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Down Payment Assistance

If you’re buying a new California home and looking to get approved for a mortgage, there are programs offered by the State that we participate in to get you some Home Loan Down Payment Assistance. The California Housing Finance Agency or CalHFA offers the CHDAP program. This program can help you buy a California home with little or no money down. Many other States also offer similar programs. The California Down payment assistance or CalHFA program offers a deferred payment junior loan or 2nd to home Buyers for up to 3% of the home purchase price. There are different criteria on income, credit and citizenship. To be eligible:

  • You must purchase a home in California and be a US citizen.
  • You will need a minimum credit FICO score of about 600 and that can change based on your income.
  • You need to work with someone like us who is a CalHFA approved lender.
  • You will need to live in the home as your primary residence for the life of the loan or until the home is sold or you refinance.
  • You must not have owned a home within the last 3 years which qualifies you as a California First time home buyer.
  • You must participate in a Homebuyer education program usually available online. This is a simple educational program to help you understand the program.

As an example of how this program would work let’s say you purchased a home for $300,000. You were getting a FHA loan and it required 3.5% down payment. You could get a CalHFA Down Payment Assistance approval and get 3% of the required down payment. That would leave you with needing a very small amount for your down payment. The assistance is in the form of a Second loan that is usually forgiven after owning & living in the home for a certain number of years. For more information about Down Payment Assistance programs offered to First time home buyers, give us a call at 877-244-9190 to get pre-Approved for a California Home Loan.

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