. Meet the requirements of the mortgage insurer/grantor

To Watch the Instructional Video for this information visit out site at: http://excellenceduo.com/2011/california-homebuyer-down-payment-assistance-program-chdap/

For more information about California Homebuyer Down Payment Assistance Program CHDAP, please call us at 562-652-7667 for English and 562-547-1170 for Spanish.

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