Financing in Menifee>Question Details

Cathy, Home Buyer in Palm Desert, CA

What is the difference between the CALHFA/CHDAP and the FHA ACCESS with the downpayment financed for 8.25 Foe 15 years and the principal @ what rate?

Asked by Cathy, Palm Desert, CA Sat Mar 26, 2011

Is there a limit on lender fees with the FHA ACCESS

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You can get better terms with CALFHA program due to the subsidy afforded by the CA state housing authority than a FHA access loan.

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1 vote Thank Flag Link Wed Jul 22, 2015
Cathy, The CALFHA program is an FHA loan, but has a lower rate due to being subsidized by the CA state housing authority. There is a difference in rate and payment between the 2.
CHDAP is a deferred loan at 3.25%

Usually you pay more on the ACCESS program with the CalHFA w/ CHDAP assistance.
1 vote Thank Flag Link Sun Sep 29, 2013
There is always a limit on loan charges. There are limits to prevent any loan from becoming a 'high cost' loan. But the access allows higher fees than the CalHFA program.
1 vote Thank Flag Link Sat Mar 26, 2011
Cathy, the primary difference between both 3% assistance programs is the CHDAP is a deferred loan at 3.25%. This means the balance grows over time unless you pay it down or pay it off......which is an option for you. The ACCESS 2nd lien is amortized over 15 years.

The CALFHA program is an FHA 1st lien loan similar to the ACCESS, but has a lower rate due to being subsidized by the CA state housing authority. The difference in rate and payment can be substantial between these two programs.

The total payment on the ACCESS program will be higher than if you use the CalHFA w/ CHDAP down payment assistance.

There are other minor differences, but probably not enough room to list everything in this answer. Here are two blog posts that give details on both programs.……

If you are buying in Menifee, you should also consider the USDA's 100% program with no monthly mortgage insurance. This will give you a lower payment than either the CalHFA/CHDAP and ACCESS programs.
Web Reference:
1 vote Thank Flag Link Sat Mar 26, 2011
Hello Cathy, yes you would need a minimum 580 fico score to qualify for the .5% half percent down payment program Access or you may even qualify with NO FICO scores with alternative credit as well. You may consider the CHDAP .5% half percent down payment program from a minimum 640 fico score.

Each program has various qualifications such as income and household size as well as maximum loan amounts. Your qualifications will be determined by your credit profile, debt to income ratios, fico scores, loan program and how much you want to invest into the down payment and closing costs.

You may qualify FHA from fico scores between 500-579 with 10% down or minimum 580 fico score may qualify FHA 3.5% down or as low as .5% half percent down payment program up to 417k. You may consider 3% down conventional from a minimum 620 fico score or even 5% down conventional with NO Mortgage insurance (Lender paid MI) up to 417k.

It only takes a few dozen questions to qualify, go over your options and email you listings to study and compare. Here are some links to study as well as web reference links to many loan program pages offered...

Sheryl Arndt, Real Estate Broker - Sr. Loan Officer CA only
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0 votes Thank Flag Link Sat May 23, 2015
When will they be raising the income limits on these programs?
we need to get first time homebuyers out there completing with the investors.
They can not be asking for seller to pay closing cost.
They need the Chadap with higher loan limits.

M Rodriguez
Platinum Home Loan
Free Consultation
909 224-7983
0 votes Thank Flag Link Wed Aug 29, 2012
You should check out CHF platinum. You only come in with .5%. 3% is a grant (free money). The loan is FHA. It is a KILLER loan program. It does have income limits.
0 votes Thank Flag Link Mon Aug 29, 2011
The answers you received from the other lenders was great. But if you are considering buying in Menifee or any other area out here, please consider the Rural Development Lo. Unless you are a Veteran, this is the only true 0$ Down Payment Loan Program out there. I am amazed at how many lenders don't offer this program. Truthfully, I love this program! The lending guidelines are so clear and precise, there leave little or no gray area. I close between 5-7 of these a month and can personally guarantee that this loan will give you the lowest payment, easiest to qualify for, no down payment requirement, and you will save thousands of dollars over the life of your loan not having to pay the monthly mortgage insurance fee like all FHA, CALHFA. CHDAP 30 year fixed programs have. It's the loan I used to purchase my home in Wildomar and I'm in the business. Check out my website and look under "Loan Programs" and then USDA you will see the eligible areas and income limits. It's for sure the best loan out there barre none! Please let me know if you have any questions.

Good Luck!
Web Reference:
0 votes Thank Flag Link Mon Mar 28, 2011
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