CalHFA CHDAP Income Limits

The California Homebuyer’s Downpayment Assistance Program or CHDAP is a subordinate program of California House Financing Agency’s down payment assistance program. It offers up to three percent (3%) junior loan of the total purchase price of the house or appraised value, whichever is less that is used as a down payment or closing cost assistance. The payment for is deferred until the property is fully paid, sold or refinanced. Therefore paying the home loan is prioritized. This program is intended for those first-time home buyers in California who have low or moderate income. CHDAP can also be combined with a CalHFA or Non-CalHFA conventional or first mortgage loan.

One of the qualifications of CHDAP for the applicants to become eligible is, the strict compliance of borrower’s income which is should not exceed the median income of a certain county.

Qualifications in Program Elegibility

An applicant must meet the following requirements listed below.

Borrower Requirements

  1. Must be a first-time home buyer (Meaning, the borrower has not owned a house for the past three years)
  2. The borrower must occupy the purchased property as their primary residence. Non-occupant co-borrowers are not allowed to occupy the house.
  3. Borrower’s income should not exceed the income limits of California Homebuyer’s Downpayment Assistance Program (CHDAP) alloted in each county where the borrower had purchased the property.
  4. The borrower must meet credit, income and loan requirements of the California House Financing Agency approved lender and the mortgage insurer.

Property Requirements 

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  1. The amount of purchased house should not exceed the California House Financing Agency’s sales price limits alloted in each county where the borrower had purchased the property.
  2. The property must be a single-family or one-unit residence, including condominium in PUD
  3. A manufactured housing is allowed but must meet the requirement of eligibility.
  4. The property purchased by the borrower must meet the requirements of Federal Housing Administration (FHA) on the first mortgage loans

CHDAP INCOME LIMITS 

One of the qualifications of CHDAP for the applicants to become eligible is, their income should not exceed the median income of a certain county. California Homebuyer’s Downpayment Assistance Program has strict regulations when it comes to income limits. Therefore, not all borrowers are qualified in this program.

Listed links below are the list of counties and their income limits, respectively. The CHDAP here is combined with FHA first mortgage loans and Conventional first loans. The number of persons is from 1 to 8.

Interest rates will depend on the borrower’s financial circumstances, lender fees and other factors. It can also be updated daily in a regular basis. The borrowers are recommended to check with a California House Financing Agency’s approved lenders to receive and accurate rate informations for this program.

It is clearly stated by the Agency that they do not lend money directly to the consumers. What they do is to build a partnership with a lender institution who had met the qualifications of CalHFA as an approved lender. Therefore, the borrower’s fees that are paying varies on the lender and the said program.

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