Now might be a good time to purchase a home in California. CHDAP is back and they are helping out with closing/downpayment costs of up to 3%!!!!
This is with an FHA loan. The buyer comes in with 1%. Here’s how it breaks down using $100,000 purchase price.
Ok, what we can do is an FHA 96.5% with a CalHFA CHDAP 2nd of 3% which can help with down payment and closing costs. You still have to bring in 1% of your own funds which must be seasoned 60 days. Here’s an estimate:
$100,000 purchase price
$96,500 1st lien FHA 30 yr fixed 4.5%
$3000 2nd lien CHDAP
Estimated closing costs/prepaids $4000
Seller credit toward closing costs 3% max $3000
You would come in with $1000 to close.
Total payment $678.56
You will have to complete an on-line First Time Home buyer Counseling course, it’s very simple, here is the link, just save the certificate for me for your file. http://www.mgichome.com/
For more information contact my good friend Cameron Turner.
I pulled this from BankRate.com….just so you can see how good the numbers are looking.
Here is some more information on CalHFA………
Details on the 3% downpayment program for first time home buyers are below. See more or your loan officer to take advantage of this program. The income limits are strict with this program so not all first time homebuyers will qualify.
|California Homebuyer’s Downpayment Assistance Program (CHDAP)|
Taking a Closer Look at the Stories Ignored by the Mainstream Media