FHA Purchase Loans Can Be Combined With A California Homebuyer’s Downpayment Assistance Program (CHDAP) “Deferred Payment” Loan Of Up To 3% Of Purchase Price

29 04 2011

 

  • 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

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