| Program Summary |
The California Homebuyer’s Down payment Assistance Program is a deferred payment, simple interest, junior loan. Can be used for down payment and/or closing costs. |
| Target Market |
First time home buyers anywhere in California |
| Purpose |
Purchase only |
| Occupancy |
Owner Occupied (non occupant co-borrowers not allowed) |
| Property Requirements |
1 unit including condo or PUD |
| Income LimitsCheck out your county or Family member size over 4 at:www.calhfa.ca.gov/homeownership/limits/ |
|
County
|
# of Family Members
|
|
1
|
2
|
3
|
4
|
| San Diego |
$60,350 |
$68,950 |
$77,550 |
$86,200 |
| Orange |
$67,850 |
$77,500 |
$87,200 |
$96,850 |
| LA |
$51,550 |
$58,900 |
$66,250 |
$73,600 |
| Riverside |
$50,350 |
$57,500 |
$64,700 |
$71,900 |
|
| Program Sales Price LimitsCheck out your county or fina a targeted area at:www.calhfa.ca.gov/homeownership/limits/ |
|
County
|
New Construction
|
Resale
|
|
Non Targeted
|
Targeted
|
Non Targeted
|
Targeted
|
| San Diego |
$635,696 |
$776,961 |
$635,696 |
$776,961 |
| Orange |
$665,088 |
$812,885 |
$665,088 |
$812,885 |
| LA |
$665,088 |
$812,885 |
$665,088 |
$812,885 |
| Riverside |
$455,696 |
$556,961 |
$455,696 |
$556,961 |
| |
|
|
|
|
|
|
| LTV% |
Maximum 3% of sales price or appraised value, whichever is less |
| Lien Position |
- Junior to acceptable first mortgage loan
- Does not require CalHFA first
- SPM allows on FHA T100 program only
|
| Term |
Term of the first mortgage |
| Credit Score |
640Deferred Student Loans require a payment to be included in DTI |
| DTI |
31/43 FHA guidelines; can be exceeded with DU approval and compensating factors |
| Minimum Contribution by borrower |
The contribution must be greater of 1% of the sales price or $1000 |
| Allowable Borrower Fees |
$250 |
| Borrower Funds |
Must be own funds, gifts cannot be used |
| Seller Contributions |
3% toward all closing costs if 1st LTV>90% |
| Repayment of P&I |
- Required at the earliest of the following events:
- Transfer of Title
- Sale of the Property
- Payoff or refinance of the first loan
- NOD
|
| Price |
Page 2 of rate sheet – T100CD |
| Loan Originator / Processor to provide CalHFA CHDAP approval as a PTD condition. |
