Are you or is someone you know a first time buyer with a limited down payment?
One great option the CHDAP- California Homebuyer Down Payment Assistance Program! This is a deferred payment simple interest junior loan that can be used to help a borrower cover the down payment allowing the borrower to come in with only a half a percent down!
The program is through CalHFA so for more information you can also go to Calhfa.ca.gov.
• 640 score
• Owner Occupied Only.
• .50% down payment (gift okay)
• Must be a first time homebuyer. Homebuyer education is required on all first time homebuyer programs CALHFA offers.
• Must have Fannie Mae approval. No manual U/W allowed.
• No Cap on DTI with a Fannie Mae approval
• Need last 3 years’ 1040’s to verify that no mortgage interest deductions were taken for that time period.
• Cannot be used with a 203K Rehabilitation Loan.
• Must not exceed income limits (based on total occupants living in the home)
*** Click this Link for Income Limits***
• Can be a single family, one unit residence, PUD or Condo
• Cannot have additional units or an in-law space
• No manufactured housing
• Must meet the requirements of the mortgage insurer/guarantor
• No leaseholds, land trusts or Co-ops allowed
• 5 acre maximum
• Defects or repairs identified by the appraiser must be corrected prior to the close of the purchase
For more information on getting pre approved for a home loan with down payment assistance please contact us at 510.282.5456, or
contact us directly through our Virtual Purchase Asssistant: