The California Homebuyer’s Downpayment Assistance Program (CHDAP) is designed to provide a deferred payment, simple interest rate junior loan of an amount up to three percent (3%) of the sales price or appraised value, whichever is less. The junior loan may be used for down payment or closing costs and may be combined with a CalHFA or non-CalHFA conventional or government first mortgage loan.
DOWN PAYMENT ASSISTANCE PROGRAMS
Term matches term of first mortgage
High Cost Area Home Purchase Assistance Program (HiCAP)4
6.750%
CalHFA Housing Assistance Program (CHAP)
6.750%
California Homebuyer’s Downpayment Assistance Program (CHDAP)
3.000%
Extra Credit Teacher Program (ECTP)
5.000%
There use to be a program called the Nehimiah program that would allow you to go over 100% with participating lender but I believe the program has been eliminated and is being investigated as to the legality of it.
