This is Sharma with The Sharma Group at Platinum Home Mortgage.
Today I’m reaching out to tell you a little about an amazing program only available to residents of California that helps minimize the amount of out-of-pocket funds a borrower must pay at closing.
The California Home Buyer’s Down Payment Assistance Program, or CHDAP, offers qualified borrowers a deferred-interest second mortgage for up to 3% of the sales price. These funds are used for the down payment and/or closing costs and help make homeownership more attainable.
If you have a client who is short on funds, but ready to buy now, this is a great option. The CHDAP may be combined with a conventional, FHA, VA, or USDA Rural Housing first mortgage. No payments are made on the CHDAP loan until the property is sold or refinanced.
There are a few stipulations: the property must be an owner-occupied, primary residence and certain income and credit restrictions do apply.
To learn more about this program, please feel free to call me at 626-712-3052 or email me at ssharma@phmc.com. As always, you can visit me online by clicking here.
Thank you, again, for your continued support and have a fantastic day.
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