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 Requirements
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?
Yes

Income Caps?
Yes

90 Flip-days Allowed:
Yes

Penalty for Pre-payment:
No

Are Gift Funds Allowed?
Yes

Cancellation Fees:
No

Assistance Amount:
Yes

Minimum Cash to Close
No

Assistance of 3%
3% of Sale Price

Qualifying Location:
1% of Sale Price

Mandatory Origination fee:
Silent on 2nd Loan

DTI Maximum Ratio Limit:
Allowed

Minimum Credit Score:
0

Income Qualification:
55%

Maximum Loan Amount:
640

Maximum Contribution:
HOUSEHOLD