Our best Down Payment Assistance program just got better. CHDAP now allows an FHA, 96.5% LTV First Mortgage in front of the 3% CHDAP 2nd. Borrowers now only need come up with 1/2% of the purchase price for a down payment. This 1/2% can be a gift too.
(CHDAP formerly only allowed a 96% LTV first mortgage, and borrowers needed to come to the table with 1% of their own funds).
This is the best Down Payment Assistance program available because there are no rate increases or pricing changes associated with it. We can access normal FHA pricing; this did not used to be the case.
The only drawback is the income limitations – approximately $74,000 in a “high cost” county for a single person household, but the limits climb sharply for larger households. Contact us for details.
Founder/Broker | JVM Lending
(925) 855-4491 | DRE# 01524255, NMLS# 335646