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Great news, first-time homebuyers: You may qualify for 103%
financing!
You
have the ability to team these programs for a GRAND TOTAL of
103% financing now you can buy the home of your dreams!
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A 100% CalHFA fixed-rate 30-year mortgage |
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A 3% Downpayment Assistance Program (CHDAP) loan
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These programs are available for both low- and moderate-income
borrowers for both new construction and resale loans in all 58
California counties.
The CHAP second mortgage is offered for 30 years at 7% simple
interest, and the CHDAP for 3%. The CHAP loan is subordinate to
the CalHFA first loan, making it a silent second. This means
that all payments on the second mortgage are deferred until one
of the following happens: the CalHFA first mortgage becomes due
and payable; the first mortgage is paid in full or refinanced;
or the property is sold.
The CHDAP subordinate loan may also be combined with certain
non-CalHFA conventional or government first loans. CHDAP loans
can not be combined with Extra Credit Teacher Programs.
All borrowers must be first-time homebuyers and must meet all
standard CalHFA first mortgage eligibility requirements.
Additional down payment programs may be used in some cases.
Contact me today for additional information!
0507140099-AHMLR |
