CHDAP

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The $500 Home Down Payment is BACK!

Wow! This was quite the week for Home Lending in California First the good news:  CalHFA (the California Housing Finance Agency) announced today that they are eliminating their requirement that borrowers need a 1% cash investment into the transaction – and the requirement that it be from the borrower’s own funds. What this means is [...]

What does getting “Prequalified” mean?

There is nothing worse than loosing out on a home because you could not provide a strong pre-approval letter. Listing agents are starting to demand not only strong pre-approval letters that specifically mention what steps the lender has taken, but proof of funds and even Fannie Mae approval printouts!

By | May 27th, 2010|Loan Talk|0 Comments

CHDAP’s BACK! Downpayment assistance in California

  WHAT IS IT? The California Homebuyer’s Downpayment Assistance Program (CHDAP) provides a deferred-payment junior loan – up to 3% of the purchase price, or appraised value, whichever is less – to qualified borrowers to be used for their down payment or closing costs.  Specifically qualified and eligible – you must meet a moderate income [...]

By | January 7th, 2010|First Time Home Buyer Assistance|0 Comments