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CHDAP, California Housing Down Payment Assistance Programs, helps homebuyers to buy a home with no money down. This is accomplished by using a FHA loan and a 3% CHDAP silent second.

The CHDAP silent second has deferred payments until the property is sold or refinanced but is never entirely forgiven.

There are some basic qualifications of the CHDAP loan program.

  • Borrowers household income cannot exceed median income for area.
  • Maximum sales prices are limited by FHA Loan limits.
  • Program is for California properties only.
  • Borrower cannot have owed a home in the last three years.
  • Must be able to qualify for a FHA loan.

The benefits of using a CHDAP program vs. most other down payment assistance programs is that it does not require the participation of the seller. This allows you more homes to select from.

By combining the CHDAP loan and sellers assistance of up to 6%, a homebuyer can use this program to purchase a home with no money down and no closing costs.

The CHDAP down payment assistance program uses a FHA loan for mortgage financing, you must qualify for a FHA loan to use the CHDAP program.

Learn more about about getting qualified for a CHDAP loan by learning about . FHA Loan Qualifying

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