CalHFA – Providing Up To 3% Down Payment Assistance for First Time Homebuyers
CHDAP offers first-time homebuyers a deferred-payment junior loan for up to 3% of the purchase price of the home or appraised value whichever is less. The funds can be used for the down payment and/or closing costs. CHDAP can be combined with a CalHFA or non-CalHFA, first mortgage
Eligibility Requirements:
Need to be a U.S. citizen, permanent resident or other qualified alien
Need to meet program credit, income and loan requirements
You will need to live in the home for the term of the loan, or until the home is sold, or home is refinanced
Must complete homebuyer education counseling and obtain a certificate of completion
Conventional loans must follow CalHFA’s Cal30 borrower requirements
Government-insured (FHA loans) must follow CalHFA’s FHA borrower requirements
You must be a first-time homebuyer or have not owned a home in the past three years*
Property Requirements:
Only available in California
Property must be the homebuyers primary residence
The sales price of the home cannot exceed the allowable sales price limits
Property cannot be over five acres
Property must be a single family dwelling (detached)
The home can be a condo or attached unit in a PUD. (Check with your Loan Officer for details)
Preferred lender for CalHFA in Contra Costa, Alameda, San Joaquin and other counties in California.
For 35 years, the California Housing Finance Agency (CalHFA) has supported the needs of renters and first-time homebuyers by providing financing and programs that create safe, decent and affordable housing opportunities for low and moderate income Californians.
The California Housing Finance Agency understands how much you want to own your first home. We also realize how difficult that can be. That is why we offer low interest rate first mortgage programs and a variety of down payment assistance programs to eligible first-time homebuyers, which can turn your dreams of homeownership into reality.
For more information contact Nathan Nelson, 925-623-1019, your CalHFA Representative!
Equal Housing Opportunity Lender. Rates and programs subject to change. CA Department of Corporations-916-324-6624. Licensed by CA Dept of Corporations #6072526, CA Dept of Real Estate #10220358, NV Mortgage Lending Division #46, HI Dept of Commerce and Consumer Affairs #1369, MI Dept of Energy, Labor & Economic Growth #FL-0016888 /SR-0016896, OR Division of Finance & Corporate Securities #ML-4896, TX Department of Savings & Mortgage Lending #79566, VA Bureau of Financial Institutions # MC-5238 & MLB -1624, WA Department of Financial Institutions #520-CL-51866, NC Commissioner of Banks #L-148970. The MLS search function is a service of a third party vendor, is offered as a convenience service only, and should not be construed an endorsement of any particular Real Estate company. The accuracy of all information, regardless of source, is not guaranteed and should be personally verified through personal inspection by and/or with the appropriate professionals. All properties are subject to prior sale, change or withdrawal. Use of the MLS search is not to be construed as a commitment to lend.
