Down Payment Assistance
California down payment assistance programs:
The state of California offers home buyers with down payment assistance programs such as CalHFA’s, CHDAP, CHF Platinum Grant, and the CHF Access program. Each program has unique benefits to each and we have outlined the variations below to give you a better understanding of how they work. There is no guarantee each program will be available and is subject to change without notice.
All three programs offer up to 3% assistance that can be applied to FHA’s 3.5% minimum down payment requirement.
These programs have assisted countless buyers achieve the dream of home ownership, sooner than ever thought possible. A commonly asked question is, which program is best for me? Please keep in mind each program has different income requirements and qualifying rations which can affect the purchasing power of the buyer.
Understanding the cost of each program in addition to the unique differences between the three will assist you with making the right decision as to which program is best for you, while understanding the costs you may carry with each program throughout home ownership.
Not sure which down payment assistance program may work best for you?
Take a look below for a comparison of these three unique programs! Or click here to speak to one of our qualified mortgage specialists!
|Assistance Amount||Up to 3% of sales price||Up to 3% of sales price||Up to 3% of sales price|
|Assistance Type||Silent 2nd Loan||Grant for down||Loan repaid|
|Lender credit for closing costs?||Yes, up to 1.5%||No||Yes, but limited|
|Any fees required by lender?||No||1.5%||No|
|Debt to Income Max %||55%||45%||43-45%|
|Minimum Credit Score||640||640||640|
|Income requirements – Cap||Yes||Yes||Yes|
Want to learn more? Give us a call at 562.726.4056.