99% Financing through CalHFA
The California Housing Finance Agency's California Homebuyer's Downpayment Assistance Program (CHDAP) provides a deferred-payment, simple interest junior mortgage loan - up to 3% of the purchase price or appraised value, whichever is less -- to be used for down payment and/or closing costs. This program, when combined with a standard FHA first mortgage, requires a minimum contribution of only 1% of the sales price or $1,000, whichever is greater, of your own funds. You do not have to make a payment on the junior loan until your home is sold, refinanced or paid in full.
Here are some highlights of the CHDAP include:
- For buyers with no home ownership in last three years (waived for veterans)
- Owner occupied purchase only
- Must be a U.S. citizen, permanent resident alien or qualified alien
- California single-family, one-unit residence, including approved condominium/PUDs
- Properties 5 acres max
- 640 minimum FICO score
- Income limits and sales price limits apply
- Homebuyer education required
- Subject to federal recapture tax
|
County |
Income Limits (vary upon family size) |
Sales Price Limits |
|
Butte |
$47,300 to $89,150 |
$360,000/440,000 |
|
El Dorado |
$61,400 to $115,750 |
$522,000/none |
|
Nevada |
$58,150 to $109,650 |
$506,250/none |
|
Placer |
$61,400 to $115,750 |
$522,000/none |
|
Sacramento |
$61,400 to $115,750 |
$522,000/638,000 |
|
San Joaquin |
$53,000 to $99,900 |
$439,875/537,625 |
|
Shasta |
$47,300 to $89,150 |
$381,375/466,125 |
|
Solano |
$66,550 to $125,450 |
$501,750/none |
|
Stanislaus |
$50,000 to $94,250 |
$381,375/466,125 |
|
Sutter |
$47,300 to $89,150 |
$382,500/467,500 |
|
Yolo |
$60,900 to $114,850 |
$522,000/638,000 |
|
Yuba |
$47,300 to $89,150 |
$382,500/467,500 |
House prices and interest rates are low, making this a great time to buy your first home. If you could use some help with down payment or closing costs, the CalHFA CHDAP may be just right for you!
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