The CHDAP Program is a down payment assistance loan involving an FHA first mortgage and CHDAP 2nd Mortgage. Borrowers using CHDAP can purchase a home with as little as 1/2 percent of the purchase price (as a down payment).
This is an excellent program for borrowers with very limited cash who cannot access gift funds. The rates for CHDAP-related loans are slightly higher and income limits apply, but these loans remain an excellent alternative for many cash-strapped buyers.
We used to discourage CHDAP purchases b/c they required a 45 day closing period. Our Opes Advisors branch can close them in under 21 days so we are again touting them.
As always, call us for details.
Founder/Broker | JVM Lending
(855) 855-4491 | DRE# 01524255, NMLS# 335646