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1/2% Down Payment Option Now Available for First-Time Homebuyers!

By
Mortgage and Lending with WealthWise Mortgage Planning, a Division of American Pacific Mortgage Corporation NMLS #1850 NMLS 244226

Roseville MortgageIf 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!

Are you eligible for 100% financing through VA?  Searching for properties in an area eligible for 100% USDA financing?  You can use the CHDAP program for closing costs, too!

As with all loan products, the CHDAP program has guidelines.  Give me a call at (916) 849-9200 to see if you qualify!

With home prices and interest rates at record lows, this dowpayment assistance program adds one more reason why now is a great time to buy a home!

For more information on CHDAP, FHA, VA, Conventional, Jumbo and USDA loans on properties anywhere in California, give me a call at (916) 849-9200!

Comments(3)

Pete Xavier
Investments to Luxury - Pacific Palisades, CA
Outstanding Agent Referrals-Nationwide

This is some great news for first time home buyers in CA.

Is there an expiration for this program?

Mar 07, 2012 01:21 PM
Ed Gillespie
WealthWise Mortgage Planning, a Division of American Pacific Mortgage Corporation NMLS #1850 - Folsom, CA

Hello, Pete!  Not that I know of.  This particular program change went into effect on March 1, 2012.  The previous required cash investment was 1%.

Thank you for stopping by!

Mar 07, 2012 01:28 PM
DeeDee Riley
Lyon Real Estate - El Dorado Hills CA - El Dorado Hills, CA
Realtor - El Dorado Hills & the Surrounding Areas

Hi Ed,

Just had a buyer tell me that when I was writing an offer up for her the other day.  Amazing that we are back to the 100% loans!

Mar 13, 2012 04:27 PM