Are You Eligible for the California Homebuyers Down Payment Assistance Program (CHDAP)?

California Homebuyers Down_Payment Assistance Program CHDAPDo you live in Long Beach, California? Where you are becoming hopeless of owning your own home because you didn’t have a huge down payment? Well good news is you can still get that dream home! Even if you are not earning much or your down payment budget is small, you can still buy a house with a small half percent down payment and zero to no closing costs.

Wondering how? A California Homebuyers Down Payment Assistance Program (CHDAP) loan will help you buy a house.

What is the California Homebuyers Down Payment Assistance Program?

This program helps you to buy your dream home without a very little deposit. So you don’t need to worry about having a large down payment.   To add on you can buy without any closing costs only if you utilize the CHDAP loan with help of the seller- not more than 6%.  Of course later on you will need to repay it but for now you can have your own home.

Upto 3% of your chosen home’s purchase price can be deferred.

Do you qualify for CHDAP?

Interested?  Wondering if you qualify for the CHDAP program? Here is a check list you should go through thoroughly before applying.

  • As a borrower your income should not be more the moderate income limits established in your area.
  • As a borrower you must occupy the property as your primary residence.
  • You need to attend homebuyer education classes.
  • Minimum credit score of 640 is a must.
  • You can use other approved down payment assistance loans together with the CHDAP program.
  • You need to invest either $1000 or .50% of the sale price, whichever figure is higher from your own savings.
  • You need to be approved for a FHA (Federal Housing Administration) or Conventional loan.

Documents you should keep ready

You should do a proper research and be prepared. So keep all the required documents handy.

  • Your salary slips.
  • Bank statements.
  • Tax returns statements.
  • Employment history.

You may get intimidated with all the procedures involved in getting a home loan. Of course, you can do all your research and be ready with the required documents.  But, you still need the assistance of your real estate agent who is experienced in the home buying process. You don’t want your loan approval to be delayed or even worse denied because you were not aware of the process or eligibility requirements.

So what are you waiting for? Get in touch, I will help you in your home buying process.  With a lot experience and professionalism, I know all there is to know about the loan program. And, with me on your team, you have a higher chance of being approved!

About Ric Dizon

Ric Dizon is a mortgage consultant (NMLS 230093) with iMortgage, a premier mortgage banker in Long Beach, California. He's in love with four things in life...being a dad, his Ku'uipo Pamela, Hawaii and finding you the right home loan. More about Ric. Connect with Ric on Facebook, Google+, Pinterest, Twitter and check out his Instagram photos.