CHDAP is a deferred loan at 3.25%
Usually you pay more on the ACCESS program with the CalHFA w/ CHDAP assistance.
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.
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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Under640FicoScoreLoans@gmail.com or HomeLoans4U@live.com
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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.
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