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LOW COST DOWN PAYMENT ASSISTANCE FOR CALIFORNIA BUYERS: CHF Access Offers Up To 3% In Assistance

California Homebuyers Fund (CHF) is now offering CHF Access to low-median income buyers. CHF ACCESS was designed to assist qualifying homebuyers with their down-payment and/or closing costs by offer a low cost second mortgage of up to 3% of the sales price.

While many low-median income buyers are disqualified for many of the current down-payment assistance programs because they are not first time buyers, CHF Access is not limited to first time buyers. Additionally, for those first timers who don't qualify for many of the first time buyer programs because they may make a little too much, CHF Access income guidelines can be a little more flexible for some individuals.

There are also no sales price limits for CHF Access and no recapture tax requirements either. Maximum loan amounts are based on current FHA county loan amounts for both conforming and jumbo loan limits.

There are also no sales types requirements; CHF Access can be used for traditional sales, REO's or short sales (approved or not). There are also no location restrictions; eligible properties include any CA property.

CHF Access is for owner occupied purchases only but eligible borrowers may own other properties. Additionally, CHF Access is only eligible with an FHA 203b or 234c first trust deed (not eligible with a 203k).

The 3% second trust deed can be used to fulfill FHA's 3.5% minimum down payment requirement or it can be used towards closing costs.

The pre-approval process is relatively simple so contact me, Donne Knudsen, today to get pre-approved for this incredible program.

Posted by Donne Knudsen on 09/18/2009 04:49 PM

Comments (10)

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10 Comments on LOW COST DOWN PAYMENT ASSISTANCE FOR CALIFORNIA BUYERS: CHF Access Offers Up To 3% In Assistance

SEP

WOW - Awesome program - thanks for enlightening us on this one.

John - You're welcome. I love being able to inform my fellow rainers as well as consumers of the many options out there right now for purchasing a home. Especially here in our market in CA.

I don't know about your market, but up here in LA and Ventura counties, the low-medium income buyer is having a horrible time trying to get into escrow. Nevermind getting approved; that's the easy part. Getting into escrow is a whole other obstacle.

Hi Donne - This program is a good boost for the cash strapped buyer wanting to take advantage of the many deals out there in the market today.

Karen - The best thing about this program is that its not limited to the first time buyer or just foreclosures. This will probably help more people than we might think. Thx for stopping by Karen; I appreciate it. Have a good weekend.

SEP

What's a 234c first trust deed? That's not an expression I have heard used before.

I support any program that will help drive the market.

Donne - Great points! I just wish they would let us use this program in Oregon...

Elizabeth - A 234c is an FHA condo transaction.

David - Me too! Especially the low-medium income buyer.

Karen - It is a good program for the low-medium income buyer who is not a first timer or the first timer who is just a little over the income guidelines for the other dpa programs.

I just recently approved a single first timer who was about a thousand dollars over the income guideline requirement for two different first time buyer programs. Oh was he ever bummed and I really tried to do everything I could to get him qualified but he just didn't qualify. This would be a good program for him.

Donne,

I had heard about this program and am glad you have it. You are a straight shooter who always tells people where they stand.

Now do you have any programs for Realtor's with no income?

SEP

Gene - Thx for the compliment; I appreciate it. For me being a "straight shooter", well, that's just the way I roll because in my book, to be anything else is probably either illegal or unethical. LOL

As for what kind of program I have for Realtors with little to no income? In the past year or so, I've been asked that a lot and it's not a pleasant one. Heck my friend, I can't even refi my own loan either - at least not this year but hopefully next year.

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