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CHDAP is Back! – Downpayment Assistance Program

California Homebuyer’s Downpayment Assistance Program (CHDAP)

The CHDAP provides a deferred-payment junior loan – up to 3% of the purchase price, or appraised value, whichever is less, to be used for their down payment and/or closing costs. This program may be combined with a CalHFA or non-CalHFA, first mortgage loan.

Review the sections below to find out more about the CHDAP program.

PROGRAM ELIGIBILITY

Am I eligible to apply for this program?
Review the guidelines below for both “Borrower” and “Property” Requirements to determine if you may be eligible to apply for the CHDAP program. (Our Eligibility Calculator is also availalbe to easily determine program eligibility.)

Borrower Requirements

  • Whether you are using CHDAP with a CalHFA or non-CalHFA first mortgage, you must still meet all borrower eligibility requirements of CalHFA.
    • Conventional loans must follow CalHFA’s Cal30 borrower requirements.
    • Government-insured (FHA loans) must follow CalHFA’s FHA borrower requirements.
  • Your income must be less than the allowable CHDAP income limits.

*In the case of conflicting guidelines, the lender must follow the more restrictive.

For FHA, the Los Angeles Income Limits for the Homebuyer’s Downpayment Assistance Program CHDAP
based on persons in the household
1 person $51,550
2 people $58,900
3 people $66,250
4 people $73,600
5 people $79,500
6 people $85,400
7 call me

Property Requirements

  • Whether you are using CHDAP with a CalHFA or non-CalHFA first mortgage, you must still meet all property eligibility requirements of CalHFA.
    • Conventional loans must follow CalHFA’s Cal30 property requirements.
    • Government-insured (FHA loans) must follow CalHFA’s FHA property requirements.
  • The sales price of the home can not be above the allowable CHDAP sales price limits.

*In the case of conflicting guidelines, the lender must follow the more restrictive.

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MINIMUM BORROWER CONTRIBUTION

Is there a minimum contribution that I need in addition to this down payment assistance?
When using a CHDAP loan, a minimum contribution is required from your own funds.  The contribution must be 1% of the sales price or $1,000, whichever is greater.

Please contact a CalHFA loan officer for complete details.

*In the case of conflicting guidelines, the lender must follow the more restrictive.

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INTEREST RATE

What is the interest rate?
Interest rates will vary depending on your financial circumstances, lender fees, and other factors. Interest rates can also change daily. We recommend that you check with a CalHFA-approved loan officer to receive an accurate rate quote for this program.

CalHFA does not lend money directly to consumers. CalHFA works through and uses approved private lenders to qualify consumers and to make all mortgage loans. CalHFA purchases closed loans that meet CalHFA’s requirements. The fees consumers pay could be different depending on the lender and the program. View the sample Truth in Lending disclosure here.

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HOW TO APPLY

How do I apply for this loan program?
Since CalHFA is not a direct lender, our mortgage products are offered through private loan officers who have been approved & trained by our Agency. These loan officers can help you find out more about CalHFA’s programs and guide you through the home buying process.

Visit the Find a Loan Officer tab, to contact a loan officer in your area.

What documents should I have ready when contacting a loan officer?
When initially contacting a loan officer, you may want to have this list of documents and information available to help answer questions that they will ask you:

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

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Daniel Andrade, REALTOR® DRE #: 01849983
Century 21 My Real Estate Co
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