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Not a first-time homebuyer?
You may still apply for our first mortgage loans if your property is located in a Targeted Area.
Buying a newly constructed home?
Be sure to read about our School Facility Fee program.
California Homebuyer's Downpayment Assistance Program (CHDAP)
The CHDAP provides a deferred-payment junior loan – up to 3% of the purchase price, or appraised value, whichever is less, to be used for their down payment and/or closing costs. This program may be combined with a CalHFA or non-CalHFA, first mortgage loan.
Review the sections below to find out more about the CHDAP program.
PROGRAM ELIGIBILITY
Am I eligible to apply for this program?
Review the guidelines below for both “Borrower” and “Property” Requirements to determine if you may be eligible to apply for the CHDAP program.
Borrower Requirements
- Be a first-time homebuyer
- Occupy the property as their primary residence, non-occupant co-borrowers are not allowed
- CalHFA borrowers must complete homebuyer education counseling and obtain a certificate of completion through an eligible homebuyer counseling organization.
- Your income must be less than the allowable CHDAP income limits.
- Meet the requirement of the lender and mortgage insurer / guarantor
*In the case of conflicting guidelines, the lender must follow the more restrictive.
Property Requirements
- Sales price of the home cannot exceed CalHFA's sales price limits established for the county in which the property is located
- Be a single-family, one-unit residence, including approved condominium/PUDs
*In the case of conflicting guidelines, the lender must follow the more restrictive.
Additional Property Guidelines
- Properties sold at auction by the builder or construction lender are not eligible
- Condominiums must meet the guidelines of the first mortgage
- Manufactured housing is not permitted
- There is a five acre maximum on the size of the property
- Leaseholds/Land Trusts and Co-ops are not permitted
- Meet the requirements of the mortgage insurer/guarantor
MINIMUM BORROWER CONTRIBUTION
Is there a minimum contribution that I need in addition to this down payment assistance?
When using a CHDAP loan, a minimum contribution is required from your own funds. The contribution must be 1% of the sales price or $1,000, whichever is greater.
Please contact a CalHFA loan officer for complete details.
*In the case of conflicting guidelines, the lender must follow the more restrictive.
INTEREST RATE
What is the interest rate?
Interest rates will vary depending on your financial circumstances, lender fees, and other factors. Interest rates can also change daily. We recommend that you check with a CalHFA-approved loan officer to receive an accurate rate quote for this program.
CalHFA does not lend money directly to consumers. CalHFA works through and uses approved private lenders to qualify consumers and to make all mortgage loans. CalHFA purchases closed loans that meet CalHFA's requirements. The fees consumers pay could be different depending on the lender and the program. View the sample Truth in Lending disclosure here.
HOMEBUYER EDUCATION
Because CalHFA firmly believes that homebuyer education is critical to your success and happiness as a homeowner, homebuyer education is required on all first-time homebuyer programs that CalHFA offers. We will accept homebuyer education counseling certificates online, in-person, or by phone from the following providers:
- Freddie Mac Homebuyer Counseling Counselors/Administrators Search
- HUD-approved Housing Counselors
-
U.S. Department of Housing and Urban
Development
451 7th Street, S.W., Washington, DC 20410
Telephone: (202) 708-1112 - Private Mortgage Insurers approved by Fannie Mae. Check private mortgage insurer's web site for homebuyer counseling availability.
HOW TO APPLY
How do I apply for this loan program?
Since CalHFA is not a direct lender, our mortgage products are offered through private loan officers who have been approved & trained by our Agency. These loan officers can help you find out more about CalHFA’s programs and guide you through the home buying process.
Visit the Find a Loan Officer tab, to contact a loan officer in your area.
What documents should I have ready when contacting a loan officer?
When initially contacting a loan officer, you may want to have this list of documents and information available to help answer questions that they will ask you:
- Pay stubs
- Bank statements
- Employment history
- Previous tax returns
