Why CHDAP Program?
CHDAP program is an excellent program to help first time home buyer purchase a house with 0.5% down payment, qualification, guidelines and requirement. CHDAP program can be used as a down payment assistance and/or as a closing cost with a qualified CalHFA ’s first mortgage loans or non-CalHFA fixed rate, first mortgage loans.
CHDAP down payment assistant is a 2nd loan that goes with a 1st mortgage under an FHA loan program. Qualified buyers are automatically qualified for the CHDAP down payment assistant as a silent 2nd mortgage once qualified for the 1st mortgage, for as long as you are qualified on the allowed annual income bracket.
Borrower must be a first-time home buyer
Property occupied as primary residence by the home buyer. Co-borrowers not occupying the house are not allowed
CalHfa borrowers must obtain a certificate of completion of home buyer education counselling through an eligible home buyer counselling organization
Meet the requirement of the lender on FHA loan and the minimum income required to obtain CHDAP down payment assistance
CHDAP Loan Program Guidelines
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
First-time Home buyer Only?
90 Flip-days Allowed:
Penalty for Pre-payment:
Are Gift Funds Allowed?
Minimum Cash to Close
Assistance of 3%
3% of Sale Price
1% of Sale Price
Mandatory Origination fee:
Silent on 2nd Loan
DTI Maximum Ratio Limit:
Minimum Credit Score:
Maximum Loan Amount:
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