Financing in 95356>Question Details

Yesenia, Home Buyer in California

Down Payment Assistance Program

Asked by Yesenia, California Tue Jul 3, 2012

i was told by a friend that there are programs that lend up to 92k to 3% ...with strings attached of course. all in all, do any of you professionals have any advise on this programs? are they not worth it? worth it?

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Hello Yesenia, Yes there are down payment assistance programs to assist you with your purchase. There are no strings attached. You simply have an FHA loan program that is 3.5% down but the program lends you another loan of 3% for your downpayment and closing costs so you only have to put half percent down payment. There are two different programs but they have different rules and guidelines.

CHF Access half percent downpayment program requires a minimum 580 fico score to qualify and which can contribute towards your closing costs as well. There is a second payment under $50 dollars for the other 3% borrowed. You can buy and live there for one year before you can sell or rent it out and buy another.

CHDAP half percent downpayment program requires a minimum 640 fico score to qualify and can contribute towards your closing cost too. You cannot rent it out the whole term of the loan. The second loan of 3% for your downpayment is a silent second which has no payments until you sell or refinance.

Both of these loan prorgrams have different income guidelines and it all depends on your income, number in the household and price of the home. It only takes a few dozen questions to qualify you in minutes for the many loan programs I offer. Here is a video and some links to study and consider.
Sheryl Arndt, Real Estate Broker - Sr. Loan Officer CA only
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0 votes Thank Flag Link Thu Jan 17, 2013
If your not currently working with a Realtor, you may want to consider select one to work with. But don't select just any agent. Check for credentials, designations and testimonials. Most Realtors
understand these programs and understand the drawbacks and benefits.

Best Regards,


Rocky G.H. Hawrysz
Prudential California Realty
(209) 444-6610 - Office
(209) 915-6209 - Mobile

"Committed to your success!"
0 votes Thank Flag Link Tue Jul 3, 2012
We have them here in New Jersey and they are DEFINITELY worth it! We have the New Jersey Smart Start Program, run by the State that provides up to 4% of the purchase price. We have 'Live Where You Work" which provides up to 5% for people who buy a home in the town where they also work. We also have matching funds programs that permit buyers to save the money for their down payment at particular institutions and have those funds matched dollar for dollar. On top of all that some lenders have special programs for civil servants and such, school teachers, municipal workers, fire fighters, police officers, nurses, EMTs and so on, that eliminate many of the bank fees associated with obtaining a mortgage. Put them together and you have DYNAMITE program that will get you into a home you can afford at a price you can afford! Definitely worth the trouble!
0 votes Thank Flag Link Tue Jul 3, 2012
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