The CHDAP provides a deferred-payment junior loan – up to 3% of the purchase price, or appraised value, whichever is less, to be used for their down payment and/or closing costs. This program may be combined with a CalHFA or non-CalHFA, first mortgage loan.
Borrower Requirements
- Whether you are using CHDAP with a CalHFA or non-CalHFA first mortgage, you must still meet all borrower eligibility requirements of CalHFA.
- Conventional loans must follow CalHFA’s Cal30 borrower requirements.
- Government-insured (FHA loans) must follow CalHFA’s FHA borrower requirements.
- Your income must be less than the allowable CHDAP income limits
Property Requirements
- Whether you are using CHDAP with a CalHFA or non-CalHFA first mortgage, you must still meet all property eligibility requirements of CalHFA.
- Conventional loans must follow CalHFA’s Cal30 property requirements.
- Government-insured (FHA loans) must follow CalHFA’s FHA property requirements.
The sales price of the home cannot be above the allowable CHDAP sales price limits.
