chdap: 1/2% Down Payment Option Now Available for First-Time Homebuyers! - 03/07/12 01:15 PM
If you are considering buying your first home, you may be able to do so with only a ½% down payment!
FHA requires a 3.5% investment of your own funds when using FHA financing for a home purchase.  But, beginning March 1, 2012, the California Homebuyer's Downpayment Assistance Program (CHDAP) is offering downpayment assistance of up to 3% of the purchase price or appraised value, whichever is lower.  That means you would only need ½% of your own funds to purchase a home!
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chdap: 99% Financing through CalHFA - 07/02/11 08:36 AM
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 … (6 comments)