The CHAP offers down payment assistance for
first-time homebuyers who meet specified low
and moderate income limits.
How The Program Works
The CHAP provides a deferred-payment second loan – up to 2% of the purchase
price, or appraised value, whichever is less – to qualified borrowers
to be used for their down payment. CHAP is only available when combined
with a CalHFA first mortgage loan in a CHAP-designated area (See Property
Eligibility section below). This second loan cannot be combined with
a HiCAP second loan.
Program Elements
Requirements |
Details and Reference Sources |
First-Time Homebuyer
|
Borrower must be a first-time homebuyer purchasing a primary residence intended
for owner-occupancy.
|
Income Limits |
Refer to CalHFA’s income
limits established for the county in which the borrower is purchasing.
|
Sales Price Limits |
Refer to CalHFA’s published
sales
price limits for the county in which the borrower is purchasing.
|
Citizenship |
Be a U.S. citizen, permanent resident
alien or other qualified alien |
Property Eligibility |
- Single family, one unit residence, including condo/PUD.
- Manufactured
housing must meet eligibility requirements.
- Property must be located in Alpine,
Amador, Butte, Calaveras, Colusa, Del Norte, El Dorado, Fresno,
Glenn, Humboldt, Imperial, Inyo, Kern, Kings, Lake, Lassen, Palmdale/Lancaster
Areas of Los Angeles, Madera, Mariposa, Mendocino, Merced, Modoc,
Mono, Nevada, Placer, Plumas, Riverside, Sacramento, San Bernardino,
San Diego, San Joaquin, Santa Clara, Shasta, Sierra, Siskiyou,
Stanislaus, Sutter, Tehama, Trinity, Tulare, Tuolumne, Yolo, and
Yuba counties.
|
Available Through Approved Lenders |
Refer to CalHFA’s approved
lender list for a lender in your area. |
Other Requirements |
Must qualify for and meet the requirements
of the CalHFA first mortgage loan, the lender, and the mortgage
insurer/guarantor. Other program requirements may apply; please
contact an approved
lender for more details. |
For More Information
To learn more about CHAP, contact us at:
CalHFA Homeownership Division
P.O. Box 4034 , Sacramento, CA 95812
Phone: 877.9.CalHFA
Email: homeownership@calhfa.ca.gov
Homebuyers interested in applying for financing,
should contact one of CalHFA's approved
lenders.
CalHFA does
not lend money directly to consumers. We use approved private lenders
to qualify consumers and make all mortgage loans. Rates can vary depending
on loan program and income level. View
the sample Truth in Lending disclosure here.
|