Buying a Home in California – California Homebuyer’s Downpayment Assistance Program (CHDAP)

HOME FOR SALE

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.

P/I 488.95

2nd  13.06

MI   44.23

Tax 104.17

Ins  28.15

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.

Cameron Turner

Leveraged Capital

I pulled this from BankRate.com….just so you can see how good the numbers are looking.

bankrate.com

Here is some more information on CalHFA………

CHDAP Program Details – 3% Down Payment Assistance

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)
PROGRAM DESCRIPTION The California Homebuyer’s Downpayment Assistance Program (CHDAP) is designed to provide a deferred payment, simple interest rate junior loan of an amount up to three percent (3%) of the sales price or appraised value, whichever is less. The junior loan may be used for down payment or closing costs and may be combined with a CalHFA or non-CalHFA conventional or government first mortgage loan.
TARGET MARKETS This program is intended for low and moderate income first-time homebuyers anywhere in California.
PARTICIPATING LENDERS CalHFA- approved lenders .
BORROWER ELIGIBILITY Borrowers must meet the following requirements :

  • Be a first-time homebuyer
  • Occupy the property as their primary residence; non-occupant co-borrowers are not allowed
  • Borrower’s income cannot exceed HCD-defined moderate income limits established for the county in which the borrower is purchasing
  • Meet credit, income and loan requirements of the CalHFA lender and the mortgage insurer
PROPERTY ELIGIBILITY Properties must meet the following requirements :

  • Sales price of the home cannot exceed CalHFA’s sales price limits established for the county in which the borrower is purchasing
  • Be a single-family, one-unit residence, including condominium /PUD
  • Manufactured housing must meet eligibility requirements
  • Meet the requirements of FHA on the first mortgage loan
TRANSACTION TYPE Purchase transactions only.
INTEREST RATE CalHFA offers a unique interest rate for this program. A list of current rates is also available by contacting a CalHFA- approved lender.
MAXIMUM LOAN AMOUNT 3% of the sales price or appraised value, whichever is less.

Under no circumstances can the Combined-Loan-to-Value exceed 102% when utilizing any combination of CalHFA first mortgage loans and subordinate loan products or approved programs.

REPAYMENT OF JUNIOR LOAN Repayment of the principal and interest on the junior loan shall be due and payable at the earlier of the following events:

  • Transfer of title
  • Sale of the residence
  • Payoff or refinance of the first loan
  • Upon the formal filing and recording of a Notice of Default (unless rescinded)

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