The California Homebuyer’s Downpayment Assistance Program (CHDAP) is a deferred payment, simple interest rate junior loan not to exceed 3% of the sales price or appraised value, whichever is less. The junior loan may be combined with a CalHFA or non-CalHFA conventional or government first mortgage loan.
(see full program description)
FUNDS CURRENTLY AVAILABLE
FOR DISBURSEMENT:
$46,490,368
Updated 8/1/09
- Balance indicated above excludes funded and current pipeline of CHDAP loans.
- This is an approximate balance and will be updated the second week of each month.
- Due to limitation of funding, reservations for CHDAP loans are on a first-come, first-served basis. CalHFA may receive additional funding in the future for this program, provided the State is in the position to sell the remainder of the bonds approved by the passage of Proposition 1C.
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{ 6 comments… read them below or add one }
Is it true that a “First Time Buyer” in the state of California has two incentives to buy:
1) Federal “First Time Home Buyer” – receive a $8,000.00 check from the federal govt.
2) California will send a $10,000.00 check.
Please answer.
Thank you – Marie Carson
Hi Marie,
1) The first time buyer program from the federal government is still available if you purchase before December 1st, 2009. The tax credit is 10% of the purchase price up to a maximum of $8,000.
2) The tax credit for the state of California has expired. It was for the purchase of new construction only and you did not have to be a first time homebuyer. Funds for that program have been exhausted for several months now.
We are keeping an eye on the federal tax credit, there is hope that it will be extended but no word yet as to how that bill is progressing through the house ways and means committee. You can follow it’s progress on the left side of this website, under the phone number. The bill is H.R. 2801.
Hope that helps!
i have been aproved for a 180,000.00 fha loan. i have the 3.5% down. looking in los angeles county in california, there are a couple of houses out there but i am loseing the battle with closing costs. what can i do to get help and make me stronger when makeing offers.
Hi Pete,
It is certainly a challenging market when it comes down to the competition for homes in this price range. Have you looked into the CalHFA CHDAP program yet? If you are a first time homebuyer you may be eligible for a 3% assistance loan from the State of California that may be used for closing costs or down payment.
You can get more info here: http://www.californiadownpaymentassistanceprograms.com/2009/08/28/california-housing-finance-agency-calhfa-chdap-funds-available-balance/
If you have any questions about qualifying for this loan, shoot me an email at ScottS@BroadviewMortgageCorp.com or give me a call on my cell 714-336-8286. Your lender will need to be approved with CalHFA to offer this program.
Hope this helps!
My husband and I are looking for our first home we have been pre aproved for 300,000 fha loan , but with a baby and rent we are finding it impossible to save a downpaymen. Is there help for us ???
Hi Carolina,
There are options available for zero down payment, and it usually means that the homes and areas that you live are limited. VA loans for veterans are 100% financing, USDA offers 100% financing if you buy in qualified areas & if you’re a member of CalPERS there is down payment assistance available.
If you or your husband have 401k’s through your employer, there may be an option there to borrow money for the purchase of a new home, or you can always try to get gift funds from a relative to help with your down payment.
Once you have a minimum 3% down, there is an assistance program from the State of California that will lend you another 3% with a very low interest rate and no payments until you sell or refinance.
The short answer is YES, there is help. The long answer is that it’s not going to be easy, and it shouldn’t be – Buying a home is a huge financial responsibility and it is important that you do all of your homework to make sure that it is financially feasible for you and your family.
I would like to talk to you more about your “pre-approval”. You should be working with a lender that gives you the information I just gave you, someone that can work with you to find a viable solution. A lender that plugs a few numbers into a computer and “pre-approves” you is not someone that is working for you to help you plan for, and buy your first home.
Either shoot me an email at ScottS@BroadviewMortgageCorp.com or give me a call on my cell phone at 714-336-8286 if you would like to explore some of these options a little further.
I hope this helps!