CalHFA CHDAP

The California Homebuyer’s Downpayment Assistance program or the CHDAP is a subordinate program of the California House Financing Agency (CalHFA) that works by providing a deferred-payment junior loan that is up to three percent (3%) of the purchased property or the appraisal value. The delayed payment will serve as the down payment or the closing cost. The said program can be combined with CalHFA or Non-CalHFA first mortgage loan.

Many would probably ask how will they know if they are capable of applying to CHDAP. Here are some of the guidelines/requirements for you to know if you are eligible to apply in the said program.

 

 

Borrower Requirements:

1. If the applicant would decide to use CHDAP with CalHFA or Non-CalHFA first mortgage Loan, he/she is still required to meet CalHFA borrower requirements.

  • Conventional loans must follow CalHFA’s Cal30 borrower requirements. (http://www.calhfaloanprograms.com/loan/calhfa-housing-assistance-program/)
  • Government-insured (FHA loans) must follow CalHFA’s FHA borrower requirements. (http://www.calhfaloanprograms.com/loan/calhfa-fha-and-chdad/)

(Please refer to the links above to view the programs’ requirements.)

2. Applicant’s income must be less than the allowable income limits of CHDAP

  • CHDAP Income Limits when using an FHA first mortgage
  • CHDAP Income Limits when using a Conventional first mortgage

*More restrictive guidelines will be followed by the lender when conflicting guidelines is possible.

Property Requirements

1. If the applicant would decide to use CHDAP with CalHFA or Non-CalHFA first mortgage Loan, he/she is still required to meet CalHFA property requirements.

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  • Conventional loans must follow CalHFA’s Cal30 property requirements.  (http://www.calhfaloanprograms.com/loan/calhfa-housing-assistance-program/)
  • Government-insured (FHA loans) must follow CalHFA’s FHA property requirements.  (http://www.calhfaloanprograms.com/loan/calhfa-fha-and-chdad/)

2. The purchased price should not exceed of the allowable CHDAP sales price limits.

*More restrictive guidelines will be followed by the lender when conflicting guidelines is possible.

Applicant’s Contribution

It is part of the agreement if the applicant is using CHDAP, a minimum contribution is required from his own funds or income. About one percent (1%) of the purchased price or a thousand bucks ($1000), whichever is greater, will be contributed by the applicant.

Interest Rates

Interest rates would vary depending on the applicant’s financial circumstances, lender fees, and other factors. There are also instances that interest rates will change daily. The applicants are recommended to communicate with a CalHFA-approved loan officer to receive an accurate rate quote for this program.

California House Financing Agency does not lend or give money directly. The Agency has a partnership with Lender Institutions, the approved lenders, to qualify the applicants and to make all mortgage loans. CalHFA deals with closed loans that are able to meet CalHFA requirements. Therefore, the payments paid by the consumers might be not the same, depending on the lender and the chosen program.

How to Apply

California House Financing Agency is not a direct lender, therefore their products are offered and sold through those approved and trained lender officers by the Agency. The lender officers will help you to learn more about CalHFA and its programs.

If you had already decided to purchase your first home and wanted to communicate with a lender officer, you must have the following requirements with you:

  • Pay stubs
  • Bank statements
  • Employment history
  • Previous tax returns

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