Calhfa chdap loan program

The money you put "down" or the down payment on your home loan can be one of the largest hurdles for many first-time homebuyers. That's why CalHFA offers several options for down payment and closing cost assistance. This type of assistance is often called a second or subordinate loan. CalHFA's subordinate loans are "silent seconds", meaning payments on this loan are deferred so you do not have to make a payment on this assistance until your home is sold, refinanced or paid in full.

This helps to keep your monthly mortgage payment affordable. Video: The Viramontes family finds a home, with the help of a great team. CalHFA By WebsitesMakeover. Skip to content. Home Loans in California. 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 counseling through an eligible home buyer counseling organization Meet the requirement of the lender on FHA loan and the minimum income required to obtain CHDAP down payment assistance.

The Platinum and ACCESS down payment assistance programs are geared for people who are unable to save enough money on their own, have lower credit scores but not always , and may feel the only way to purchase is to accept a higher rate and fee home buyer assistance program. Ask yourself this. Are you willing to pay significantly more for a home by using a down payment assistance program that has a higher interest rate and costs more than other options?

Credit Repair. S Government. Call me today before funds run out. Still not clear under which circumstances one program is better suited than the other?