Blog

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)