The CHDAP offers down payment assistance
for first-time homebuyers who meet specified moderate
income limits.
How The Program Works
The CHDAP provides a deferred-payment junior loan – up
to 3% of the purchase price, or appraised value, whichever
is less – to qualified borrowers to
be used for their down payment or closing costs. This junior loan may be combined
with a CalHFA or non-CalHFA first mortgage loan. This junior loan cannot be
combined with the Extra Credit Teacher Program (ECTP).
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.
A borrower is considered a first-time homebuyer
if they have not owned and occupied a home in
the past three (3) years. |
Income Limits |
Refer to HCD moderate
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 property is located. |
Citizenship |
Be a U.S. citizen,
permanent resident alien or other qualified alien,
if using in conjunction with a CalHFA first mortgage. |
Property Eligibility |
|
Available Through
Approved Lenders |
Refer to CalHFA’s
approved
lender list for a lender in your area. |
| Homebuyer Education |
Homebuyer education is required
for all borrowers using this program.
|
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. |
Additional Program Options:
Effective January 1, 2005, State Legislation has
increased the amount of down payment assistance offered
under the CHDAP, from 3% to 5% of the purchase price
or the appraised value (whichever is less) for borrowers
purchasing a newly constructed home in specific eligible
areas. See the list of
government
entities that have eligible areas (such
as, an infill opportunity zone, transit village development
district or transit-oriented development plan area)
or you may contact your local city/county planning
department.
For More Information
To learn more about CHDAP, 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. 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
|
