DOWN PAYMENT ASSISTANCE
Buyers Have Down Payment Assistance Programs Available Again
There is now an incredible opportunity for first time home buyers in California who need help coming up with enough funds for a down payment to qualify for an FHA loan to purchase a home. We can now offer an FHA loan with a CHDAP 2nd (California Home Buyer’s Down payment Assistance Program) which gives a buyer 3% towards their down payment and closing costs. This program only requires that a buyer has to come up with 1% of their own funds towards the minimum down payment due of 3.5%.
Down Payment Assistance
CHDAP (California Home Buyer’s Down Payment Assistance Program) is a down payment and closing cost assistance program offered by CalHFA (the State of California Housing Finance Agency) CHDAP gives buyers assistance of up to 3% of the purchase price with no payments for the life of the loan unless you sell or refinance. One of the greatest benefits of this assistance program is that it can be used with almost any other home loan financing, FHA or Fannie Mae conventional. FYI Buyer can also use part of the CHDAP funds to buy down the interest rate and lower their monthly payment, so this is another creative option to save even more money.
Because of the down payment assistance program of 3%, the buyer did not have to wait to save enough funds (full 3.5%) to purchase as they only had to bring in $3k (or 1%) to close. Otherwise the buyer would have had to save for a few more years to bring in $10,500 to meet the minimum FHA down payment requirement of 3.5%!
A Great Opportunity To Buy
This program presents a great opportunity for first time buyers, who until now assumed they needed to have their full down payment of 3.5% (for FHA financing) saved up to be able to purchase their first home. Let your friends, family members and co-workers know that this program is now available.