- Purchase a home using an FHA loan and a distribution from a retirement account for the down payment is one option
- Another option is a California Homebuyer’s Downpayment Assistance Program (CHDAP)
- CHDAP provides a deferred-payment junior loan – up to 3% of the purchase price, or appraised value, whichever is less
- It can be used for the down payment and/or closing costs
- It is offered through the California Housing Finance Agency
- This loan has no monthly payments and only needs to be paid off when the homeowner sells, refinances or moves out of the home
- Qualified buyers must meet income and home price requirements and not have owned a primary residence in the last three years
- The maximum income restrictions are listed, by county, and the combined income for co-borrowers, below:
Read more: http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2011/04/29/REAM1J98A5.DTL#ixzz1L13OikUd
