.5% Down Payment CHF Access Program
California FHA - CHF ACCESS, Only 1/2% Down Payment
posted by Massey kouhssari
CA FHA CHF ACCESS Govt. Home Purchase Loan Requires Only 1/2% Down Payment
These funds are limited so hurry before California runs out of its generous funds, residents of California can receive Down Payment Assistance for a home purchase using the FHA CHF ACCESS loan which only requires 1/2% (one half) down payment. thats right thats only $500 per $100,000.00 financed.
This will help both first time and move-up or second time home buyers more easily qualify for a home in Temecula, Murrieta, Menifee, Lake Elsinore, Canyon Lake, Corona, Riverside & San Bernardino County.
How does the FHA CHF ACCESS work?
FHA allows a second mortgage from CHF ACCESS to cover 3.0% of the buyer's down payment by using the Access 2nd down payment assistance loan. The 1st loan is a traditional FHA 30 year fixed at 96.5% LTV and the 2nd loan can be 3% of the purchase price….yielding the total loan to value to 99.5%.
Or, if you already have the 3.5% down payment, and the seller is not giving the buyer a seller credit, the 3% funds can be used to pay for closing costs!
QUESTION: Will I have a payment on the 2nd mortgage?
The 2nd loan can be either a Grant or a loan. If you qualify for the grant then there is zero payment, thats right no payment ever you will have a zip zilch NADA payment. You will never have to pay it back.
You will however have a small payment if you only qualify for a loan & not the grant. That is a 15 year fixed @ 8.25% APR. If you purchase a home for $250,000 your 2nd mortgage loan balance will be $7,500. Payment on a 15 year loan will only be $72.76/month!! If you don’t want to do that, go hit grandma or Vinnie the Butcher up for the down payment and see how that goes.
QUESTION: What if I already owned a property?
Those who may have owned a home in the past are still eligible to apply for CHF ACCESS half percent down payment program.
QUESTION: Can I use this program if I own another property?
*You may also currently own a home and rent it out and buy another one even if you are upside down in value.
QUESTION: What type of appraisal is needed?
Standard FHA 4155 underwriting and appraisal guidelines apply towards the purchase,
QUESTION: What is the minimum Fico?
Minimum 580 Fico or No Fico score may qualify.
High Balance minimum 600 fico score from $417k up to FHA Loan limits
CHF Access requires a minimum 580 fico score up to $417,000 conforming loan limits.
CHF Access Jumbo from $417,000 up to maximum FHA loan limits, which requires a minimum 600 fico score.
CHF Access Program requires a minimum 580 fico score to qualify. You may also qualify with NO FICO SCORE!
Pay your own closing costs or ask about premium financing which can minimize your out of pocket closing costs expenses and get your offer accepted today. So depending on how much you want to invest into the down payment and closing costs, is going to influence which program will benefit you the best financially.
NOT Limited to first time home buyers
NO recapture tax/penalty if home is sold later
NO Sales price limits
NO minimum borrower contribution
NO pre-pay penalties
Gift funds are allowed from family members
Seller contributions allowed up to 6%
NO borrower reserves/assets required
NO minimum FICO score required
Income limits are 120% of HUD AMI
2nd loan (CHF Access) is a 15 year fixed – no funny business on this loan
3% 2nd loan can be used for down payment or to pay closing costs
Below are the HUD qualifying income restrictions by California County:
(FHA ACCESS loan applicants can’t make more than this)
$77,400 Riverside & San Bernardino County
$103,320 Orange County
$74,520 Los Angeles County
$89,890 San Diego County
$103,320 Ventura County
$62,640 Kern County
$84,480 Santa Barbara County
$70,800 San Luis Obispo
$54,120 Imperial County
**If your county is not listed Call Massey 949-244-1880
The interest rates are at their lowest in these unprecedented times. Homes are affordable, rates are low and gas prices are also at their lowest, give us a call and see how we can help you live the American dream. Why rent when you can live the American home ownership dream and own your home. Stop paying someone else's mortgage & buy your home.
FHA CHF Access Down Payment Assistance