CHDAP

If you are like most first-time homebuyers, one of the biggest hurdles in purchasing your first home is the down payment and/or closing costs. VITEK and the CHDAP can help!

The California Homebuyer’s Down Payment Assistance Program (CHDAP) is a deferred payment, simple interest rate junior loan. The CHDAP allows borrowers to finance some of their down payment and/or closing costs helping make homeownership possible. Below are some of the CHDAP’s benefits for homebuyers.

Benefits:

CHDAP loans are available up to 3% of the sales price or appraised value of the property, whichever is less
The CHDAP can be used for down payment assistance and/or closing costs with CalHFA’s first mortgage loans or non- CalHFA fixed rate, first mortgage loans
The CHDAP has a fixed interest rate of 3.25%*
Term matches the term of the first mortgage, but payments are deferred for the life of the first loan
The CHDAP can be used to purchase a single-family and approved condominium/PUDs
The CHDAP allows up to 6% seller allowable contribution*
Borrowers are allowed to use other approved down payment assistance loans or grants together with the CHDAP
Assistance up to 5% of the purchase price, or appraised value (whichever is less), for borrowers purchasing a newly constructed home in specific eligible areas*

Guidelines/Restrictions:

Minimum fico score required 640
Borrower’s income cannot exceed moderate income limits established for the county in which the borrower is purchasing*
Sales price of the home cannot exceed CalHFA's sales price limits established for the county in which the property is located*
A minimum contribution of the greater of $1,000 or 1% of the sales price is required from the borrower’s own seasoned funds
Borrower must occupy property as their primary residence
Homebuyer education class required
Borrowers are allowed to use other approved down payment assistance loans or grants together with the CHDAP

If you are like most first-time homebuyers, one of the biggest hurdles in purchasing your first home is the down payment and/or closing costs. VITEK and the CHDAP can help!

Benefits:

CHDAP loans are available up to 3% of the sales price or appraised value of the property, whichever is less
The CHDAP can be used for down payment assistance and/or closing costs with CalHFA’s first mortgage loans or non- CalHFA fixed rate, first mortgage loans
The CHDAP has a fixed interest rate of 3.25%*
Term matches the term of the first mortgage, but payments are deferred for the life of the first loan
The CHDAP can be used to purchase a single-family and approved condominium/PUDs
The CHDAP allows up to 6% seller allowable contribution*
Borrowers are allowed to use other approved down payment assistance loans or grants together with the CHDAP
Assistance up to 5% of the purchase price, or appraised value (whichever is less), for borrowers purchasing a newly constructed home in specific eligible areas*

Guidelines/Restrictions:

Minimum fico score required 640
Borrower’s income cannot exceed moderate income limits established for the county in which the borrower is purchasing*
Sales price of the home cannot exceed CalHFA's sales price limits established for the county in which the property is located*
A minimum contribution of the greater of $1,000 or 1% of the sales price is required from the borrower’s own seasoned funds
Borrower must occupy property as their primary residence
Homebuyer education class required
Borrowers are allowed to use other approved down payment assistance loans or grants together with the CHDAP