Down Payment Assistance Allows You to Finance Closing Costs & Down Payment
CalHFA has two options for down payment assistance that works in conjunction with the Cal30 fixed rate loan program: the CHDAP program and the AHPP program.
Option 1: The California Home Buyer’s Down Payment Assistance Program
The California Home Buyer’s Down Payment Assistance Program (CHDAP) offers a deferred payment 2nd loan for up to 3% of the purchase price or appraised value(whichever is less) to be used towards the borrower’s down payment or closing costs. A deferred payment loan means interest is charged, but no payments are required for a period of time. This second loan can be combined with the Cal30 below market, fixed rate loan program or can be used with another loan program that allows down payment assistance.
Option 2: Affordable Housing Partnership Program
The Affordable Housing Partnership Program (AHPP) is a joint effort between The California Housing and Finance Agency (CalHFA) and cities, counties, redevelopement agencies and housing authorities throughout California. AHPP offers second loans to assist California first time home buyers with their down payment and/or closing costs.
Most Cities Have Down Payment Assistance Programs and/or Special Loan Programs
Each participating California city has its own programs and requirements. One of the programs in San Mateo County was detailed in my last post, City of San Mateo’s First Time Home Buyer Program but several San Mateo County cities have their own unique programs. I will be detailing some of San Mateo County’s city programs in future posts, so be looking out for these.
Are you a San Mateo first time home buyer?
If you are a first time home buyer in San Mateo, CalHFA and its down payment assistance programs may be what you are looking for to take advantage of today’s affordable housing and historically low interest rates.
How Will these Programs Benefit You?
Give me a call at (650) 520-0915 or send me an email at info@SanMateoMortgageBlog.com to see how certain loan programs, reduced interest rates and down payment and closing costs assistance offered through CalHFA can help you become a San Mateo home owner in 2010.
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Chris Williamson is a Mortgage Advisor with Mortgage California specializing in San Mateo Mortgage.
Related posts:
- CalHFA Cal30 Low Interest Fixed Rate Loan for First Time Buyers
- First Time Home Buyer Loan Program for Financing Foreclosures
- City of San Mateo First Time Home Buyer Loan Program
- New Bay Area FHA Loan Limits: Welcome to Our Neighborhood!
- Low Down Payment Loan Program for San Mateo – Only 0.5% Down Required
