The California Housing Finance Agency (CalHFA) made it easier for Riverside County first time home buyer’s to qualify for the CHDAP 3% down payment/closing cost assistance program. This will greatly benefit people buying in Riverside County cities of Temecula, Murrieta, Menifee, Corona, Riverside, Lake Elsinore, and Moreno Valley. Why? Because CalHFA reduced the buyers minimum financial contribution to just 1%!
UPDATE: CalHFA DISCONTINUED this CHDAP program and replaced it with the MyHome Assistance Program. ==> Read details about MyHome Assistance program.
Do you qualify? Lets find out from this checklist what is required.
Where is it Available: The CalHFA CHDAP 3% down payment assistance program is available for all counties in California. This includes cities of Temecula, Murrieta, Menifee, Winchester, French Valley, Corona, Riverside, Lake Elsinore, Canyon Lake, Sun City, Moreno Valley, Chino, Chino hills, Norco, Ontario, Rancho Cucamonga, Fontana, and all cities in California.
Who is Eligible: First time home buyers purchasing a primary residence. If you haven’t owned a home in the last three years, you qualify. This means if you had a foreclosure or short sale, you may qualify after your three year waiting period. This requirement is waived if you are a qualified Veteran or the property is located in a designated target area. (so it is available if you are NOT first time home buyer if buying in a target area or a qualified Veteran!!
click here to get approved for Home Buyer Assistance Home Buyer Education: Completing a home buyer education class is required for each borrower. This can often be done online and is easy.
Property Eligibility: Single family one unit residences only. Manufactured housing is not allowed. Condominium’s are allowed but extremely difficult right now to get qualified…..call me for reasons why. UPDATE – CHDAP now allows FHA flips less than 90 days.
Income Limits: This program is to help first time buyers in the low to moderate income range purchase a home. The limits are dependent on the number of people living in the home and the county. See 2013-2014 CHDAP income limits ==> http://homeloanartist.com/2013/08/2013-2014-chdap-income-limits/
- Riverside & San Bernardino County: Range is from $54,600 to $102,950 depending on number of people in the house.
- Orange County: Range is from $73,250 to $138,150 depending on number of people in the house.
- Los Angeles County: Range is from $52,900 to $99,800 depending on number of people in the house.
- San Diego County: Range is from $63,400 to $119,600 depending on number of people in the house.
- Riverside & San Bernardino County: Max sales price in non-targeted area is $450,000 and $550,000 in a targeted area
- Orange County: Max sales price in non-targeted area is $656,775 and $802,725 in a targeted area
- Los Angeles County: Max sales price in non-targeted area is $656,775 and $802,725 in a targeted area
- San Diego County: Max sales price in non-targeted area is $627,750 and $767,250 in a targeted area
If you have a question about this or would like to get approved, please call me at (951) 215-6119 or contact me here.
Who doesn’t love CalHFA. Great program.
Keep up the terrific work Brad. You’re definitely the guy to call!
Thank Cameron. I’m not sure why more buyers aren’t being told by their loan officers about all of the good options available to them….drives me nuts. I’m soon launching a multi-contributor local city real estate blog. Maybe we can talk about you being a contributor. I enjoy your blog posts on AR….good stuff.