First Time Homebuyer Programs in California
Page 2The CalHFA has stipulated guidelines that needs to be met when it comes to applying for its programs. In this case, if a borrower wants to qualify for the California Homebuyer's Downpayment Assistance Program, he/she must be:
a) A first time home-buyer (someone who has not owned a home)
b) A legal citizen of the United State, a permanent resident or a qualified alien.
c) Satisfy the credit, loan, and income requirements that are set by CalHFA and the mortgage insurer
d) Able and willing to live in the AHPP-financed home until the end of the loan or until the house is refinanced or sold.
e) Willing to participate in a home buyer counseling program and must a have a certificate to verify it.
f) If the borrower is not a first time home buyer, he should be a veteran or a someone who is trying to acquire a home at a federally designated targeted area.
In terms of the property eligibility requirements, the borrower must choose a home that is:
1) Located in the State of California
2) Capable of becoming the borrower's primary residence
3) Priced within the limits set by CalHFA
4) Not larger than 5 acres
5) Categorized as a single family residence
6) A condominium or a unit in a planned unit development
In addition, borrowers under the CHDAP is also required to shell out a minimum contribution that is equal to 1% (or $1,000) of the total value of the property.
First Time Homebuyer Programs in California
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