Did you now that it is possible to put down as little as ½% as down payment to buy a home in San Jose, CA? In today’s market, with a historical low on both interest rates and home prices, many first time buyers are considering to enter the housing market to take advantage of this great opportunity. However, most buyers are not aware of the CHDAP program in California that may help them to qualify to buy with as little as ½% of the down payment to buy a home in San Jose, CA.
CHDAP (California Homebuyer’s Down Payment Assistance Program) is administered by CalHFA, California Housing Finance Agency. The CHDAP program provides up to 3% of the purchase price for either closing costs or down payment. It is a deferred-payment second loan that can be combined with a first mortgage. For example, a buyer may be qualified for FHA (Federal Housing Administration) first mortgage that requires at least 3.5% of down payment. CHDAP then provides for the 3% which means the buyer only have to come up with ½% down payment to buy the home in San Jose, CA. For instance, ½% of down payment to buy a home with sale price of $300,000 is $1500.
The ½% down payment will allow not only for affordability but also to have money for repairs for future 
remodeling a buyer may want to do. In today's market where short sales and foreclosures accounts for a good percentage of the market, this is especially a good idea. Essentially, the CHDAP program gives buyers options and more flexibility.
To determine whether this is a good financing option for you, speaking with a highly trained loan consultant is the key. Chris MacNaughton at Platinum Home Mortgage is the preferred mortgage banker who is experienced with both CHDAP and FHA and can provide valuable information to help you afford the dream home. The advantage of Platinum Home Mortgage is that it is a direct banker and underwrites most of their loans. To buyers, this means a great deal of control on getting the loan approved and a lot less potential challenges down the road.
Please contact me or Chris for a consultation on how you can potentially putting as little as ½% down payment to buy a home in San Jose, CA. Qualifying for CHDAP requires some specific criteria such as income and property eligibility. We look forward to hearing from you and helping you realizing your dream of home ownership!
To help you get an idea on homes available to you, go to my website for a list of short sale and foreclosure homes.
To get started on exploring financing options, contact:
Chris MacNaughton
Bay Area Sales Manager @ Platinum Home Mortgage Corp
Direct: 408-607-2476
E-mail: CMacNaughton@ephmc.com
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