CHDAP with FHA 1st – needs 680 score
http://www.calhfa.ca.gov/homebuyer/programs/chdap.htm
The borrowers can use the 3% CHDAP for either additional down payment (borrower must have the first 3% down payment) or closing costs. There are some very successful loan officers who are actively soliciting people who live in apartments for this loan.
1. You can put the CHDAP loan behind a standard FHA loan.
* 2. To use it, borrower must have 680 score.
3. 3% max contribution from the seller…a lot of their guidelines are more conventional rules than FHA.
4. This is for 1st time homebuyers, owner occupied, SFR, Condo, PUDs (no units).
5. There are income and sales price restrictions. All borrowers must occupy. Family size impacts the amount of usable income….the higher the number of family members living in the household, the higher the income limits are. Tax returns are needed and the family size will be reviewed.
6. Additional time is needed for CalHFA to review the file. They only review the file once all PTD items are in and signed off by the u/w.
7. Recapture tax (In reality, most borrowers may not have to pay any Recapture Tax. To owe any recapture at all, you must sell your home within nine years, earn significantly more income than when you bought the home, and obtain a gain from the sale. All three of these criteria must be met).
8. Interest rate is very low(3.25%), deferred, simple interest
9. If the borrowers move out and hold onto property as a rental, the loan can be called due as it is only for owner occupied properties. If one party moves out, they cannot use the CHDAP program to purchase their own home as they’re already on the hook for it. Once it pays off, they must wait 3 years before they can apply as it’s only for 1st time homebuyers.
10. If the borrowers decide to refinance, the CHDAP loan can only re-subordinate if there is a proven hardship. Otherwise, the loan must be paid off with the 1st.
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