Fullerton, California “Down Payment Assistance Program” called CHDAP. The CHDAP is a 3% silent 2nd TD that helps first time home buyers to reduce or eliminate closing costs. “Silent” means there is no monthly payment on the CHDAP loan. This loan will get paid off when the home owner sells or refinances the loan. Here’s an example of how this CHDAP can be used. Buyer wants an FHA loan with a 3% down payment. Buyer has enough funds for the down payment, but not enough to cover all the closing costs. We all know it is tough enough just getting an FHA offer accepted, much less an FHA offer asking for a Seller credit for closing costs. We use a regular FHA 30 year fixed rate loan combine it with a CHDAP silent 2nd TD. Buyer only has to have the 3.5% down payment (savings or gift funds) since there is no reserve requirement with an FHA loan. I have a link for the most current county income limits.
Call or email Glenn for additional information on this great loan…it couldn’t be more simpler.
Tags: Assistance Loan, Cover Closing Costs, Guide to Home Buying, Loan Program for the OC, Real Estate in Fullerton
