CHDAP
California Homebuyer’s Down Payment Assistance Program (CHDAP)
If you are like most first-time homebuyers, one of the biggest hurdles in purchasing your first home is the down payment and/or closing costs. VITEK and the CHDAP can help!
The California Homebuyer’s Down Payment Assistance Program (CHDAP) is a deferred payment, simple interest rate junior loan. The CHDAP allows borrowers to finance some of their down payment and/or closing costs helping make homeownership possible. Below are some of the CHDAP’s benefits for homebuyers.
Benefits:
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CHDAP loans are available up to 3% of the sales price or appraised value of the property, whichever is less
- The CHDAP can be used for down payment assistance and/or closing costs with CalHFA’s first mortgage loans or non- CalHFA fixed rate, first mortgage loans
- The CHDAP has a fixed interest rate of 3.25%*
- Term matches the term of the first mortgage, but payments are deferred for the life of the first loan
- The CHDAP can be used to purchase a single-family and approved condominium/PUDs
- The CHDAP allows up to 6% seller allowable contribution*
- Borrowers are allowed to use other approved down payment assistance loans or grants together with the CHDAP
- Assistance up to 5% of the purchase price, or appraised value (whichever is less), for borrowers purchasing a newly constructed home in specific eligible areas*
Guidelines/Restrictions:
- Minimum fico score required 640
- Borrower’s income cannot exceed moderate income limits established for the county in which the borrower is purchasing*
- Sales price of the home cannot exceed CalHFA's sales price limits established for the county in which the property is located*
- Borrower must occupy property as their primary residence
- Homebuyer education class required
- Borrowers are allowed to use other approved down payment assistance loans or grants together with the CHDAP
*Restrictions Apply. Contact us for details. Rate subject to change without notice.
