California Homebuyer’s Downpayment Assistance Program
Wednesday, July 8, 2009
On June 8th, CalHFA reinstated the California Homebuyer’s Downpayment Assistance Program (CHDAP).
CHDAP provides down payment or closing cost assistance to qualified borrowers in the form of a deferred payment junior loan up to 3% of the sales price or appraised value of the home, whichever is less. Borrower’s qualification include, but not limited to the following; 1) borrower contribution minimum of 3% cash from their own funds (IRA, 401K, cash in bank), 2) homebuyer education counseling.
See below how CHDAP can help you close more loans with CalHFA…….
CHDAP may be combined with any of the following CalHFA first mortgages:
- Cal30 Conventional Mortgage Program
- Community Stabilization Home Loan Program (CSHLP)
- SMART Loan Program
CHDAP may also be layered with other CalHFA down payment assistance:
- Affordable Housing Partnership Program (AHPP)
CHDAP, a program financed through voter-approved Propositions 46 and 1C, has been the most successful down payment assistance program in CalHFA’s history, providing more than 31,000 California families with assistance to buy their first home and getting a first mortgage.
For www.calhfa.ca.gov and see Program Descriptions for details
CALIFORNIA HOUSING FINANCE AGENCY
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